Topical Corticosteroids Market to Grow by USD 1.08 billion between 2022 to 2027, globally at 4% CAGR – Technavio

NEW YORK, Jan. 30, 2024 /PRNewswire/ — The topical corticosteroids market is estimated to increase by USD 1.08 billion at a CAGR of 4% with a YOY growth rate of 3.5% from 2023 to 2027, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region.  Discover some insights on market size before buying the full report –Request a Free sample report

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated as LOW-HIGH.

Find Technavio’s Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.Furthermore, adoption rates for all regions have been covered.

The report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 companies listed Below – 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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The report 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))

The hospitals segment is estimated to witness significant growth during the forecast period. Topical corticosteroids are widely used in hospitals to treat various skin conditions like dermatitis, psoriasis, and eczema. Typically prescribed by dermatologists or healthcare providers, these medications come in different strengths and forms such as creams, ointments, and gels. The hospital demand for topical corticosteroids is expected to rise due to the global increase in skin disorders, supported by product variety, growing awareness among patients and healthcare providers, and formulation advancements.

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Advancements in drug delivery systems are driving the growth. Recent advancements in drug delivery have addressed limitations in topical corticosteroids by enhancing their absorption and bioavailability while reducing systemic exposure. For instance, nanoparticle-based formulations like liposomes and nano gels have improved delivery to the skin. Other promising systems include microemulsions, solid lipid nanoparticles, and dendrimers, offering targeted delivery and sustained release for enhanced efficacy and patient adherence.

The growing adoption of generic drugs is the primary trend influencing the growth. The availability of alternative treatments is a significant challenge restricting the growth.

The report is segmented by region North America, Europe, Asia, and the Rest of the World (ROW). An analysis of key leading countries has been included.

Asia is estimated to contribute 31% to the growth of the global market during the forecast period. North America is another key region generating significant revenue. North America is a major market for topical corticosteroids, used to treat skin conditions like eczema and psoriasis. Factors driving the market include high skin disorder prevalence, an aging population, and improved diagnosis. The US leads due to robust healthcare and rising skin disease cases. Competitors like GlaxoSmithKline and Pfizer are active in the region, where demand may rise with new, more effective corticosteroids.

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Topical Corticosteroids in Dermatology: Applications 

Topical corticosteroids are pharmaceutical formulations used in dermatology for various skin disorders and inflammatory conditions. They are steroidal medications that act as anti-inflammatory agents, targeting conditions like eczema, psoriasis, and atopic dermatitis. These medications modulate the immune response and are crucial in managing inflammatory skin conditions. They are available as creams and ointments and are prescribed in dermatological treatments. Market trends show a growing demand for prescription dermatology products, including corticosteroid formulations. The pharmaceutical industry focuses on drug development for improved patient care, with market analysis and regulatory compliance being integral to treatment modalities.

What are the key data covered in this Topical Corticosteroids Market report?

CAGR during the forecast periodDetailed information on factors that will drive the growth between 2023 and 2027Precise estimation of the size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the Topical Corticosteroids industry across North America, Europe, Asia, and the Rest of the World (ROW)A thorough analysis of the market’s competitive landscape and detailed information about companiesComprehensive analysis of factors that will challenge the growth of Topical Corticosteroids companies

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by End-User

Segmentation by Type

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their 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 insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.

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