Corticosteroids therapy refers to a treatment that is given in a variety of ways to stifle the immune system and reduce inflammation. Asthma is one of the disorders they are used to treat allergy symptoms like hay fever, and urticaria (hives). Corticosteroids, sometimes known as steroids, are a kind of anti-inflammatory medication.
Sizing and Forecast
The corticosteroids market size has grown steadily in recent years. It will grow from $5.47 billion in 2023 to $5.7 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to treatment of inflammatory conditions, autoimmune disorders and immune system suppression, respiratory conditions and asthma management, allergic reactions and dermatological applications, cancer treatment support.
The corticosteroids market size is expected to see strong growth in the next few years. It will grow to $7.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising incidence of chronic diseases, expanding applications in rheumatology, advancements in drug delivery, geriatric population growth, research and development in corticosteroid therapeutics. Major trends in the forecast period include immunomodulatory effects emphasis, biosimilar market growth, combination therapies development, pediatric-specific formulations, regulatory compliance focus.
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Segmentation & Regional Insights
The corticosteroids market covered in this report is segmented –
1) By Product: Glucocorticoids, Mineralocorticoids
2) By Application: Skin Allergies, Rhuematology Indications, Endocrinology, Acute Respiratory Diseases, Other Applications
3) By End User: Hospitals, Clinics, Research Institutes, Other End Users
North America was the largest region in the corticosteroids therapy market share in 2023. Middle East is expected to be the largest growing region in the global corticosteroids market during the forecast period. The regions covered in the corticosteroids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of Skin related diseases and the rising incidences of rashes, dermatitis, itching, eczema, and psoriasis contributed to the growth of the corticosteroid market. According to the CDC (Center for Disease Control), each year in the US, at least 2 million people are infected with bacteria that are resistant to antibiotics, and at least 23,000 people die due to such infections. For instance, in November 2021, according to an article shared by Cleveland Clinic, a US-based non-profit academic medical center, Skin cancer strikes almost one in five persons at some point in their lives. Every day, 9,500 Americans receive a skin cancer diagnosis. Skin cancer affects 20% of Americans at some point in their lives. The increased prevalence of such disorders increased the demand for corticosteroids, driving the market.
Key Industry Players
Major companies operating in the corticosteroids market report are McKesson Corporation, Pfizer Inc., Johnson and Johnson Services Inc., Merck & Co.Inc., Bayer AG, Sumitomo Corporation, Novartis International AG., Sanofi SA, Bristol Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd., Cipla Limited, Dr. Reddy’s Laboratories Ltd., Endo International plc, Lupin Limited, Mallinckrodt Pharmaceuticals Ltd., LEO Pharma A/S, Glenmark Pharmaceuticals Ltd., Wockhardt Limited, Indivior plc, Zizhu Pharmaceutical Co. Ltd., Allergan plc, Hikma Pharmaceuticals plc
The corticosteroids market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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