Corticosteroids Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Corticosteroids market in 2021

The global corticosteroids market is expected to reach a value of USD 8.5 billion by the end of 2021, with a Compound Annual Growth Rate (CAGR) of 4.2% from 2021 to 2025. The market size is primarily driven by the increasing prevalence of chronic diseases, such as asthma, rheumatoid arthritis, and inflammatory bowel disease, which require corticosteroid treatment. The rising geriatric population, along with the growing awareness about the benefits of corticosteroids in managing various conditions, is further fueling market growth.

COVID-19 Impact on the Corticosteroids Market

The COVID-19 pandemic has had a significant impact on the corticosteroids market. With the outbreak of the coronavirus, there has been a surge in demand for corticosteroids, especially for the treatment of severe cases of COVID-19. Dexamethasone, a corticosteroid, has been widely used in the treatment of critically ill COVID-19 patients, as it helps reduce inflammation and improve outcomes.

However, the pandemic has also disrupted the global supply chain, leading to shortages of corticosteroid medications in some regions. The economic downturn caused by the pandemic has also affected the affordability of corticosteroids for some patients, impacting market growth.

Corticosteroids Dynamics

Corticosteroids are synthetic drugs that mimic the effects of cortisol, a hormone produced by the adrenal glands. They are commonly used to reduce inflammation, suppress the immune system, and treat a variety of medical conditions. Corticosteroids are available in various formulations, including tablets, injections, creams, and inhalers, to target different parts of the body.

Segments and Related Analysis

The corticosteroids market can be segmented based on drug class, application, and region. The drug classes include glucocorticoids and mineralocorticoids, with glucocorticoids accounting for the largest market share. Applications of corticosteroids range from respiratory diseases, dermatology, rheumatology, and ophthalmology, with respiratory diseases being the most common indication for corticosteroid therapy.

By Region Analysis

The corticosteroids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market, owing to the high prevalence of chronic diseases and the presence of key market players in the region. Europe follows closely behind, with a significant market share due to the growing geriatric population.

Key Market Players and Competitive Landscape

Some of the key players in the corticosteroids market include Pfizer Inc., Merck & Co., Inc., Novartis AG, GlaxoSmithKline plc, and Sanofi. These companies invest heavily in research and development to introduce new corticosteroid formulations and expand their product portfolios. The market is highly competitive, with companies focusing on strategic collaborations and mergers to strengthen their market position.

Recent Happenings in the Corticosteroids Market

In recent years, there have been several developments in the corticosteroids market that have shaped its growth trajectory. For example, the approval of new indications for existing corticosteroid drugs, such as the use of budesonide for eosinophilic esophagitis, has expanded the market opportunities. Additionally, the introduction of novel drug delivery systems, such as inhalers and patches, has improved patient convenience and compliance.

Overall, the corticosteroids market continues to evolve, driven by advancements in drug development, increasing prevalence of chronic diseases, and shifting healthcare trends. Market players are adapting to these changes by innovating new products, expanding their geographic presence, and investing in research and development to meet the evolving needs of patients and healthcare providers.