Topical Corticosteroids Market size is set to grow by USD 1.08 billion from 2023-2027, Advancements in drug delivery systems boost the market, Technavio

NEW YORK , July 18, 2024 /PRNewswire/ -- The global topical corticosteroids market size is estimated to grow by USD 1.08 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  4%  during the forecast period. Advancements in drug delivery systems is driving market growth, with a trend towards growing adoption of generic drugs. However, availability of alternative treatments  poses a challenge. Key market players include 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..

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Market Driver

The topical corticosteroids market is witnessing a notable trend towards the increased use of generic drugs. This trend is driven by several factors, including the rising prevalence of skin diseases and disorders worldwide and the affordability of generic drugs. The cost-effectiveness of these drugs makes them more accessible to patients, particularly in countries with limited healthcare resources and lower-income populations. Additionally, the intensifying competition among drug manufacturers is leading to lower prices for consumers as companies strive to offer competitive pricing. The expiration of patents for several branded drugs has also opened up the market for generic alternatives. As a result, the adoption of generic drugs in the global topical corticosteroids market is projected to continue growing in the forecast period, as patients seek affordable treatment options and competition among manufacturers intensifies. 

Topical corticosteroids are in high demand due to increasing cases of skin irritation, inflammation, rashes, scaly areas, itching, pain, redness, and swelling. Prescription and over-the-counter (OTC) markets are thriving, with manufacturing companies producing various forms like nasal sprays, ointments, and creams. However, supply chain disruptions due to manufacturing industries' shutdown and educational sectors' offline closures have affected production. Corona cases have also impacted the market, with Formosa Pharmaceuticals and AimMax Therapeutics leading the way. Potent derivatives such as Prednisolone, Fludroxycortide, Triamcinolone Acetonide, Fluocinolone Acetonide, Betamethasone, Clobetasone Propionate, Clobetasone Butyrate, Halobetasone, Mometasone, in the Ultra-High potency class are commonly used for children's skin disorders and allergies. Antiseptics are often combined with topical corticosteroids to enhance their effectiveness. Manufacturing companies are focusing on producing various medication types to cater to diverse consumer needs. 

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Market Challenges

• The topical corticosteroids market faces a significant challenge due to the availability of alternative treatments for various skin conditions. These alternatives, such as topical calcineurin inhibitors, topical retinoids, coal tar, and phototherapy, offer patients options with fewer side effects or different mechanisms of action. For instance, topical calcineurin inhibitors inhibit the immune system response, while topical retinoids normalize skin cell growth. Coal tar slows down skin cell growth and reduces inflammation, and phototherapy uses ultraviolet light to treat skin conditions. The presence of these alternatives may hinder the growth of the topical corticosteroids market in the forecast period.
• The Topical Corticosteroids market encompasses various forms like Liquids and Solutions, Lotions, Gels, Oils, Pastes, Sprays, used to treat several skin-related diseases such as Acne, Dermatitis, Psoriasis, Skin Infection, Hyperpigmentation, Melasma, and more. Challenges include diverse product formats, conditions like Eczema, Atopic Dermatitis, and complexities in distribution through Hospital Pharmacies, Pharmacy Stores, Online Pharmacies, Hospitals, Dermatology Clinics, and Homecare. Market opportunities lie in addressing inflammatory skin diseases like Becker Muscular Dystrophy, Asthma, Skin allergies, Arthritis, Insect stings, Contact dermatitis, and chronic diseases affecting the geriatric population. ReveraGen BioPharma focuses on synthetic corticosteroids for topical use. Market definition includes Steroid hormones, Anti-inflammatory effect, and Hydrocortisone. Factors like Smoking, Aging populations, and COPD may impact market growth.

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Segment Overview 

This topical corticosteroids market report extensively covers market segmentation by  

1. End-user 
• 1.1 Hospitals
• 1.2 Dermatology clinics
• 1.3 Pharmacies
• 1.4 Others
2. Type 
• 2.1 Prescription
• 2.2 OTC
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hospitals-  Topical corticosteroids are essential medications used in hospitals for treating various skin conditions, including dermatitis, psoriasis, and eczema. Dermatology departments and skin clinics in hospitals commonly prescribe these treatments to alleviate symptoms like itching, inflammation, and redness. Topical corticosteroids come in different strengths and formulations, such as creams, ointments, and gels, catering to diverse patient requirements. The market for topical corticosteroids in hospitals is projected to expand due to the rising incidence of skin disorders globally. Key factors fueling this growth include an extensive product range, heightened awareness among healthcare professionals and patients regarding topical corticosteroids' benefits, and the emergence of new formulations with enhanced efficacy and safety profiles.

