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The topical corticosteroids market size is estimated to increase by USD 1,089.66 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 4%. The growth of the market depends on several factors, including advancements in drug delivery systems, the growing aging population, and the rising prevalence of skin disorders.
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The advancements in drug delivery systems are notably driving the market growth, although factors such as the availability of alternative treatments may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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.
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, the global market is expected to continue to grow 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.
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 the growth of the market.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global 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 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.
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 2,084.63 million in 2017 and continued to grow until 2021. 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.
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Asia is estimated to contribute 31% 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, including GlaxoSmithKline, Pfizer, Merck, and others. The products are a group of drugs used to treat various skin conditions such as eczema, psoriasis, and dermatitis. 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.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Market is witnessing significant growth driven by the increasing prevalence of chronic diseases such as asthma, chronic obstructive pulmonary disease (COPD), and various skin conditions like dermatitis, eczema, and psoriasis. Market segmentation includes product types like glucocorticoids and mineralocorticoids, with diverse routes of administration including topical, inhaled, oral, and systemic forms.
Key applications span rheumatology indications, skin allergies, endocrinology, gastroenterology, and acute respiratory diseases. Major players like GSK and Cipla Inc lead the market, focusing on research and development to introduce innovative treatments like Lilly's lebrikizumab and Vamorolone for conditions such as atopic dermatitis and Becker muscular dystrophy. Collaboration with organizations like the Asthma and Allergy Foundation of America (AAFA) and ReveraGen BioPharma further drives market growth and product innovation.
Topical Corticosteroids Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2023-2027 |
USD 1,089.66 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.5 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Asia at 31% |
Key countries |
US, Canada, Saudi Arabia, Russia, and China |
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 Co. Inc., Bayer AG, Cipla Ltd., 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, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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