Technavio, a leading provider of market research reports, has released its latest study on Topical Corticosteroids Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The global topical corticosteroids market is witnessing a notable trend towards the increasing adoption of generic drugs. This trend is driven by several factors, including the rising prevalence of skin diseases and disorders worldwide, which is leading to a surge in demand for these medications. One of the primary reasons for this trend is the cost-effectiveness of generic drugs compared to their branded counterparts. In economically challenged regions such as Nigeria, where healthcare resources are limited and income levels are low, the affordability of generic drugs is a significant advantage. Furthermore, the intensifying competition among drug manufacturers is also contributing to the growing popularity of generic topical corticosteroids.
The global topical corticosteroids market size is estimated to grow by USD 1.36 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.74% 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 companies in the market include AbbVie Inc., Astellas Pharma Inc., AstraZeneca Plc, Bausch Health Companies Inc., Bayer AG, Cipla Inc., 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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Major Findings
Other promising drug delivery technologies, such as microemulsions, solid lipid nanoparticles, and dendrimers, offer targeted delivery to specific skin layers, sustained release, and improved patient compliance with less frequent applications. These advancements are anticipated to propel the growth of the topical corticosteroids market throughout the forecast period.
The growth of the global topical corticosteroid market is significantly challenged by the availability of alternative treatments. Many patients opt for nonsteroidal options due to concerns about side effects associated with corticosteroids.
One notable alternative is topical calcineurin inhibitors, used for conditions like eczema; these medications suppress the immune response without causing skin thinning. Other substitutes, such as topical retinoids, coal tar, and phototherapy, further complicate the competitive landscape for topical corticosteroids, hindering market growth during the forecast period.
According to Technavio, the global topical corticosteroids market is a segment of the larger pharmaceuticals market, which is a key component of the healthcare industry. The pharmaceuticals market encompasses entities involved in the research and development (R&D) or manufacturing of various pharmaceutical offerings, including generic and non-generic drugs, as well as veterinary medicines. The healthcare industry's market size is determined by Technavio based on the consolidated revenue generated by providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Factors driving growth in the global pharmaceuticals market include the increasing elderly population, with the number of individuals aged 60 years and above projected to rise substantially.
The Topical Corticosteroids Market is experiencing significant growth, fueled by the Advancements in drug delivery systems. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The North American market for topical corticosteroids is characterized by significant growth, driven by the high prevalence of skin disorders, a burgeoning geriatric population, and increasing awareness and diagnosis of skin conditions. The United States represents the largest market share within this region due to its substantial healthcare expenditures, robust healthcare infrastructure, and rising incidence of skin diseases. Topical corticosteroids, a class of drugs employed for treating various skin conditions such as eczema, psoriasis, and dermatitis, witness high demand in this market. Notable market participants include industry leaders like GlaxoSmithKline, Pfizer, and Merck.
Topical corticosteroids are a type of medication used to reduce inflammation and suppress the immune system. They are often used to treat various conditions such as smoking-induced inflammatory diseases, insect stings, skin allergies, arthritis, asthma, and inflammatory skin diseases. The active ingredients in topical corticosteroids are synthetic corticosteroid hormones, including Hydrocortisone, Mometasone, Halobetasone, Clobetasone Butyrate, Clobetasone Propionate, Betamethasone, Fluocinolone Acetonide, Triamcinolone Acetonide, and Fludroxycortide. These molecules possess anti-inflammatory effects and come in different potency classes, including ultra-high potency. Topical corticosteroids are available in various forms such as creams and ointments. They are effective in treating chronic diseases like eczema and psoriasis in the geriatric population and are also used as contact curatives for insect bites. Antiseptics are often used in combination with topical corticosteroids to enhance their therapeutic effects. These medications are essential in managing inflammatory conditions and improving the quality of life for millions of people worldwide.
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