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Learn and explore more about Technavio's in-depth research reports

The global vasculitis treatment market is witnessing significant growth, driven by advancements in immunosuppressive therapies and increased awareness. Major players are focusing on innovative treatments to address various forms of vasculitis. Meanwhile, the global uveitis drugs market is expanding due to rising incidences of the disease and enhanced diagnostic techniques. Key companies are investing in biologics and corticosteroids. The global atopic dermatitis drugs market is also growing, propelled by the development of targeted biologic therapies and increasing prevalence. Companies are concentrating on novel treatments to improve patient outcomes.

Research Analysis

Topical corticosteroids are synthetic forms of steroid hormones used primarily for the treatment of inflammatory skin diseases, asthma, skin allergies, arthritis, insect stings, and contact dermatitis. These medications come in various forms, including ointments and creams, and include active ingredients such as Fludrocortide, Triamcinolone Acetonide, Fluocinolone Acetonide, Betamethasone, Clobetasone Propionate, Clobetasone Butyrate, Halobetasone, Mometasone, and Potency Classes ranging from Ultra-High. They work by reducing the activity of the immune system and have an anti-inflammatory effect. Topical corticosteroids are also used to manage chronic diseases and are particularly beneficial for the geriatric population. Some common side effects include thinning of the skin, increased risk of infections, and adverse effects on growth in children. Smoking can increase the absorption and potential side effects of topical corticosteroids. Hydrocortisone is another commonly used corticosteroid, but it is typically administered orally or through injection rather than topically.

Market Research Overview

Topical corticosteroids are a type of medication used to treat various skin-related diseases, including acne, dermatitis, psoriasis, skin infection, hyperpigmentation, melasma, eczema, atopic dermatitis, and more. These medications contain synthetic steroid hormones, such as Fludrocortide, Triamcinolone Acetonide, Fluocinolone Acetonide, Betamethasone, Clobetasone Propionate, Clobetasone Butyrate, Halobetasone, Mometasone, and others. The potency of these corticosteroids can range from low to ultra-high, and they come in different forms like ointments, creams, liquid and solutions, lotions, gels, oils, pastes, sprays, and even pastes. Topical corticosteroids are used to reduce inflammation, itching, pain, redness, swelling, and other symptoms caused by various skin conditions. They work by suppressing the immune system's response to inflammation. Some common indications for topical corticosteroids include acne, dermatitis, psoriasis, skin infection, hyperpigmentation, melasma, eczema, and atopic dermatitis. The market for topical corticosteroids is vast and diverse, with various distribution channels such as hospital pharmacies, pharmacy stores, online pharmacies, hospitals, dermatology clinics, homecare, and more. The market opportunities for topical corticosteroids are significant due to the increasing prevalence of chronic diseases like eczema, atopic dermatitis, and psoriasis, especially in the geriatric population. However, the market faces challenges such as manufacturing industries shutdowns, educational sectors off, supply chain disruptions, and the impact of corona cases on production and distribution. Some common side effects of topical corticosteroids include skin irritation, thinning of the skin, and increased risk of infections. It is important to use topical corticosteroids under the guidance of a healthcare professional to minimize the risks and maximize the benefits. Some other corticosteroids, such as systemic corticosteroids, inhaled corticosteroids, and nasal sprays, are used for different indications and should not be confused with topical corticosteroids. Companies like ReveraGen BioPharma are exploring new uses for topical corticosteroids in conditions like Becker Muscular Dystrophy. The market definition for topical corticosteroids includes various forms of synthetic corticosteroids used topically for the treatment of inflammatory skin diseases, allergies, arthritis, insect stings, and contact dermatitis.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Hospitals
• Dermatology Clinics
• Pharmacies
• Others
• Type
• Prescription
• OTC
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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