Market Trends of Global Corticosteroids Industry
This section covers the major market trends shaping the Corticosteroids Market according to our research experts:
Topical Steroids segment by Route of Administration Dominates the Market During the Forecast Period
Topical corticosteroids are a type of steroid medicine applied directly to the skin to reduce inflammation and irritation. Topical corticosteroids are available in several different forms, including creams, lotions, and gels.
Topical steroids are used in treating the skin conditions such as rash, dermatitis, itching, eczema, and psoriasis, and this segment is expected to dominate the market due to the continuous growth of the geriatric population with rising skin diseases around the world and the extended storage capacity of the topical corticosteroids.
As aging results in the decline of the normal functioning of organ systems, including skin, the geriatric population is highly prone to skin diseases. According to the data from World Population Prospects 2022, the share of the global population aged 65 years or above is projected to rise from 10 per cent in 2022 to 16 per cent in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. In terms of convenience, the geriatric population with skin diseases prefers to use topical steroids.
All these factors together support that Topical steroids dominate the corticosteroids market.
North America Dominates the Market and the Same is Expected Over the Forecast Period.
North America is expected to dominate the overall market throughout the forecast period, which is attributed to the developed economy, increasing health care expenditure, increasing incidence of lifestyle-related diseases, and high adoption of technologically advanced products in the region.
According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2020. In 2020, The most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States. Furthermore, According to the Centers for Disease Control and Prevention 2020 report, in the United States, approximately 25 million Americans have asthma. This equals to about 1 in 13 Americans, including 8% of adults and 7% of children. About 20 million United States adults aged 18 years and over have asthma. Also, according to the Asthma and Allergy Foundation of America (AAFA), in 2021, roughly 1 in 13 Americans had asthma, which is about 25 million people. As per the same source, about 5 million American children have asthma which strongly supports North America to dominate the market during the forecast period.
Furthermore, in the United States, asthma is more common in adult women than in adult men. According to the Centers for Disease Control and Prevention 2020 report, in the United States, approximately 25 million Americans have asthma. This equals to about 1 in 13 Americans, including 8% of adults and 7% of children. About 20 million United States adults age 18 and over have asthma. Similarly, asthma is a major public health concern in Canada. As a lifelong respiratory illness, asthma affects the work productivity, quality of life, mental health, and psychological well-being of the Canadian population.
Thus, the increasing prevalence of asthma is expected to raise the demand for corticosteroids, thereby boosting the market in the region.
