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The topical corticosteroids market size is estimated to increase by USD 1.36 billion and is forecast to grow at a CAGR of 4.74%. between 2023 and 2028. Advancements in drug delivery systems have revolutionized the healthcare industry, providing innovative solutions for various medical conditions. One significant area of application is in the treatment of skin disorders, which affect a large and growing population, particularly the aging demographic. With an increasing prevalence of skin diseases such as psoriasis, eczema, and melanoma, there is a pressing need for effective and patient-friendly new drug delivery systems. These systems include topical gels, creams, lotions, and transdermal patches, which offer improved bioavailability, reduced side effects, and enhanced patient compliance. Furthermore, the integration of nanotechnology and biodegradable polymers in drug delivery systems has led to targeted therapies and controlled release formulations, respectively, offering significant benefits in the treatment of skin disorders.
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The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the hospitals segment will be significant during the forecast period. Topical corticosteroids are commonly used in hospital settings for various skin conditions, including dermatitis, psoriasis, and eczema. Hospitals often have dermatology departments or skin clinics where patients are treated for these conditions.
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The hospitals segment was valued at USD 2.12 billion in 2018 and continued to grow until 2022. The products are often prescribed by a dermatologist or other health care professional to relieve symptoms such as itching, inflammation, and redness. They are available in a variety of concentrations and formulations, such as creams, ointments, and gels. In terms of market size, the demand in hospitals is expected to increase during the forecast period due to the increasing prevalence of skin disorders globally. The segment is also driven by factors such as the availability of a wide range of products, increasing awareness among healthcare professionals and patients about the benefits, and the development of formulations.
Asia is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is another key region generating significant revenue in the market. North America is one of the main markets, which are commonly used to treat various skin conditions such as eczema, psoriasis, and dermatitis. The market is mainly driven by factors such as the high prevalence of skin disorders, the growing geriatric population, and increasing awareness and diagnosis of skin conditions. The US is the largest market in North America due to high healthcare costs, well-established healthcare infrastructure, and increasing incidence of skin diseases.
The regional market is very competitive, with several companies operating in the region. The products are a group of drugs used to treat various skin conditions such as eczema, psoriasis, and dermatitis, driving the demand for atopic dermatitis drugs. The geriatric population in North America is growing, and they are more susceptible to skin diseases. Therefore, the need may increase. The development of new corticosteroids that are more effective and have fewer side effects is driving the market. In addition, the availability in different forms, such as cream, ointment, gel, and solution, is also driving the market.
Topical corticosteroids are medications applied directly to the skin to reduce inflammation and suppress the immune system's response. The global topical corticosteroids market is driven by the increasing prevalence of inflammatory skin diseases, such as eczema, psoriasis, and dermatitis, as well as asthma, skin allergies, arthritis, insect stings, and chronic diseases. The market consists of various potency classes, including ultra-high, high, medium, and low, catering to different therapeutic requirements. Molecules like fludroxycortide, triamcinolone acetonide, fluocinolone acetonide, betamethasone, clobetasone propionate, clobetasone butyrate, halobetasone, mometasone, and hydrocortisone are commonly used topical corticosteroids. Medication types include ointments and creams, with synthetic corticosteroids being the most commonly used. The geriatric population is a significant consumer group due to the higher prevalence of chronic diseases and inflammatory conditions.
Smoking, a leading cause of several chronic diseases, further fuels the demand for topical corticosteroids. Topical corticosteroids work by inhibiting the production of steroid hormones, which in turn reduces inflammation and provides an anti-inflammatory effect. Commonly used corticosteroids include betamethasone, clobetasone propionate, and clobetasone butyrate. Other corticosteroids like fluocinolone acetonide, hydrocortisone, and mometasone are also widely used for their potent anti-inflammatory effects. Antiseptics are sometimes combined with corticosteroids to enhance their therapeutic effects.
Advancements in drug delivery systems are driving the growth of the global market. Recent advances in drug delivery systems have overcome various limitations by improving absorption and bioavailability while minimizing systemic exposure. For example, the development of nanoparticle-based formulations, such as liposomes and nano gels, has been shown to improve the delivery of corticosteroids to the skin and enhance their therapeutic efficacy, driving the demand for liposomal products.
