Corticosteroids Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The corticosteroid market is expected to witness a CAGR of 4.3% during the forecast period (2022-2027).

The COVID-19 pandemic has had a substantial influence on worldwide healthcare systems, as well as the market for corticosteroids. Early in the pandemic, epidemiological data showed that people with COPD and asthma had a decreased rate of COVID-19 infection, leading to the suggestion that inhaled corticosteroids would help. In addition, the World Health Organization collaborated with investigators from seven corticosteroid trials to conduct a prospective meta-analysis of randomized trials for corticosteroid therapy for COVID-19 (PMA) in order to quickly provide additional evidence to complement the RECOVERY data and inform guidance development, according to a World Health Organization report due in September 2020. Moreover, according to the article published in BMC Infectious Disease in May 2021, in hospitalized hypoxic COVID-19 patients, methylprednisolone demonstrated better results compared to dexamethasone. As a result, the increased usage of corticosteroids in the treatment of COVID-19 patients demonstrates COVID-19's significant impact on the market.

The major factors accounting for the growth of the corticosteroid market are increasing the incidence of chronic diseases, the growing geriatric population, and surging investment in research and development. According to the United Nations report 2020, the estimated human population is expected to increase from 7.2 billion today to 8.2 billion by 2025. This, in turn, raises the global burden of chronic diseases to 57 percent by the end of 2020, according to WHO, and is expected to rise even more during the forecast period. Asthma is a major noncommunicable disease (NCD) that affects both children and adults, according to the WHO factsheet for 2021. Globally, it has affected an estimated 262 million people in 2019 and caused 461,000 deaths. Corticosteroids are majorly used in the treatment of asthma, and the rising prevalence of it boosts the market growth over the forecast period.

Furthermore, according to the World Ageing 2020 report, in 2020, there were around 727 million people aged 65 years or more in the world. The number of older persons is projected to double to 1.5 billion in 2050. the geriatric population is more prone to chronic diseases that will help grow the market.

Hence, this uninterrupted incidence and prevalence of chronic diseases lead to the growth of the Corticosteroids market during the forecast period. However, the risk factors associated with the prolonged use of corticosteroids hampers the growth of the market to some extent.

Key Market Trends

Topical Steroids segment by Route of Administration Dominates the Market

Topical corticosteroids are a type of steroid medicine applied directly to the skin to reduce inflammation and irritation. Topical corticosteroids are available in several different forms, including creams, lotions, and gels.

Topical steroids are used in treating the skin conditions such as rash, dermatitis, itching, eczema, and psoriasis, and this segment is expected to dominate the market due to the continuous growth of the geriatric population with rising skin diseases around the world and the extended storage capacity of the topical corticosteroids.

As aging results in the decline of the normal functioning of organ systems, including skin, the geriatric population is highly prone to skin diseases. According to the data from World Population Prospects: the 2019 Revision, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). In terms of convenience, the geriatric population with skin diseases prefers to use topical steroids. All these factors together support that Topical steroids dominate the corticosteroids market.

North America Dominates the Market and the Same is Expected Over the Forecast Period.

North America is expected to dominate the overall market throughout the forecast period, which is attributed to the developed economy, increasing health care expenditure, increasing incidence of lifestyle-related diseases, and high adoption of technologically advanced products in the region.

According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2020, with nearly 612,390 deaths. In 2020, The most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States. Furthermore, according to the World Population Prospects: the 2019 Revision, one in four persons living in North America could be aged 65 or over by 2050, which strongly supports North America to dominate the market during the forecast period.

Furthermore, in the United States, asthma is more common in adult women than adult men. According to the Centers for Disease Control and Prevention 2020 report, in the United States, approximately 25 million Americans have asthma. This equals to about 1 in 13 Americans, including 8 percent of adults and 7 percent of children. About 20 million U.S. adults age 18 and over have asthma. Similarly, asthma is a major public health concern in Canada. As a lifelong respiratory illness, asthma affects the work productivity, quality of life, mental health, and psychological wellbeing of the Canadian population. Thus, the increasing prevalence of asthma is expected to raise the demand for corticosteroids, thereby boosting the market in the region.

Competitive Landscape

The corticosteroid market is moderately competitive and consists of several major players. With the increasing consolidations of various organizations in the healthcare sector, it is expected to generate competitive rivalry among the key players in the future. Some of the major players in the market are Pfizer Inc., Novartis, AstraZeneca, GSK, Cipla Inc., Merck, etc.,

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.