The topical corticosteroids market consists of various anti-inflammatory drugs that are applied to the skin to treat inflammatory skin disorders and other skin conditions like eczema, dermatitis, psoriasis, rashes, and allergic reactions. They help relieve itching, redness, swelling, and rashes by reducing the actions of immune system causing inflammation in targeted areas without entering the bloodstream. The growing prevalence of various skin diseases coupled with the rising adoption of topical corticosteroids owing to their advantages like targeted therapy and lesser systemic side-effects is fuelling the growth of this market.
Key Takeaways
Key players operating in the topical corticosteroids are Abbott Laboratories, Novartis International AG, Arcellx, Autolus Therapeutics, Kite Pharma, Cellectis, Celyad Oncology, Crescendo Biologics Limited, GammaDelta Therapeutics Ltd., Bio-Rad Laboratories Inc, QIAGEN Inc, Thermo Fisher Scientific, Merck Millipore, Siemens Healthineers AG, and GE Healthcare. Abbott Laboratories and Novartis AG currently dominate the market for topical corticosteroids.
The key opportunities in the topical corticosteroids market include developing advanced drug delivery systems like foams, gels, and spray formulations to enhance efficacy and patient compliance. The introduction of novel compounds with improved therapeutic benefits and minimal side effects also provides development opportunities in this space.
The Global Topical Corticosteroids Market Growth is expected with growing investment and partnerships between pharmaceutical companies for research and development activities. The increasing demand from emerging markets of Asia Pacific and Latin America owing to rising disposable income and growing awareness is expected to drive the global expansion of this market during the forecast period.
Market Drivers
The increasing prevalence of various skin diseases like eczema, psoriasis, dermatitis, and rashes globally is a major driver for the topical corticosteroids market. According to estimates, over 40-50% of the population suffers from some form of skin disease. Additionally, the growing geriatric population prone to skin diseases and rising healthcare spending also contributes to market growth. The rising adoption of topical corticosteroids over systemic drugs due to advantages like targeted delivery, minimal systemic absorption and fewer side effects further propels the demand.
PEST Analysis
Political: Topical corticosteroids market is regulated by several government agencies such as US FDA, EMA, and other regulatory bodies who ensure drug safety, efficacy and quality. Changes in regulatory policies can impact approval and availability of newer products.
Economic: Rising disposable incomes and healthcare spending is driving the growth of this market. However, high R&D costs required for drug development poses challenges.
Social: Increasing incidence of dermatological and respiratory diseases is fueling market growth. Growing patient awareness and availability of generic products are other supportive factors.
Technological: Advancements in drug delivery systems and formulations are helping expand therapeutic applications and improved patient compliance for topical corticosteroids. Development of combination therapies using nanotechnology also provides new opportunities.
The geographical regions where the topical corticosteroids market in terms of value is concentrated includes North America and Europe. North America dominates the market currently due to rising prevalence of dermatological and respiratory conditions in the region. High healthcare expenditures and availability of advanced treatment options further support market growth in this region.
The Asia Pacific region is projected to be the fastest growing market for topical corticosteroids during the forecast period. Factors such as large patient pool, increasing healthcare spending, growing awareness and rapidly improving healthcare infrastructure will drive the market in the Asia Pacific region. China and India are expected to lead the market growth in this region.
The geographical regions where the topical corticosteroids market in terms of value is concentrated includes North America and Europe. North America dominates the market currently due to rising prevalence of dermatological and respiratory conditions in the region. High healthcare expenditures and availability of advanced treatment options further support market growth in this region.
The Asia Pacific region is projected to be the fastest growing market for topical corticosteroids during the forecast period. Factors such as large patient pool, increasing healthcare spending, growing awareness and rapidly improving healthcare infrastructure will drive the market in the Asia Pacific region. China and India are expected to lead the market growth in this region.
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