Other drug delivery systems that show promise for improving efficacy include microemulsions, solid lipid nanoparticles, and dendrimers. These technologies provide targeted drug delivery to specific layers of skin, sustained drug release, and improved patient compliance through reduced frequency of application. Due to these advancements, topical corticosteroids market growth is expected to continue to increase during the forecast period.
The growing adoption of generic drugs is the primary trend influencing global market growth. The demand for generic topical corticosteroid drugs is increasing due to the increasing prevalence of skin diseases and disorders worldwide. One of the main reasons for the increasing use of generics in the topical corticosteroid market is the cost-effectiveness of these drugs. Generic drugs are significantly cheaper than brand-name drugs, making them more accessible and affordable to patients. This is especially important in countries like Nigeria, with limited health resources and low-income populations.
Another factor that favors the use of generic drugs in this market is the increasing competition among drug manufacturers. As more companies such as Galderma and AstraZeneca Plc enter the market, the pressure to offer competitive prices increases, resulting in lower prices for consumers. In addition, the expiration of patents on some branded drugs has opened the market to generic alternatives. Overall, the trend of increasing generic use in the global topical corticosteroid market is expected to continue over the forecast period as more patients seek affordable treatment options and increased competition among providers. Hence, such factors are driving topical corticosteroids market growth during the forecast period.
The availability of alternative treatments is a major challenge to the growth of the global market. One of the biggest challenges facing the global topical corticosteroid market is the availability of alternative treatments. Some patients may prefer to use nonsteroidal treatments for their skin conditions due to concerns about side effects or other factors.
An example of a commercially available alternative treatment includes topical calcineurin inhibitors. These medications are used to treat eczema and other inflammatory skin conditions. They work by suppressing the immune system response, but unlike corticosteroids, they do not cause skin thinning or other side effects with long-term use. Similarly, the availability of substitutes such as topical retinoids, coal tar, and phototherapy is challenging topical corticosteroids market growth during the forecast period.
The topical corticosteroids market forecast report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the topical corticosteroids market analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AbbVie Inc.: The company offers topical corticosteroids such as fluorometholone ophthalmic suspension through its subsidiary Allergan.
The topical corticosteroids market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Topical corticosteroids are medications applied directly to the skin to reduce inflammation and suppress the immune system's response. The market for topical corticosteroids is driven by the increasing prevalence of various skin conditions such as acne, dermatitis, psoriasis, skin infection, hyperpigmentation, melasma, eczema, and atopic dermatitis. The potency class of topical corticosteroids ranges from Ultra-High to Low, and the medication types include ointments, creams, liquid and solutions, lotions, gel, oils, pastes, and sprays. The distribution channel includes hospital pharmacies, pharmacy stores, e-pharmacies, hospitals, dermatology clinics, and homecare.
Market opportunities for topical corticosteroids are vast due to the increasing awareness and demand for effective treatments for various skin conditions. Some common skin conditions treated with topical corticosteroids are eczema, atopic dermatitis, and psoriasis. The market definition includes topical corticosteroids used for therapeutic purposes to treat various skin conditions. Corticosteroids are hormones that mimic the effects of natural hormones produced by the adrenal glands. Topical corticosteroids are applied directly to the affected area to reduce inflammation, itching, and redness. They work by suppressing the immune system's response and reducing the production of inflammatory substances. Some common corticosteroids used topically include fludroxycortide, triamcinolone acetonide, fluocinolone acetonide, betamethasone, clobetasone propionate, clobetasone butyrate, halobetasone, and mometasone.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.74% |
Market growth 2024-2028 |
USD 1.36 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.1 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Asia at 30% |
Key countries |
US, Russia, Saudi Arabia, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AbbVie Inc., Astellas Pharma Inc., AstraZeneca Plc, Bausch Health Companies Inc., Bayer AG, Cipla Inc., Dr Reddys Laboratories Ltd., Eli Lilly and Co., Galderma SA, GlaxoSmithKline Plc, Glenmark Pharmaceuticals Ltd., LEO Pharma AS, Merck and Co. Inc., Novartis AG, Perrigo Co. Plc, Pfizer Inc., Sanofi SA, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., and Viatris Inc. |
Market dynamics |
Parent market analysis, Market forecasting , market growth and trends , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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