The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The corticosteroids market has experienced steady growth in recent years and is poised for further expansion. This blog explores the current market dynamics, future projections, key trends, and innovations driving this sector.

Market Overview

Current Market Size

• Growth from 2023 to 2024:
  • Increased from $5.47 billion in 2023 to $5.7 billion in 2024.
  • Compound annual growth rate (CAGR) of 4.1%.
• Factors Driving Growth:
  • Treatment of inflammatory conditions and autoimmune disorders.
  • Immune system suppression, asthma management, allergic reactions, dermatological applications, and cancer treatment support.

Future Projections

Expected Market Growth

• Forecasted Growth to 2028:
  • Projected to reach $7.24 billion by 2028.
  • CAGR of 6.2% during the forecast period.
• Growth Drivers:
  • Rising incidence of chronic diseases.
  • Expanding applications in rheumatology.
  • Advancements in drug delivery.
  • Growth of the geriatric population.
  • Research and development in corticosteroid therapeutics.

View More On The Corticosteroids Market Report 2024 – https://www.thebusinessresearchcompany.com/report/corticosteroid-global-market-report

Key Trends Shaping the Market

Immunomodulatory Effects and Biosimilars

• Immunomodulatory Emphasis:
  • Increasing focus on the immunomodulatory effects of corticosteroids.
• Biosimilar Market Growth:
  • Rise in biosimilar products, offering cost-effective alternatives.

Combination Therapies and Pediatric Formulations

• Combination Therapies:
  • Development of combination therapies to enhance treatment efficacy.
• Pediatric-Specific Formulations:
  • Introduction of formulations tailored for pediatric use.

Regulatory Compliance

• Focus on Compliance:
  • Emphasis on adhering to regulatory standards to ensure safety and efficacy.

Rising Incidence of Skin Conditions

Demand for Corticosteroids

• Increasing Skin-Related Diseases:
  • Rise in conditions such as rashes, dermatitis, itching, eczema, and psoriasis.
  • For instance, the CDC reports at least 2 million people in the US are infected with antibiotic-resistant bacteria annually, with 23,000 deaths.
• Skin Cancer Prevalence:
  • According to Cleveland Clinic, nearly one in five Americans will develop skin cancer, with 9,500 diagnoses daily.

Impact on Market

• Increased Demand:
  • Higher prevalence of skin disorders driving demand for corticosteroids.
• Market Growth:
  • Significant contribution to the overall market growth.

Innovative Rescue Medication Developments

New Product Launches

• Rescue Medications:
  • Quick relief from acute and severe symptoms of medical conditions.
• Example:
  • In January 2023, AstraZeneca launched Airsupra (albuterol/budesonide), a first-in-class pressurized metered-dose inhaler for bronchoconstriction and asthma management.

Market Impact

• Customer Base Expansion:
  • Innovative products catering to larger customer bases.
• Revenue Growth:
  • Increase in sales and revenue through novel product offerings.

Strategic Acquisitions

Sanofi and Flexion Therapeutics

• Potential Acquisition:
  • Sanofi’s talks to acquire Flexion Therapeutics, enhancing its biosurgery division.
• Zilretta:
  • Flexion’s sustained-release corticosteroid for osteoarthritis, potentially reaching blockbuster status.

Market Segmentation

Product and Application Segments

• By Product:
  • Glucocorticoids, Mineralocorticoids.
• By Application:
  • Skin allergies, rheumatology indications, endocrinology, acute respiratory diseases, other applications.

End User Segments

• End Users:
  • Hospitals, clinics, research institutes, other end users.

Regional Insights

Market Distribution

• North America:
  • Largest region in corticosteroids market share in 2023.
• Middle East:
  • Expected to be the fastest-growing region during the forecast period.

The corticosteroids market is set for strong growth, driven by the rising incidence of chronic diseases, advancements in drug delivery, and strategic industry movements. With continued innovation and expanding applications, the market is poised to meet increasing global demand effectively.

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