The global topical corticosteroids market is estimated to be valued at US$ 4.12 billion in 2022 and is expected to exhibit a CAGR of 4.36% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Topical corticosteroids are widely used in the treatment of various dermatological disorders such as eczema, psoriasis, and dermatitis. These medications reduce inflammation, itching, and redness associated with these conditions. The advantages of topical corticosteroids include targeted application, rapid relief of symptoms, and minimal systemic absorption, which reduces the risk of systemic side effects. The increasing prevalence of dermatological disorders and the growing demand for effective treatment options are driving the growth of the global topical corticosteroids market.
B) Market Key Trends:
One key trend observed in the global Topical Corticosteroids Market is the advent of novel formulations and drug delivery systems. Pharmaceutical companies are focusing on developing innovative formulations that enhance drug penetration into the skin, improve efficacy, and minimize side effects. For example, the development of foam-based formulations has gained traction due to their ease of use and better absorption compared to traditional creams and ointments. This trend is expected to drive market growth as it improves patient compliance and outcomes.
C) PEST Analysis:
Political: The regulatory landscape plays a crucial role in the topical corticosteroids market. Stringent regulations regarding the safety and efficacy of these medications are imposed by regulatory authorities to ensure patient safety.
Economic: The increasing healthcare expenditure and rising disposable income in developing countries are contributing to the growth of the market. Additionally, the affordability and availability of generic topical corticosteroids are driving market growth.
Social: The growing awareness about skin health and the availability of advanced treatment options are influencing patient behavior, leading to increased adoption of topical corticosteroids.
Technological: Technological advancements in drug delivery systems, such as nanomedicine and transdermal patches, are paving the way for novel formulations that improve drug delivery and efficacy.
D) Key Takeaways:
1. The global Topical Corticosteroids Market is expected to witness high growth, exhibiting a CAGR of 4.36% over the forecast period, due to increasing prevalence of dermatological disorders. The rising incidence of conditions such as eczema, psoriasis, and dermatitis is driving the demand for effective treatment options.
2. North America is expected to dominate the market during the forecast period. The region has a well-established healthcare infrastructure, high healthcare expenditure, and a large patient population. Additionally, the presence of key market players in North America contributes to its dominance.
3. Key players operating in the global topical corticosteroids market include GlaxoSmithKline plc, Merck & Co., Inc., Sandoz International GmbH, AstraZeneca, LEO Pharma, Cipla Inc., Bristol-Myers Squibb Company, Almirall, S.A., Bausch Health, and Sanofi SA. These companies are focusing on product development, strategic collaborations, and mergers and acquisitions to strengthen their market position.
In conclusion, the global topical corticosteroids market is poised for significant growth due to the increasing prevalence of dermatological disorders and the development of novel formulations. The market is driven by technological advancements, favorable economic factors, and changing patient behavior. Key players in the market are implementing strategies to capitalize on these opportunities and strengthen their presence in the market.
A report was released recently that sheds lots of light on the Topical Corticosteroids Industry.
The report covers an overview of the industry along with a detailed explanation that provides a lot of insight.
The report also analyzes the production as well as management technology in various end-user industries.
Any changes in these market dynamics directly affect the market growth hence the report provides a future insight into important factors that should be monitored and which could be leveraged by companies, vendors, distributors and all stakeholders alike to their advantage.
The report also provides an insight into the challenges faced by the market and the strategies used by existing players to overcome or avoid these risks.Regional overviewAs already mentioned, the report covers different regions such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
It is important to understand where the Topical Corticosteroids market has been, currently is and where it is projected to go so that an accurate picture of the future may be painted.
Market Analysis and Insights:- Global Topical Corticosteroids MarketGlobal Topical Corticosteroids Market By Molecule Name (Fludroxycortide, Triamcinolone Acetonide, Fluocinolone Acetonide, Antiseptics, Betamethasone, Clobetasone Propionate, Clobetasone Butyrate, Halobetasone, Mometasone, Others), Potency Class (Ultra-High, High, Moderate, Mild), Application (Acne, Dermatitis, Psoriasis, Skin Infection, Hyperpigmentation, Melasma, Others), Medication Type(Ointments, Creams, Liquid & Solutions, Lotions, Gel, Oils, Pastes, Sprays, Others), End-User(Hospital, Dermatology Clinics, Homecare, Others), Distribution Channel(Hospital Pharmacies, Pharmacy Stores, Online Pharmacies, Others), Purchase Mode(Over The Counter (Otc) Based, Prescription Based), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends & Forecast to 2026Market Analysis: Global Topical Corticosteroids MarketGlobal Topical Corticosteroids Market is expected to rise from its initial estimated value of USD 3154.01million in 2018 to an estimated value of USD 4877.24 million by 2026, registering a CAGR of 5.6% in the forecast period of 2019-2026.
