Market Overview
The Topical Corticosteroids Market Trends, size is expected to grow a significant CAGR of 5.8% during the forecast period 2017-2023.
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Market Dynamics
Topical steroids are used to treat skin problems such as rash, dermatitis, itching, eczema, and psoriasis, and this sector is predicted to dominate the market due to the growing elderly population worldwide, along with the increased storage capacity of topical corticosteroids.
Globally increasing prevalence of chronic diseases is one of the primary reasons driving the market's growth. The ageing population and an increasing number of children with skin disorders are driving the market's expansion. Additionally, technical advancements and development of current corticosteroids by key competitors in the topical corticosteroids market are projected to drive the industry's growth. Additionally, rising healthcare spending, an increase in the frequency of lifestyle-related disorders, and an increase in the use of advanced technology goods are accelerating the expansion of the topical corticosteroid market.
Segmental Analysis
The global market for topical corticosteroids has been segmented into five segments based on formulation type, class potency, indication, end-user, and geography.
- By formulation type into ointments, creams, and others.
- By classified into four categories based on its potency: ultra-high, high, moderate, and low.
- By several types, including contact dermatitis, insect stings, psoriasis, and eczema.
- By end user into hospitals, dermatological clinics, and pharmacies.
Regional Overview
The topical corticosteroid market is segmented geographically into four key regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Due to the increasing frequency of skin illnesses and the increasing demand for novel topical medicines to treat them, America held the largest market share for topical corticosteroids during the review period. Throughout the forecast period, North America is predicted to dominate the overall market, owing to the region's established economy, rising health care expenditure, rising prevalence of lifestyle-related disorders, and widespread use of technologically sophisticated goods. Additionally, the growing geriatric population in this region is fuelling market growth.
Europe is the second largest market, owing to growing awareness of skin-related disorders, increased government expenditure in the healthcare sector, and an expanding dermatological market in several European nations. The increasing government support for research and development, the expanding number of dermatological clinics, and the increasing frequency of skin illnesses all contribute to the region's topical market growth. Whereas the Middle East and Africa have the smallest market share due to a lack of medical facilities and a lack of development in the healthcare sector.
Increased investment in research and development, as well as active participation by various companies in mergers and acquisitions to expand their potential, may create an opportunity to accelerate the expansion of the topical corticosteroid market therapies. Topical corticosteroids are prohibitively expensive and have a variety of adverse effects, impeding market growth. The market's growth is constrained by insufficient reimbursement policies and tight rules surrounding dangerous drugs. Additionally, the risk issues connected with continuous corticosteroid use restrain the market's growth to some extent.
Competitive Dynamics
The corticosteroids market is moderately competitive and consists of several major players. With the increasing consolidations of various organizations in the healthcare sector, it is expected to generate the competitive rivalry among the key players in future.
The notable players of the market are AstraZeneca plc, GlaxoSmithKline plc, Merck & Co., Inc., Pfizer Inc., Sandoz AG (Novartis AG), Sanofi S.A., Actimis Pharmaceuticals, Valeant Pharmaceuticals, Almirall, S.A, and Zylera Pharmaceuticals.
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