Topical Corticosteroids Market Analysis

Topical Corticosteroids Market Overview

The Topical Corticosteroids Market is expected to reach USD 10.49 billion by 2032 at 6.6% CAGR during the forecast period 2023-2032.

Corticosteroids are the steroid hormones that can be produced by both the body (Systemic Corticosteroids) or man-made (Synthetic Corticosteroids). Synthetic corticosteroids are the natural hormones produced by the adrenal cortex. These are hydrocortisone-derivative compounds with separate anti-inflammatory potency. 

These are used to treat various inflammatory skin diseases like asthma, various skin allergies, arthritis, insect stings, and contact curative. Hence rising the incidence of chronic diseases and the geriatric population is augmenting the demand for the topical corticosteroids market. According to the World Health Organization (WHO) report, due to the increasing population, worldwide the burden of chronic diseases increases by 57% by the end of the year 2020 and is estimated to increase in the review period. 

Steroid hormones called corticosteroids can be created both naturally and artificially. The adrenal cortex creates these hormones. Topical corticosteroids, made from hydrocortisone and have a strong anti-inflammatory effect, are frequently used to treat various inflammatory conditions. When the adrenal cortex or the patient's body cannot manufacture enough corticosteroids, synthetic corticosteroids are administered to the patient. Together with a high rate of smoking and the aging populations in many nations, COPD is predicted to rise in the future. Topical steroids, commonly referred to as topical corticosteroids, are medications applied topically to the skin to reduce skin irritation and inflammation. One of the key factors fueling the market's expansion is the rising number of people with chronic diseases worldwide. Topical steroids help by reducing swelling in the skin.

An immune reaction is indicated by inflammation. To help relieve symptoms, including rashes, scaly areas, itching, pain, redness, or swelling, the therapy is applied to the affected skin area. Growing cases of children's skin disorders and the aging population fuel the market's expansion. They can be obtained with a prescription or over-the-counter (OTC) and come in various strengths, such as Class I, II, and III topical steroids and types, such as creams or ointments. The need for inhaled corticosteroids for managing a medical condition has increased due to the rising prevalence of asthma and COPD. These anti-inflammatory drugs are frequently used to manage asthma over the long term effectively. It aids in easing airway edema and constriction.

The international topical corticosteroids (steroids) market is anticipated to rise over the forecast period as more market participants engage in research and development efforts related to topical corticosteroids. The corticosteroid market has expanded as skin conditions like psoriasis, eczema, rashes, and itching have become more common. The market's expansion is predicted to be hampered by high R&D expenditures, a lack of infrastructure, unequal access to healthcare, and a shortage of awareness in developing nations. The market for topical corticosteroids is also expanding due to rising healthcare costs, the prevalence of disorders linked to lifestyle choices, and the rising use of cutting-edge technology solutions. Topical steroids reduce the skin's inflammation. An immune reaction is indicated by inflammation. To help relieve symptoms, including rashes, scaly areas, itching, pain, redness, or swelling, the therapy is applied to the affected skin area.

COVID-19 Analysis:

The COVID-19 pandemic has spread all over the world and impacted all the business sectors drastically. To control the spread of the virus, various governments imposed stringent regulations like lockdowns, transportation bans, manufacturing industries shutdown, educational sectors off, and many more. Due to these lockdowns, most of the manufacturing companies face various issues like supply chain disruptions, lack of raw materials, shortage of manpower, and others which leads to the stoppage of production. 

The topical corticosteroids market is positively impacted by the COVID-19. As topical corticosteroids are highly used in the pharmaceutical industry, it is very useful to treat COVID patients. The topical corticosteroids are used in nasal sprays, and some medications like hydrocortisone, etc. The rising corona cases increase the demand for topical corticosteroids which accelerates the growth of the market. 

