Asthma is a common condition among children, with over 339 million sufferers worldwide, according to the World Health Organization (WHO). Additionally, 251 million individuals worldwide had COPD in 2016. Together with the significant prevalence of smoking and the aging populations in many nations, COPD is predicted to rise in the future. The need for inhaled corticosteroids for disease management has increased due to the rising prevalence of asthma and COPD. These anti-inflammatory drugs are frequently used to effectively manage asthma over the long term. It aids in easing airway swelling and constriction.
According to Data Bridge Market Research, Topical Corticosteroids Market is USD 3,996.91 million in 2022, is expected to reach USD 6,418.71 million by 2030, at a CAGR of 6.1% during the forecast period 2023 to 2030
"Increasing prevalence of skin disorders surge market demand"
The increasing prevalence of skin disorders, including eczema, psoriasis, dermatitis, and other inflammatory diseases, has contributed to the growing demand for topical corticosteroids. These medications are commonly prescribed by healthcare professionals as a primary treatment option for managing the symptoms and inflammation associated with these conditions. As the global incidence of skin disorders continues to rise, the demand for topical corticosteroids is expected to increase due to their effectiveness in providing relief and improving patients' quality of life.
What restraints the growth of the topical corticosteroids market?
"Availability of alternatives restricts the market growth”
The availability of alternative treatment options, such as non-steroidal topical medications, systemic therapies, and emerging biological treatments, poses a challenge to the topical corticosteroids market. These alternatives provide additional choices for healthcare professionals and patients in managing dermatological conditions. Depending on the specific condition and individual patient factors, healthcare providers may opt for non-steroidal options or systemic therapies, which may impact the demand and utilization of topical corticosteroids, potentially limiting market expansion.
Segmentation: Global Topical Corticosteroids Market
The topical corticosteroids market is segmented on the basis of molecule name, potency class, medication type, application, distribution channel, and end user.
- On the basis of molecule name, the topical corticosteroids market is segmented into fludroxycortide, triamcinolone acetonide, fluocinolone acetonide, antiseptics, betamethasone, clobetasone propionate, clobetasone butyrate, halobetasone, mometasone, others.
- On the basis of potency class, the topical corticosteroids market is segmented into ultra-high, high, moderate, and low.
- On the basis of medication type, the topical corticosteroids market is segmented into ointments, creams, liquid and solutions, lotions, gel, oils, pastes, sprays, and others.
- On the basis of application, the topical corticosteroids market is segmented into acne, dermatitis, psoriasis, skin infection, hyperpigmentation, melasma, and others.
- On the basis of distribution channel, the topical corticosteroids market is segmented into hospital pharmacies, pharmacy stores, online pharmacies, others
- On the basis of end user, the topical corticosteroids market is segmented into hospital, dermatology clinics, homecare, others
Regional Insights: North America dominates the Global Topical Corticosteroids Market
North America dominates the topical corticosteroids market because of the region's well-developed healthcare infrastructure and favorable reimbursement policies. These factors facilitate access to dermatological treatments, including topical corticosteroids, and contribute to the region's leading market share in this therapeutic area.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of owing to the prevalence of major manufacturers throughout the United States, and the rising incidence of cancers such as those of the bladder, esophagus, liver, and pancreas. advancements in technology and an increase in foreign investment.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-topical-corticosteroids-market
Recent Developments in Global Topical Corticosteroids Market
- In 2022, Lebrikizumab from Lilly and topical corticosteroids showed appreciable reductions in the severity of the atopic dermatitis condition.
- In 2022, A pilot study examining vamorolone as a potential treatment for Becker muscular dystrophy (BMD) dosed its first participant (BMD). ReveraGen BioPharma has been researching the steroid drug as a potential treatment for different types of muscular dystrophy.
The Prominent Key Players Operating in the Global Topical Corticosteroids Market Include:
- Gsk plc (U.K.)
- Almirall, S.A (Spain)
- Merck & Co., Inc. (Germany)
- Bausch Health (Canada)
- Sandoz International GmbH (Germany)
- Pfizer Inc. (U.S.)
- AstraZeneca (U.K.)
- Sanofi (France)
- Bayer AG (Germany)
- McKesson Corporation (U.S.)
- Regeneron Pharmaceuticals Inc. (U.S.)
- Medtronic (Ireland)
- AbbVie Inc. (U.S.)
- GALDERMA LABORATORIES, L.P. (U.S.)
- Novartis AG (Switzerland)
- LEO Pharma A/S (Denmark)
- Cipla Inc. (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Bristol-Myers Squibb Company (U.S.)
- Mylan N.V. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of topical corticosteroids market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Topical Corticosteroids Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
