New York, United States, Oct. 18, 2022 (GLOBE NEWSWIRE) -- The Global Topical Corticosteroids Market Size is expected to grow from USD 4.85 billion in 2021 to USD 8.19 billion by 2030, at a CAGR of 6% during the forecast period 2021-2030. as per the latest research report by Spherical Insights & Consulting. Asia Pacific is expected to grow the fastest during the forecast period.
The expansion of the market is being facilitated by an increased level of education regarding the advantages of corticosteroids that are produced artificially. The potential for expansion of the topical corticosteroids market has been broadened due to the expanding body of knowledge within the realm of medical research.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse key industry insights spread across 200 pages with 221 market data tables and figures & charts from the report " Global Topical Corticosteroids Market Size, Share, and COVID-19 Impact Analysis By Molecule Name (Fludroxycortide, Triamcinolone Acetonide, Fluocinolone Acetonide, Antiseptics, Betamethasone, Clobetasone Propionate, Clobetasone Butyrate, Halobetasone, Mometasone, Others), By Medication (Ointments, Creams, Liquid and Solutions, Lotions, Gel, Oils, Pastes, Sprays, Others), By Application (Acne, Dermatitis, Psoriasis, Skin Infection, Hyperpigmentation, Melasma, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2030" View a detailed Table of Content here
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The Fludroxycortide segment to account for the largest market size during the forecast period
Based on the molecule name, the Topical Corticosteroids Market is categorized into Fludroxycortide, Triamcinolone Acetonide, Fluocinolone Acetonide, Antiseptics, Betamethasone, Clobetasone Propionate, Clobetasone Butyrate, Halobetasone, Mometasone, Others. In 2021, the Fludroxycortide segment dominated the market with the largest market share of 20% and revenue of 0.97 billion. Because of an increase in the number of inflammatory illnesses worldwide, the "fludroxycortide" sector of the topical corticosteroids market is now the most lucrative. One of the primary reasons contributing to the expansion of the market is the rising prevalence of acute and chronic inflammatory illnesses and disorders worldwide.
Acne segment to hold a higher CAGR during the forecast period
Based on application Type, the Topical Corticosteroids Market is categorized into Acne, Dermatitis, Psoriasis, Skin Infection, Hyperpigmentation, Melasma, and Others. In 2021, the Acne segment dominated the market with the largest market share of 19% and market revenue of 0.921 billion. Corticosteroid are widely used for the treatment of acne which is a common skin disease among people which propel the segment’s growth.
The creams segment to hold a higher CAGR during the forecast period.
Based on the medication type, the Topical Corticosteroids Market is categorized as Ointments, Creams, Liquid and Solutions, Lotions, Gel, Oils, Pastes, Sprays, and Others. In 2021, the creams segment dominated the market with the largest market share of 20% and market revenue of 0.97 billion. Creams treat skin conditions, including rash, dermatitis, itching, eczema, and psoriasis. This creams segment is also anticipated to dominate the market due to the continuous growth of the geriatric population with rising skin diseases worldwide and the extended storage capacity of topical corticosteroids.
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North America to hold a higher CAGR during the forecast period.
The Topical Corticosteroids market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. North America is estimated to account for the highest market share in 2022. The market for Topical Corticosteroids in the North American region has been expanding due to the rising number of product launches or approvals by regulatory agencies. Furthermore, the strong base of healthcare facilities in the region and the widespread utilization of medications propel the market’s growth. In addition, the rapid increase in the prevalence of skin disease, increase in healthcare expenses, significant demand for fresh, topical medicines to cure it, and rising number of research activities in this region adds to the market’s growth in region.
The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global Topical Corticosteroids market include GlaxoSmithKline plc, Almirall, S.A, Merck & Co., Inc., Bausch Health, Sandoz International GmbH, Pfizer Inc., AstraZeneca, Sanofi, Bayer AG, McKesson Corporation, Regeneron Pharmaceuticals Inc., Allergan, Medtronic, AbbVie Inc., GALDERMA LABORATORIES, L.P., Novartis AG, LEO Pharma A/S.
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