Topical corticosteroids (steroids) are medication and available in various forms such as creams, lotions, and solutions. They are directly applied to the skin to reduce inflammation and irritation.
Increasing prevalence of skin diseases worldwide and lack of awareness in both developed and developing countries are some of the factors that drive the growth of the market. Additionally, increasing geriatric population with skin disease, which in some cases remain untreated for a long period boost the market growth.
The global topical corticosteroids market is expected to grow at a CAGR of about 5.8% during the forecast period 2017-2023.
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Major Players in the Topical Corticosteroids Market
Some of the key players in the global market are AstraZeneca plc., GlaxoSmithKline plc., Merck & Co., Inc., Pfizer Inc., Sandoz AG (Novartis AG), Sanofi S.A., Actimis Pharmaceuticals, Valeant Pharmaceuticals, Almirall, S.A, and Zylera Pharmaceuticals.
The global topical corticosteroids market is segmented on the basis of type of formulation. it is segmented into ointments, creams, and others.
On the basis of type of potency class it is segmented into ultra-high, high, moderate, and low. The ultra-high is further segmented into clobetasol propionate, and diflorasone diacetate. The high segment is further segmented into amcinonide, betamethasone dipropionate, desoximetasone, fluocinonide, halcinonide, and others. The moderate segment is further segmented into desoximetasone, fluocinolone acetonide, fludroxycortide, hydrocortisone valerate, triamcinolone acetonide, and others. And the low segment is further segmented into betamethasone valerate, desonide, fluocinolone acetonide, and others.
On the basis of treatment, it is segmented into contact dermatitis, insect stings, psoriasis, eczema, and others.
On the basis of end user, the market is segmented into hospitals, dermatology clinics, pharmacies, and others.
The global topical corticosteroids market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominates the global topical corticosteroids market. It comprises of two regions namely North America and South America. North America is the largest market owing to rising prevalence of skin diseases in the American counties and increasing geriatric population with skin related diseases. According to the American Academy of Dermatology, ~50% of Americans over age 65 have one or other forms of skin diseases.
In Europe, extensive demand for skin care and topical products to treat skin diseases drives the demand for topical corticosteriods. Moreover, increasing expenditure in healthcare domain and investment in the research & development of new treatment methods for skin related diseases will fuel to the growth of the market.
Asia Pacific is the fastest growing and potential market for the topical corticosteroids due to increasing number of dermatology clinics and rising prevalence of skin related diseases in the developing countries. Furthermore, government support and encouragement to healthcare domain, and favorable government policies for pharmaceuticals companies likely to drive the growth of this market over the review period.
The Middle East & Africa is expected witness steady growth due to rising demand for primary healthcare services such as new and advanced treatment methods in healthcare domain.
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