Formosa Pharmaceuticals of Taiwan has the approval of the FDA to reformulate an old corticosteroid that has been used for decades. The FDA in the United States granted Formosa and AimMax Therapeutics clobetasol propionate ophthalmic suspension 0.05% to treat post-operative inflammation and pain following eye surgery. A potent corticosteroid, which uses an APNT nanoparticle formulation platform developed by Formosa, is delivered via a twice-daily dosing regimen to the eye, according to a release from the companies. Clobetasol propionate was approved by the FDA on December 27th, 1985, as its first prednisolone derivative. It is used as a topical steroid to cure several skin diseases like eczema, psoriasis, allergies, and rash.

The globe’s Intas Pharmaceuticals Ltd., one of India’s most prominent pharmaceutical firms, has recently unveiled TOFATAS, which happens to be an approved DCGI Tofacitinib Ointment 2% w/w meant for patients aged eighteen years and above who experience mild or moderate forms of Atopic Dermatitis (AD) flare-ups. Atopic Dermatitis (AD) is a non-communicable chronic inflammatory relapsing disease of the skin known to affect all age groups mainly. Atopic dermatitis occurs due to genetically mediated complex interplay among immune system factors and environmental exposure. There has been no new mechanism-based topical therapy introduced in India for treating atopic dermatitis (AD) in nearly fifteen years despite this unmet need. Persistent itching, sleep disturbance, poor work performance at school/workplaces, as well as socialization breakdowns owing to Atopic Dermatitis (AD) have compromised patient’s quality of life.

Lebrikizumab combined with standard-of-care topical corticosteroids (TCS) achieved at least 75 percent improvement in overall disease severity (EASI-75*) in the ADhere trial, Eli Lilly and Company (NYSE: LLY) announced at the 4th Annual Revolutionizing Atopic Dermatitis (RAD) Conference. When compared to placebo plus TCS, Lebrikizumab also showed improvements in itch, sleep interference, and quality of life.

Market Dynamics:

Drivers:

The growing prevalence of chronic diseases across the globe is one of the major factors driving the growth of the market. The rising geriatric population and an increasing number of children’s skin disorder cases are accelerating the market growth. The World Population Prospects report states that in 2019, one in 11 people (9%) of the world are over age 65 and it is expected that by 2050, one in six people (16%) are over age 65. Moreover, the technological innovations and development of the existing corticosteroids by the topical corticosteroids key players are expected to propel the growth of the market. 

In addition to that, an increase in healthcare expenditure, a rise in the incidence of lifestyle-related diseases, and the increasing adoption of advanced technology products are escalating the topical corticosteroids market growth.

Restraint:

The topical corticosteroids are very expensive and it causes various side effects which are restraining the market growth. The weak reimbursement policies and stringent regulations regarding harmful medicines are limiting the growth of the market.

Opportunities:

Increasing investments in research & development and the active participation of various companies in mergers and acquisitions to increase their potential may create an opportunity to increase the topical corticosteroids market therapeutics growth.

Challenges:

The patent expiry for drugs and lack of reimbursement policies are the factors challenging the market growth.

Study Objectives

• To provide detailed information about the topical corticosteroids market structure along with various forecast segments and sub-segments for the next 7 years.


• To provide the factors that are impacting the growth of the topical corticosteroids market value.


• To study the topical corticosteroids market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.


• To provide history and forecast revenue segments and sub-segments of the topical corticosteroids market revenue for the four main geographies.


• To provide the country-level analysis of the current topical corticosteroids market size and the coming year’s perspective.


• To provide country-level analysis of the topical corticosteroids market industry growth by region, form, type, treatment, and application.


• To provide a depth profile of the major key players in the market, evaluate their core competencies, and draw a global market growth landscape.


• To examine new product developments, strategic alliances, mergers, acquisitions, and global market research.

Segment Overview:

Based on Type of Class Potency

The topical corticosteroids market based on the type of class potency is categorized into four types as ultra-high, high, moderate, and low. Further, the ultra-high segment is sub-segmented into clobetasol propionate and diflorasone diacetate. The high segment sub-segmented into desoximetasone, amcinonide, betamethasone dipropionate, fluocinonide, halcinonide, and others. The moderate segment is sub-segmented into fluocinolone acetonide, desoximetasone, fludroxycortide, hydrocortisone valerate, triamcinolone acetonide, and others. Moreover, the low segment is sub-segmented into desonide, betamethasone valerate, fluocinolone acetonide, and others.

