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2024-2033 Corticosteroids Market: What Growth Rate is Predicted?

In recent times, there has been a consistent increase in the size of the corticosteroids market. The expansion is expected to progress from $5.47 billion in 2023 to $5.7 billion in 2024, displaying a compound annual growth rate (CAGR) of 4.1%. Reasons for this positive trend in the past include the use of corticosteroids in treating inflammatory conditions, autoimmune disorders, suppression of the immune system, management of respiratory conditions and asthma, dealing with allergic reactions, application in dermatology, and support in cancer treatment.

The market for corticosteroids is projected to witness robust expansion in the coming years, surging to $7.24 billion in 2028 with a compound annual growth rate (CAGR) of 6.2%. Factors propelling this growth in the forecast period are an increase in chronic illness cases, application expansion in rheumatology, drug delivery advancements, growing elderly population, and ongoing research and development in corticosteroid treatments. The forecast period is also expected to see a focus on trends such as emphasising immunomodulatory effects, flourishing biosimilar markets, the development of combination therapies, pediatric-specific formulations and a renewed focus on regulatory compliance.

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What Aspects Are Driving the Expansion of the corticosteroids Market?

The escalating trend of skin-related illnesses and the mounting cases of afflictions like rashes, dermatitis, itching, eczema, and psoriasis have fueled the growth of the corticosteroid market. As per the CDC (Center for Disease Control), every year in the US, a minimum of 2 million citizens get infected with antibiotic-resistant bacteria, causing at least 23,000 fatalities. For example, a piece in November 2021 by Cleveland Clinic, a US-based non-profit academic medical center, indicated that skin cancer affects almost one out of five individuals at one time in their lifespan. Each day, 9,500 Americans are diagnosed with skin cancer, with 20% of the American populace being impacted at some point. This increased occurrence of such diseases has amplified the need for corticosteroids, resulting in market growth.

What Are the Significant Segments of the Corticosteroids Market?

1) By Product: Glucocorticoids, Mineralocorticoids

2) By Application: Skin Allergies, Rheumatology Indications, Endocrinology, Acute Respiratory Diseases, Other Applications

3) By End User: Hospitals, Clinics, Research Institutes, Other End Users

What Trends Are Influencing the Evolution of the Corticosteroids Market?

One of the major trends presently observed in the corticosteroid therapy market is the utilization of silicones for delivering drugs topically and transdermally. Silicone gel sheets, essentially soft covers for wounds made up of cross-linked polymers reinforced or bonded with mesh or fabric, have seen significant advancement. There has been the emergence of a new method that uses dexamethasone (DXM)-infused silicone implants to administer drugs to the inner ear and study the drug’s distribution in the cochlea using confocal microscopy. Furthermore, new devices have been developed to deliver corticosteroids locally into the oval window, providing an extended release of DXM to the inner ear. For young patients who might not tolerate corticosteroid injections, silicone gel sheeting stands as an excellent alternative. Silicone-based pressure-sensitive adhesives utilized for transdermal drug delivery have been found to have higher permeation rates and improved diffusivity through the skin. Silicones, in general, provide a host of benefits like improved drug permeability and have been observed to enhance the function and performance of modern drug products substantively.

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Which Geographic Areas Are Influencing the Growth of the Corticosteroids Market?

North America was the largest region in the corticosteroids therapy market share in 2023. Middle East is expected to be the largest growing region in the global corticosteroids market during the forecast period. The regions covered in the corticosteroids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Corticosteroids Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the corticosteroids market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Corticosteroids Market Include

1. Corticosteroids Market Executive Summary

2. Corticosteroids Market Segments

3. Corticosteroids Market Size And Template Market Growth Rate

4. Key Corticosteroids Market Trends

5. Major Corticosteroids Market Drivers

……

25. Key Mergers And Acquisitions In The Corticosteroids Market

26. Top Corticosteroids Companies

27. Corticosteroids Market Opportunities And Strategies

28. Corticosteroids Market, Conclusions And Recommendations

29. Appendix

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