TOPICAL CORTICOSTEROIDS MARKET ANALYSIS

Topical steroids, also known as topical corticosteroids, are drugs that are applied directly to the skin to alleviate skin inflammation and irritation. They are available in a number of strengths such as Class I, II, III topical steroids, etc. and forms, such as creams or ointments, and can be prescribed or purchased over-the-counter (OTC).

Topical steroids aid by decreasing inflammation in the skin. Inflammation indicates an immunological response. The treatment is applied to an affected area of skin to assist in alleviation of symptoms such as rashes, scaly patches, itching, soreness, redness, or swelling.

Global Topical Corticosteroids (steroids) Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 524 million cases and 6.28 million deaths due to coronavirus disease (COVID-19) were reported till May 26, 2022, across the globe.

Impact of COVID-19 on Demand and Supply of Topical Corticosteroids

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting production and demand of drugs; 2) by creating disruptions in distribution channels; and 3) financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

There was a strong impact on topical corticosteroids market during COVID-19 pandemic, owing to increasing COVID-19 associated surge of atopic dermatitis leading to increase in use of topical corticosteroids. For instance, a survey conducted in Hubei (China) and published in the Journal of the American Academy of Dermatology in March 2020 found that 97 % of hospital staff experienced skin trauma as a result of constant COVID-19 infection-prevention methods. Moreover, in May 2020, a research published in the British Medical Journal reported an upsurge in incidents of skin injuries among healthcare personnel in the UK.

Global topical corticosteroids (steroids) market is estimated to be valued at US$ 4.12 Bn in 2022, and is expected to exhibit a CAGR of 4.36 % over the forecast period (2022-2030).

Figure 1: Global Topical Corticosteroids (steroids) Market Share (%) Analysis, By Formulation, 2022

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Increasing number of cases of eczema and atopic dermatitis is the major factor that is expected to drive growth of global topical corticosteroids (steroids) market over the forecast period.

Increasing number of eczema & atopic dermatitis is expected to drive growth of the global topical corticosteroids (steroids) market. For instance, according to the Allergy & Asthma Network, around 31.6 million people in the U.S. had eczema in 2020, with 15% of children and 7.3 % adults having atopic dermatitis

Research and Development Activities

Increasing number of research and development activities related to topical corticosteroids by market players is expected to aid in growth of the global topical corticosteroids (steroids) market over the forecast period. For instance, in April 2022, Eli Lilly and Company, a global healthcare company, announced that Lebrikizumab, an IL-13 inhibitor, significantly improved disease severity when combined with topical corticosteroids (TCS) in people with moderate-to-severe atopic dermatitis (AD) in third pivotal Phase 3 trial (ADhere).

Global Topical Corticosteroids (steroids) Market – Regional Analysis

On the basis of region, the global topical corticosteroids (steroids) market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold dominant position in the global topical corticosteroids (steroids) market over the forecast period, owing to increasing product launches or approvals by regulatory authorities. For instance, in September 2021, Mayne Pharma, a company focusing on the commercialization of new and generic medications, announced that US Food and Drugs Administration (FDA) has approved LEXETTE (halobetasol propionate) foam, 0.05% for use in adolescents. LEXETTE, a very potent topical corticosteroid, has been approved for the treatment of plaque psoriasis in patients aged 12 and above.

Moreover, due to increasing number of approvals of topical corticosteroid for various indications, Europe is expected to witness a significant growth in the global topical corticosteroids (steroids) market over the forecast period. For instance, in September 2020, European Medicines Agency had announced that it had expanded Olumiant's (baricitinib) indication to include the treatment of moderate to severe atopic dermatitis in adult patients who are eligible for systemic therapy. In the European Union, Olumiant is already approved to treat moderate to severe active rheumatoid arthritis, a disease that causes joint inflammation.  

Figure 2: Global Topical Corticosteroids (steroids) Market Value (US$ Bn), by Region, 2022

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Global Topical Corticosteroids (steroids) Market – Competitive Landscape

Major players operating in the global topical corticosteroids (steroids) market include 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