Market Overview:
Topical corticosteroids are anti-inflammatory creams, ointments, or lotions that help reduce redness, itching, and other symptoms of skin inflammation. They treat various skin conditions such as eczema, psoriasis, rashes, and skin allergies by reducing the actions of the body's immune system.
Market key trends:
One of the major key trends in the topical corticosteroids market is the growing preference for topical corticosteroid creams over other formulations. Creams are considered more convenient to apply and non-greasy than ointments. Thus, many brands are focusing on developing innovative cream formulations that offer fast absorption and long-lasting effects. For instance, in 2022, Almirall launched Taclonex Scalp Psoriasis Treatment, a topical corticosteroid cream specially formulated for scalp psoriasis. Other emerging trends in the market include increasing demand for combination therapies using topical corticosteroids along with other active ingredients and growing adoption of generic topical corticosteroids. The patent expiration of several branded corticosteroid products is also fueling the growth of generic drugs.
Segment Analysis:
The topical corticosteroids market is segmented based on product type, class, application, distribution channel, and region. Based on product type, the cream segment dominated the market in 2022. Creams are mostly preferred for the treatment of skin conditions such as eczema, psoriasis, rashes, and other dermatological conditions as they are easy to apply and have high absorption capability.
Key Takeaways:
The Global Topical Corticosteroids Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of skin diseases such as dermatitis, psoriasis, rashes, eczema, and acne.
Regional analysis: North America dominated the topical corticosteroids market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the increasing healthcare expenditure and rising patient awareness regarding skin diseases in the region.
Key players: Key players operating in the topical corticosteroids market are GlaxoSmithKline plc, Merck & Co., Inc., Sandoz International GmbH, AstraZeneca, LEO Pharma, Cipla Inc., Bristol-Myers Squibb Company, Almirall, S.A., Bausch Health, and Sanofi SA. The global topical corticosteroids market is consolidated in nature with top five players accounting for major market share.
For more insights, read- https://www.insightprobing.com/topical-corticosteroids-market-size-and-trends-analysis/
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