Based on Treatment

The topical corticosteroids treatment are analyzed into a few types as contact dermatitis, insect stings, psoriasis, eczema, and others.

Based on End-user

By end-user, the topical corticosteroids industries are segmented into hospitals, dermatology clinics, pharmacies, and others.

Based on Region

Regionally, the topical corticosteroids market is divided into four main geographies such as Americas, Europe, Asia-Pacific, and the Middle East & Africa. Among them, the American region is dominating the largest market share due to the rising prevalence of skin diseases, and there is an increasing need for new topical products for its treatment.

News:

A Phase 3 research found that lebrikizumab and topical corticosteroids worked better together than they did separately to treat atopic dermatitis in adults and adolescents. Lebrikizumab, a novel monoclonal antibody that targets and inhibits interleukin-13 signaling, was studied in conjunction with low- to mid-potency TCS for the therapy of AD in young people and adults during the 16-week, double-blind, placebo-controlled, multicenter, stage 3 ADhere trial.

Regional Analysis

Geographically, the topical corticosteroids market based on regions is classified into four major regions like Americas, Europe, Asia-Pacific, and the Middle East & Africa. Due to the growing prevalence of skin diseases, and rising demand for new topical products for their treatment, America is holding the maximum topical corticosteroids market share during the review period. Stanford University states that nearly 5.4 million cases of skin-related diseases diagnose annually. Moreover, the rising geriatric population is also boosting the market growth in this region. 

Europe holds the second largest market share due to the rising awareness regarding skin-related diseases, rising investment in the healthcare domain by the government, and increasing dermatology market in various European countries. Owing to the rising government support for research & development, the increasing number of dermatology clinics and the growing prevalence of skin diseases accelerates the growth of the topical market in this region. Whereas the Middle East & Africa holds the least market share for their less availability of medical facilities, and less development in the healthcare domain.

Competitive Landscape

The prominent key players in the topical corticosteroids market outlook are the following:

• GlaxoSmithKline plc


• Actimis Pharmaceuticals


• Zylera Pharmaceuticals


• AstraZeneca plc


• Valeant Pharmaceuticals


• Merck & Co., Inc.


• Almirall S.A.


• Pfizer Inc.,


• Sanofi S.A.,


• Sandoz AG (Novartis AG)

Recent Developments

• An innovation with TC molecules, Mometasone galenic provides real oil-in-water (O/W) formulations with high water content. This product provides better tolerability, cosmetic acceptability, and patient preference when compared with the original formulations. These factors make it ideal to use for acute inflammatory skin conditions, improve the success rates for treating chronic inflammatory skin diseases, and may impact adherence rates of the treatment.


• The latest development in the treatment modalities with topical corticosteroids is named Proactive Treatment which may extend the remission period in chronic relapsing inflammatory skin conditions. It is proved that it is safe to use and works very effectively. Long-term proactive with MF is safe to use twice weekly and it is very effective as clobetasol propionate to reduce the relapse rate in lichen sclerosus.

Report Overview:

This global topical corticosteroids market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the topical corticosteroids market drivers, restraints, challenges, and opportunities. The topical corticosteroids market forecast segments into five forms as the type of formulation, type of class potency, treatment, end-user, and region.

Segmentation Table

The topical corticosteroids market trends have been segmented into five forms globally based on the type of formulation, type of class potency, treatment, end-user, and region. 

By Type of Formulation

Ointments, creams, and others are the types of formulations.

By Type of Class Potency

Ultra-high, high, moderate, and low are the four types of class potency.

By Treatment

Contact dermatitis, insect stings, psoriasis, eczema, and others are the few treatments.

By End-user

Hospitals, dermatology clinics, pharmacies, and others are the few end-use industries.

By Region

Asia-Pacific, Europe, the Americas, and the rest of the world are the four main geographies included in the global market.