July 24, 2024
Topical Corticosteroids Market

The Rise Of Eczema And Psoriasis Is Anticipated To Openup The New Avenue For Topical Corticosteroids Market

The Topical Corticosteroids Market is estimated to be valued at US$ 4.89 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Topical corticosteroids are widely used in treatment of various skin conditions such as eczema, psoriasis, rashes, and allergic reactions. They work by reducing inflammation and itching. Creams and ointments are most common forms of topical corticosteroids available. Some widely used topical corticosteroids includes mometasone furoate, fluocinolone acetonide, triamcinolone acetonide.

Market Dynamics:

Growing prevalence of eczema and psoriasis worldwide is majorly driving growth of topical corticosteroids market. According to National Eczema Association, around 31.6 million Americans suffer from eczema. Similarly, according to National Psoriasis Foundation, around 8 million Americans and 2-3% of world population are affected by psoriasis. Inadequate treatment options for these skin conditions make topical corticosteroids first line of treatment. Moreover, the low cost, ease of use, and less systemic absorption with topical corticosteroids are fueling their demand over other costly biologics and systemic drugs. However, concerns around long term safety issues such as skin thinning effect with frequent use of highly potent topical corticosteroids can hinder the market growth.

Segment Analysis:

The topical corticosteroids market is dominated by the creams segment which holds around 40% market share. Creams are widely used for various dermatological conditions like eczema, psoriasis, rashes etc. due to their localized application. They have high moisture retention capacity and can effectively deliver the drug to the affected skin area without any systemic absorption.

PEST Analysis:

Political: The topical corticosteroids market is regulated by various bodies like the FDA which ensure the safety and efficacy of these products through a strict approval process. Favorable regulations boost generic drugs.

Economic: Having a large patient pool experiencing dermatological conditions and rising healthcare spending drive market growth. However, price controls impact revenues.

Social: Increased awareness about skin diseases and availability of generic alternatives have made treatments more accessible. Social media influences individuals to care more about appearances.

Technological: Advanced formulation technologies help design newer delivery systems like hydrogels, foams, sprays etc. targeting specific indications. E-commerce boosts easy availability.

Key Takeaways:

The Global Topical Corticosteroids Market Demand is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of skin diseases and rising patient affordability in developing countries.

The North America region dominates the market currently holding around 35% share due to established healthcare infrastructure, research facilities and more awareness about new treatments. Asia Pacific is expected to grow at the fastest pace due to large untreated population in China and India experiencing dermatological issues.

Key players operating in the topical corticosteroids market are 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 focus on expanding their generic drug offerings and developing advanced formulations for superior therapy.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it