This rise in market value can be attributed to the increasing prevalence of chronic disease or condition.Get More Insight About the Global Topical Corticosteroids Market, Request Sample @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-topical-corticosteroids-market Market Definition: Global Topical Corticosteroids MarketTopical corticosteroids (steroids) is defined as a medications which is directly applied to the skin with intention to reduce irritation and inflammation, ; it is available in several different forms like ointments, gels, creams, lotions, mousses.
They are available in four different potencies (strengths), known as mild, moderate, potent, and very potentAccording to the CDC, in U.S 2 million people are infected with bacteria that are resistant to antibiotics, and at least 23,000 people die due to such infections.
Increasing investment in research and development, act as a driver to the market.Market DriversGrowing number of geriatric population, this act as a driver to the market.Growth in demand of topical drug delivery drugs, this act as a driver to the market.Market RestraintsExpiry of patent for drugs, this act as restraints to the market.Weak reimbursement policies, this act as restraints to the market.Know More About this Report @ https://www.databridgemarketresearch.com/reports/global-topical-corticosteroids-marketSegmentation: Global Topical Corticosteroids MarketBy Molecule NameFludroxycortideTriamcinolone AcetonideFluocinolone AcetonideAntisepticsBetamethasoneClobetasone PropionateClobetasone ButyrateHalobetasoneMometasoneOthersBy Potency ClassUltra HighClobetasol PropionateDiflorasone DiacetateBetamethasone Dipropionate GlycolHighAmcinonideBetamethasone DipropionateDesoximetasoneFluocinonideOthersModerateDesoximetasoneFluocinolone AcetonideFludroxycortideHydrocortisone ValerateTriamcinolone AcetonideClobetasone ButyrateOthersMildHydrocortisoneHydrocortisone AcetateBetamethasone ValerateDesonideFluocinolone AcetonideOtherBy ApplicationAcneDermatitisPsoriasisSkin InfectionHyperpigmentationMelasmaOthersBy Medication TypeOintmentsCreamsLiquid & SolutionsLotionsGelOilsPastesSpraysOthersBy End UserHospitalDermatology ClinicsHomecareOthersBy Distribution ChannelHospital PharmaciesPharmacy StoresOnline PharmaciesOthersBy Purchase ModeOver The Counter (Otc) BasedPrescription BasedBy GeographyNorth AmericaUS.CanadaMexicoSouth AmericaBrazilArgentinaRest of South AmericaEuropeGermanyFranceUnited KingdomItalySpainRussiaTurkeyBelgiumNetherlandsSwitzerlandRest of EuropeAsia-PacificJapanChinaSouth KoreaIndiaAustraliaSingaporeThailandMalaysiaIndonesiaPhilippinesRest of Asia PacificMiddle East & AfricaSouth AfricaEgyptSaudi ArabiaUnited Arab EmiratesIsraelRest of Middle East & AfricaKey Developments in the Market:In April 2019, ViiV Healthcare announced that they got approval from US Food and Drug Administration (FDA) to Dovato, the first, once-daily, single-tablet, two-drug regimen for treatment.In April 2019, GSK receives approval from U.S related to Benlysta for intravenous use in children with lupus aged five years and above.Competitive Analysis: Global Topical Corticosteroids MarketGlobal topical corticosteroids market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
The report includes market shares of topical corticosteroids market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.Key Market Competitors: Global Topical Corticosteroids MarketFew of the major competitors currently working in the topical corticosteroids market are GlaxoSmithKline plc.
(UK), Merck Sharp & Dohme Corp. (US), LEO (Denmark), Almirall, S.A (Spain), Bausch Health (Canada), Cerecor, Inc., Sandoz International GmbH (Germany), Pfizer Inc. (US), Sanofi (France), AstraZeneca (UK), Almirall, LLC, Godetia Healthcare, Bayer AG, McKesson Medical-Surgical Inc., Regeneron (US), ALLERGAN (Ireland), Galderma laboratories (Switzerland), Novartis AG(Switzerland), and othersResearch Methodology: Global Topical Corticosteroids MarketData collection and base year analysis is done using data collection modules with large sample sizes.
