The topical corticosteroids market size is expected to grow a significant CAGR of 5.8% during the forecast period 2017-2023.
Corticosteroids are the steroid hormones that can be produced by both the body (Systemic Corticosteroids) or man-made (Synthetic Corticosteroids). Synthetic corticosteroids are the natural hormones produced by the adrenal cortex. These are hydrocortisone-derivative compounds with separate anti-inflammatory potency.
These are used to treat various inflammatory skin diseases like asthma, various skin allergies, arthritis, insect stings, and contact curative. Hence rising the incidence of chronic diseases and the geriatric population is augmenting the demand for the topical corticosteroids market. According to the World Health Organization (WHO) report, due to the increasing population, worldwide the burden of chronic diseases increases by 57% by the end of the year 2020 and is estimated to increase in the review period. The United Nations states that the human population is expected to grow from 7.2 billion to 8.2 billion between 2021-2025.
The COVID-19 pandemic has spread all over the world and impacted all the business sectors drastically. To control the spread of the virus, various governments imposed stringent regulations like lockdowns, transportation bans, manufacturing industries shutdown, educational sectors off, and many more. Due to these lockdowns, most of the manufacturing companies face various issues like supply chain disruptions, lack of raw materials, shortage of manpower, and others which leads to the stoppage of production.
The topical corticosteroids market is positively impacted by the COVID-19. As topical corticosteroids are highly used in the pharmaceutical industry, it is very useful to treat COVID patients. The topical corticosteroids are used in nasal sprays, and some medications like hydrocortisone, etc. The rising corona cases increase the demand for topical corticosteroids which accelerates the growth of the market.
The growing prevalence of chronic diseases across the globe is one of the major factors driving the growth of the market. The rising geriatric population and an increasing number of children’s skin disorder cases are accelerating the market growth. The World Population Prospects report states that in 2019, one in 11 people (9%) of the world are over age 65 and it is expected that by 2050, one in six people (16%) are over age 65. Moreover, the technological innovations and development of the existing corticosteroids by the topical corticosteroids key players are expected to propel the growth of the market.
In addition to that, an increase in healthcare expenditure, a rise in the incidence of lifestyle-related diseases, and the increasing adoption of advanced technology products are escalating the topical corticosteroids market growth.
The topical corticosteroids are very expensive and it causes various side effects which are restraining the market growth. The weak reimbursement policies and stringent regulations regarding harmful medicines are limiting the growth of the market.
Increasing investments in research & development and the active participation of various companies in mergers and acquisitions to increase their potential may create an opportunity to increase the topical corticosteroids market therapeutics growth.
The patent expiry for drugs and lack of reimbursement policies are the factors challenging the market growth.
The global topical corticosteroids market has been divided into five segments based on the type of formulation, type of class potency, treatment, end-user, and region.
Based on the Type of Formulation
The topical corticosteroids market by the type of formulation is bifurcated into ointments, creams, and others.
Based on Type of Class Potency
The topical corticosteroids market based on the type of class potency is categorized into four types as ultra-high, high, moderate, and low. Further, the ultra-high segment is sub-segmented into clobetasol propionate and diflorasone diacetate. The high segment sub-segmented into desoximetasone, amcinonide, betamethasone dipropionate, fluocinonide, halcinonide, and others. The moderate segment is sub-segmented into fluocinolone acetonide, desoximetasone, fludroxycortide, hydrocortisone valerate, triamcinolone acetonide, and others. Moreover, the low segment is sub-segmented into desonide, betamethasone valerate, fluocinolone acetonide, and others.
Based on Treatment
The topical corticosteroids treatment are analyzed into a few types as contact dermatitis, insect stings, psoriasis, eczema, and others.
Based on End-user
By end-user, the topical corticosteroids industries are segmented into hospitals, dermatology clinics, pharmacies, and others.
Based on Region
Regionally, the topical corticosteroids market is divided into four main geographies such as Americas, Europe, Asia-Pacific, and the Middle East & Africa. Among them, the American region is dominating the largest market share due to the rising prevalence of skin diseases, and there is an increasing need for new topical products for its treatment.
Geographically, the topical corticosteroids market based on regions is classified into four major regions like Americas, Europe, Asia-Pacific, and the Middle East & Africa. Due to the growing prevalence of skin diseases, and rising demand for new topical products for their treatment, America is holding the maximum topical corticosteroids market share during the review period. Stanford University states that nearly 5.4 million cases of skin-related diseases diagnose annually. Moreover, the rising geriatric population is also boosting the market growth in this region.
Europe holds the second largest market share due to the rising awareness regarding skin-related diseases, rising investment in the healthcare domain by the government, and increasing dermatology market in various European countries. Owing to the rising government support for research & development, the increasing number of dermatology clinics and the growing prevalence of skin diseases accelerates the growth of the topical market in this region. Whereas the Middle East & Africa holds the least market share for their less availability of medical facilities, and less development in the healthcare domain.
The prominent key players in the topical corticosteroids market outlook are the following:
This global topical corticosteroids market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the topical corticosteroids market drivers, restraints, challenges, and opportunities. The topical corticosteroids market forecast segments into five forms as the type of formulation, type of class potency, treatment, end-user, and region.
The topical corticosteroids market trends have been segmented into five forms globally based on the type of formulation, type of class potency, treatment, end-user, and region.
By Type of Formulation
Ointments, creams, and others are the types of formulations.
By Type of Class Potency
Ultra-high, high, moderate, and low are the four types of class potency.
Contact dermatitis, insect stings, psoriasis, eczema, and others are the few treatments.
Hospitals, dermatology clinics, pharmacies, and others are the few end-use industries.
Asia-Pacific, Europe, the Americas, and the rest of the world are the four main geographies included in the global market.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type of Formulation, Type of Potency, Treatment, End Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AstraZeneca plc, GlaxoSmithKline plc, Merck & Co., Inc., Pfizer Inc., Sandoz AG (Novartis AG), Sanofi S.A., Actimis Pharmaceuticals, Valeant Pharmaceuticals, Almirall, S.A, and Zylera Pharmaceuticals.|
|Key Market Opportunities||Increasing prevalence of skin diseases|
|Key Market Drivers||
The topical corticosteroids market is expected to grow at a CAGR of 5.8% by 2023.
The rising prevalence of chronic diseases and the increasing geriatric population in the world are the major driving factors.
Asia-Pacific region due to rising prevalence of skin diseases and need of new topical products for treatment.
GlaxoSmithKline plc, Actimis Pharmaceuticals, Zylera Pharmaceuticals, AstraZeneca plc, Valeant Pharmaceuticals, Merck & Co., Inc., Almirall S.A., Pfizer Inc., Sanofi S.A., and Sandoz AG (Novartis AG).