Global Corticosteroids Market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) over 2018 to 2024.
Market Outline: Corticosteroids Market
Corticosteroids are the cortisone like medicine that are used to relive the inflated areas of the body. Corticosteroids lowers the swelling, itching redness, and other allergic reactions. Certain type of corticosteroids produced naturally in the body to maintain the good health. In case of insufficient production of corticosteroids by the body, medicine is prescribed. Furthermore, corticosteroids also used in the treatment of several diseases such as asthma, skin problems, allergies, arthritis etc. There were primarily two classes of corticosteroids, one is glucocorticoids and mineralocorticoids and these are involved in the many physiological process such as immune response, stress response, inflammation, carbohydrate metabolism and others.
Market Dynamics: Corticosteroids Market
Primary driving factors for global corticosteroids market include prevalence of chronic & infectious diseases such as cancer, respiratory diseases and autoimmune diseases. Furthermore, its therapeutic efficiency in treatment when used in combination, and expansion of its application areas projected to boost the market growth over the forecast period. In addition, rise in geriatric population, launching of the new products, and rise in research and development investments to introduce the effective corticosteroids projected to bolster the market growth. On the other hand, weak reimbursement policies, high cost of drug discovery and development and patent expiry of the key corticosteroid drugs are expected to hamper the market growth in near future.
Market Scope: Corticosteroids Market
Global corticosteroids market is segmented based on the type, application, end user and geography
Based on type, the market is segmented into the following:
Based on Route of Administration, the market is segmented into the following:
Based on distribution channel, market is segmented into following:
- Hospital Pharmacies
- Retail Pharmacies
Based on region, Market is segmented into
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
Regional Analysis: Corticosteroids Market
Geographically, global corticosteroids Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America corticosteroids market projected to have the significant growth rate over the forecast period owing to the rise in prevalence rates of respiratory diseases and presence of key market players with active product launches and acquisitions. According to National Health Interview Survey, 2012, about 25 million people in U.S. are suffering with asthma and 14.8 million adults are diagnosed with COPD. Europe, corticosteroids market expected to grow at notable rates owing to the rise in geriatric population who are more susceptible to the respiratory diseases and growth in prevalence of chronic diseases. Asia Pacific corticosteroids market expected to have lucrative market growth owing to the development of healthcare infrastructure, growth in pharmaceutical industry due to the low cost of production and huge patient base.
Competition Assessment: Corticosteroids Market
Some of the players in the global corticosteroids Market include:
- Novartis AG (Switzerland)
- GlaxoSmithKline plc (U.K.)
- Cipla (India)
- AstraZeneca Plc (U.K.)
- Sumitomo Corporation (Japan)
- Merck & Co., Inc. (U.S.)
- Pfizer Inc. (U.S.)
- Johnson and Johnson Services Inc. (U.S.)
- Abbott Laboratories (U.S.)
- Sanofi S.A. (France)
Notable Market Developments: Corticosteroids Market
- In October 2011, U.S. Food and Drug Administration has approved Flexion therapeutics, Inc.’s triamcinolone acetonide extended-release injectable suspension, Flexion.