Global Topical Corticosteroids (steroids) Market, by Formulation (Creams, Ointments, Gels, Others), by Application (Acne, Dermatitis, Psoriasis, Eczema, Hyperpigmentation, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 4.12 Billion in 2022, and is expected to exhibit a CAGR of 4.36% during the forecast period (2022-2030).
Market players are focused on inorganic strategies such as acquisitions, which is expected to propel growth of the global topical corticosteroids (steroids) market during the forecast period. For instance, in July 2019, LEO Pharma, a medical dermatology company, and Bayer AG, a worldwide corporation with key expertise in the life science disciplines of health care and nutrition, together announced the acquisition of Bayer's global prescription dermatology business by LEO Pharma. LEO Pharma's portfolio and treatment range in the areas of acne, fungal skin infections, and rosacea, as well as topical steroids, will be expanded as a result of the acquisition.
Increasing approvals for different products by regulatory authorities are expected to boost growth of the global topical corticosteroids (steroids) market during the forecast period. For instance, in August 2020, Sun Pharmaceuticals, an Indian multinational pharmaceutical company, announced that its Ultravate (halobetasol propionate) lotion has been approved by US Food and Drugs Administration (FDA) for the treatment of plaque psoriasis in patients aged twelve (12) and above. Ultravate was previously approved for the same use in patients aged eighteen (18) and above. Halobetasol propionate is also available as a cream and ointment in generic form.
Global Topical Corticosteroids (steroids) Market - Impact of Coronavirus (COVID – 19) Pandemic
The COVID-19 pandemic has affected several markets across the globe. The COVID-19 pandemic has affected demand and supply of healthcare products in three main ways; by directly affecting their production and demand; by creating disruptions in distribution channels; and due to COVID-19, there has been financial impact on firms and financial markets.
The COVID-19 impact on global topical corticosteroids (steroids) market was significant, owing to increasing skin rash and other infections in individuals suffering from COVID-19. For instance, according to literature review published in October 2021 by The American Academy of Dermatology's COVID-19 Registry, a collaboration between the American Academy of Dermatology and the International League of Dermatologic Societies, it was revealed that among 171 laboratory-confirmed COVID-19 patients with cutaneous manifestations from the registry, morbilliform rash (22%) was the most commonly reported, followed by pernio-like acral lesions (18%), urticaria (16%), macular erythema (13%)
Browse 33 Market Data Tables and 25 Figures spread through 150 Pages and in-depth TOC on Global Topical Corticosteroids (steroids) Market, by Formulation (Creams, Ointments, Gels, Others), by Application (Acne, Dermatitis, Psoriasis, Eczema, Hyperpigmentation, Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Topical Corticosteroids (steroids) Market:
- Global topical corticosteroids (steroids) market is expected to exhibit a CAGR of 4.36% over the forecast period (2022-2030). North America is expected to account for major market share over the forecast period (2022-2030), owing to increasing awareness campaigns related to eczema. For instance, in October 2021, The National Eczema Association (NEA) launched an awareness campaign that focused on the wide range of experiences people have with eczema and how they manage it. NEA is empowering the eczema patients to share their unique experiences through tales and photographs on social media using hashtags such as #thisismyeczema, #1in31Million, the ongoing campaign hashtag, #UnhideECZEMA, and others as part of this multi-faceted initiative.
- The 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
