Corticosteroid Market: Rising prevalence of skin illnesses is expected to drive the market

Corticosteroid Market – Overview

The global corticosteroid market is expected to rise at a healthy rate from 2021 to 2031 (forecast period). Corticosteroids are primarily used to treat inflammatory disorders and diseases such as arthritis, COPD, asthma, skin inflammatory ailments such as acne and eczema, and other similar autoimmune diseases. Rising patient pool and increasing evidence of corticosteroid effectiveness for the aforementioned conditions are the main factors driving the global corticosteroid market expansion.

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Corticosteroid Market – Competitive Landscape

The global corticosteroid market is moderately competitive, with a number of prominent players. With the increasing consolidations of numerous businesses in the healthcare sector, fierce rivalry among significant players is expected in the future. Most businesses are focused on the development of new products while also expanding the distribution of their existing products.

Key players in the global corticosteroid market are Sumitomo Corporation, GlaxoSmithKline plc, AstraZeneca, Cipla, Merck & Co., Inc., Pfizer Inc., Johnson and Johnson, Novartis, Sanofi, and Abbott Laboratories.

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Corticosteroid Market – Trends and Opportunities

The key factors driving the growth of the corticosteroid market are rising chronic illness incidence, an aging population, and increased expenditure in research and development. According to the United Nations, the world's population is expected to grow from 7.2 billion to 8.2 billion by 2025. This increases the global prevalence of chronic diseases, which is likely to rise further throughout the forecast period. As a result of the increasing prevalence of chronic diseases, the global corticosteroid market is estimated to grow throughout the forecast period.

The SARS-CoV outbreak research studies reveal that corticosteroids as supplementary therapy may be effective in treating coronaviruses if used in the early acute phase of infection. Corticosteroids have been demonstrated to be effective in the treatment of coronaviruses due to their ability to control the inflammatory response. As a result, the corticosteroid market has seen a boom in growth.

Moreover, the rising prevalence of skin illnesses, such as dermatitis, rashes, eczema itching, and psoriasis, is expected to boost the corticosteroid market. As per the Centers for Disease Control, at least 2 million people in the United States get infected with bacteria that are antibiotic-resistant each year, and at least 23,000 people die as a result of such infections. According to a 2019 report from the European Academies of Dermatology and Venereology, 1,662 of the 2,701 people had at least one skin disease. The most common diagnoses were eczema, rosacea, and actinic keratosis. Skin problems became more common with age and were more common in males than in women. The growing prevalence of such illnesses increased the demand for corticosteroids, which is expected to propel the global corticosteroid market.

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Corticosteroid Market – Regional Landscape

North America is projected to witness significant growth in the worldwide corticosteroid market throughout the forecast period, owing to the region's established economy, rising healthcare spending, rising prevalence of lifestyle-related disorders, and widespread use of technologically advanced devices.

As per National Cancer Institute data, the incidence of cancer climbed to 1.8 million in 2019 from 1.73 million in 2018, indicating a rise in the burden of chronic diseases in the United States. Furthermore, as per the World Population Prospects: the 2019 Revision, one in every four people in North America could be 65 or older by 2050, indicating that the region will acquire a sizable share of the corticosteroid market during the forecast period.

Moreover, the corticosteroid market in Asia Pacific is likely to grow at a quick rate owing to increased government support for research and development in the healthcare domain, an increase in the number of dermatology clinics, and an increase in the frequency of skin diseases.

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