Corticosteroids Market Analysis

Corticosteroids Market Analysis

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Based on products, the market is segmented into glucocorticoids and mineralocorticoids. The glucocorticoids segment is anticipated to reach USD 8.9 billion by 2032.

• There is an increase in the prevalence of conditions like rheumatoid arthritis, inflammatory bowel disease, asthma, and allergic reactions, glucocorticoids. For instance, in 2019, 18 million people worldwide were living with rheumatoid arthritis. These population utilizes glucocorticoids to manage symptoms and alleviate inflammation and immune responses.

   

• Moreover, improved awareness and diagnostic techniques have led to more accurate diagnosis and recognition of conditions that may benefit from glucocorticoid therapy. This increased awareness contributes to higher demand for these medications.

   

Based on route of administration, the corticosteroids market is segmented into topical, injectable, oral, and inhaled. The topical segment dominated around USD 2.4 billion revenue in 2023.

• The primary factors increasing the demand for topical segment is the increased patient preference. For instance, their availability in numerous formulations such as creams, ointments, lotions, and gels are easy to apply and provide convenience for patients. hence propel their demand in the market.

   

• Additionally, pharmaceutical companies are expanding their market reach for topical corticosteroids through marketing efforts, distribution networks, and partnerships with healthcare providers. This expansion increases product availability and accessibility, further driving demand.

   

Based on application, the corticosteroids market is segmented into skin allergies, gastroenterology, endocrinology, acute respiratory diseases, rheumatology indications, and other applications. The skin allergies segment is expected to cross USD 3 billion by 2032.

• Skin conditions such as eczema, psoriasis, dermatitis, and acne are common worldwide. The increase in the prevalence of these conditions are growing the demand for corticosteroids as it is a primary treatment approach for skin conditions including acne medication, hence set to propel the market.

• Additionally, growing consumer awareness of skin allergies and their impact on quality of life has led to increased demand for effective treatments. People are seeking medical attention for their skin allergies may contributing the segmental growth.

The corticosteroids market by distribution channel is categorized into hospital pharmacies, online pharmacies, and retail pharmacies. The hospital pharmacies segment dominates the market with a revenue of around USD 2.5 billion in 2023.

• Corticosteroids are potent medications that require careful monitoring, dosage adjustments, and often, specialized administration techniques. Hospital pharmacies are equipped with trained pharmacists who have the expertise to manage these complexities and ensure safe and effective use of corticosteroids, particularly for patients with severe or complex medical conditions.   

• Moreover, in some cases, corticosteroids may need to be compounded into specialized formulations or dosages to meet the specific needs of patients, particularly in pediatric or geriatric populations. Hospital pharmacies have the facilities and expertise to perform compounding as necessary, due to which large number of patients prefer hospital pharmacies anticipating them as a dominant distribution channel in the market.

North America corticosteroids market accounted for USD 1.9 billion revenue in 2023 and is predicted to witness substantial growth over the analysis timeline.

• The promising market potential and long-term revenue opportunities associated with corticosteroid therapies have attracted significant investor interest, leading to increased funding for R&D initiatives in North America.

   

• Furthermore, regulatory agencies in region, such as the U.S. Food and Drug Administration (FDA) and Health Canada, are actively supporting R&D initiatives for corticosteroids by providing expedited review pathways, regulatory guidance, and incentives for orphan drug development. This regulatory support is anticipated to drive the market growth in the region.