Global Corticosteroid Market to Register Exponential Growth During COVID-19 Pandemic

Corticosteroids are drugs that are predominantly used for the treatment of a number of inflammatory disorders and diseases such as arthritis, asthma, COPD, skin inflammatory conditions like acne and eczema as well as for other similar autoimmune diseases. The basic function of corticosteroids is to reduce inflammation by suppressing the immune response. Based on the type of condition treated by corticosteroids the form of the drug is prescribed. Corticosteroids are available in the form of oral capsules or tablets, oral syrups, injectable, topical creams or gels, as well as in the form of nasal sprays. Corticosteroids are also often used as a conjunction therapy for the treatment of cancers like, lymphoid cancer and leukemia where inflammation is a primary symptom.

Rising patient pool and rising evidence of the effectiveness of corticosteroids for the listed indications are primary factors that drive the growth of the corticosteroids market globally. However, high cost of the product and significant and serious side effects may restrict the growth of the corticosteroids market. Rise in prevalence of autoimmune diseases, asthma and COPD will increase the demand for corticosteroid based treatment. Favorable reimbursements will also support the growth of the corticosteroids market. Pricing pressure from generic products could hinder the growth of the market during the forecast period.

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The global market for Corticosteroids is segmented on basis of drug class, route of administration, form, indication, distribution channel and geography.

Based on the drug class, the global Corticosteroids market is segmented into:

  • Glucocorticoids
  • Mineralocorticoids

Based on the route of administration, the global Corticosteroids market is segmented into:

  • Oral
  • Intravenous
  • Nasal
  • Topical

Based on the form, the global Corticosteroids market is segmented into:

  • Tablet/Capsule
  • Oral Liquid
  • Injectable
  • Spray
  • Gel/cream/lotion

Based on the indication, the global Corticosteroids market is segmented into:

  • Rheumatoid arthritis
  • Asthma & Chronic obstructive pulmonary disorder (COPD)
  • Lupus
  • Multiple sclerosis
  • Skin diseases and conditions
  • Others

Based on the distribution channel, the global Corticosteroids market is segmented into:

  • Hospital Pharmacies
  • Retail pharmacies
  • Online pharmacies

Glucocorticoids type of corticosteroid hold the largest share in the corticosteroids market. Rheumatoid arthritis and respiratory disorders such as asthma and COPD are the most common indications that drive the demand for corticosteroids followed by skin conditions such as psoriasis and eczema. Hospital pharmacies hold the largest share based on distribution channel of the corticosteroids market. However, online sales is expected to offer lucrative growth opportunity for manufacturers. Corticosteroids are available in many forms that include tablets, capsules, oral liquids, injectable, topical gels and creams as well as in the form of sprays for nasal or inhalation applications. The type of product administered is dependent on the type of condition treated.

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North America along with Europe is expected to hold a significantly large share of the corticosteroid market. This is primarily due to the favorable reimbursement, increase in approval of drugs for more indications, and presence of large manufacturers of the products in the regions. Similarly Asia Pacific region will offer lucrative growth opportunity for the growth of the corticosteroids market owing to the rising prevalence of asthma and COPD along with skin disorders such as psoriasis. Competitive pricing pressure from players in Asia Pacific region will also influence the market growth significantly.

Some of the key players in the market include, GlaxoSmithKline plc, Novartis, AstraZeneca, Cipla, Merck & Co., Inc., Sumitomo Corporation, Johnson and Johnson, Pfizer Inc., Sanofi, and Abbott Laboratories among many others. Most companies are working towards the development of new products and simultaneously working towards expansion of indication of its existing products. Thus there is a trend of investment in R&D by these companies for the approval of new indications.

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