Steroid Injections Market: Rise in prevalence of bone and joint diseases is the key factor propelling the market
Steroid injections are used to treat conditions such as joint pain, arthritis, sciatica, and inflammatory bowel disease. Steroid injections contain cortisone and a numbing medicine. These are synthetic versions of hormones normally produced by adrenal glands, two small glands found above the kidneys. Steroid injections, also known as corticosteroid injections, are anti-inflammatory medicines. Short-acting steroids can give relief within hours and should last for at least a week. The primary purpose of steroid injection is to decrease pain and increase movement. Longer-acting steroids can take around a week to become effective, but can ease a person’s symptoms for 2 months or longer. Steroid injections are only administered by health care professionals through different routes such as joint, muscle, spine, and blood. Epidural steroid injections are low risk, useful, non-surgical tools to combat lower back pain and sciatica (radicular pain) caused by inflammation.
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High unmet needs, rise in prevalence of bone and joint diseases, government awareness programs for joint disorders, increase in obese population due to unhealthy lifestyle, and favorable health care insurance coverage are the key factors propelling the global steroid injections market. According to Statistic Brain Research Institute, 50 million people have been diagnosed with some form of arthritis globally. Increase in health awareness among people, advancement in steroid injection treatment, and rise in demand of steroid injections are the other factors driving the global steroid injections market. However, stringent regulation and adverse effects of product are likely to hamper the global steroid injections market.
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The global steroid injections market can be segmented based on product type, route of administration, distribution channel, and region. In terms of product type, the market can be classified into triamcinolone, prednisolone, methylprednisolone, prednisone, and dexamethasone. Based on route of administration, the global steroid injections market can be categorized into intra-articular, intramuscular, intravenous, and epidural. In terms of distribution channel, the global steroid injections market can be classified into hospital pharmacy, specialty clinics, retail pharmacy & drug stores, and others.
Geographically, the global steroid injections market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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North America dominates the global steroid injections market due to increase in use of anabolic steroids, growing health concern towards personal health, and surge in demand among bodybuilders and professional sportsmen. According to Anabolicsteroids.net, an estimated 15% to 30% of all bodybuilders in the U.S. use anabolic steroids for muscle gain and more than 3 million people use anabolic steroids. Factors such as increase in back pain among the population and rise in geriatric population make Europe the second-largest market for steroid injections. According to Graphiq LLC, the annual years of healthy life lost per 100,000 people from low back pain in Europe has increased by 12.2% since 1990, an average of 0.5% a year. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to increase in research & development, rapid population growth, and booming medical tourism. According to Arthritis-India, arthritis affects over 180 million people in India. This prevalence is higher than many well-known diseases such as diabetes, AIDS, and cancer. India will emerge as the capital of osteoarthritis by 2025, with over 60 million likely to be affected.
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Major players operating in the global steroid injections market include Bristol-Myers Squibb Company, Scintilla Pharmaceuticals, Inc., Flexion Therapeutics, Inc., Pfizer, Inc., Mylan N.V., EIPICO, Concordia International Rx UK Ltd., and Intrapharm Laboratories Limited Company.
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