NEW YORK, Oct. 11, 2023 /PRNewswire/ -- The topical corticosteroids market size is expected to grow by USD 1.09 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 4% during the forecast period, according to Technavio Research. The market is segmented by End-user (Hospitals, Dermatology clinics, Pharmacies, and Others), Type (Prescription and OTC), and Geography (North America, Europe, Asia, and Rest of World (ROW)). To gain access to more vendor profiles available with Technavio, buy the report!
Asia will contribute 31% to the growth of the global market during the forecast period. Another region that is growing in the topical corticosteroid market is North America. The region's growth is primarily propelled by factors like the high occurrence of skin disorders, a rising geriatric population, and increased awareness and diagnosis of skin conditions. The US stands as the largest market for topical corticosteroids, attributed to factors such as high healthcare expenses, a well-established healthcare infrastructure, and a growing prevalence of skin diseases. Hence, these factors are expected to drive market growth in the region during the forecast period. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read a FREE PDF Sample Report
Company Profile:
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., Viatris Inc.
AbbVie Inc.: The company offers topical corticosteroids such as fluorometholone ophthalmic suspension through its subsidiary Allergan.
By Segment, the market share growth by the hospitals segment will be significant during the forecast period. Hospitals commonly use topical corticosteroids to treat a range of skin conditions like dermatitis, psoriasis, and eczema. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Topical Corticosteroids Market: Driver & Trend:
Drivers
- Advancements in drug delivery systems
- Growing aging population
- Rising prevalence of skin disorders
Advancement in drug delivery systems is a key factor driving market growth. Several limitations associated with topical corticosteroids have effectively been addressed by recent advancements in drug delivery systems. These improvements focus on enhancing the absorption and bioavailability of the medications while reducing their systemic exposure. Several promising drug delivery systems, such as microemulsions, solid lipid nanoparticles, and dendrimers, hold the potential to augment the effectiveness of topical corticosteroids. Hence, the development of automation and robotics in slaughter equipment is expected to drive market growth in the region during the forecast period.
The growing adoption of generic drugs is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a FREE sample report to gain access to this information.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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