July 21, 2024
Mometasone Furoate Market

Optimal Strategies to Support Telemedicine Adoption Poised to Boost Growth of the Global Mometasone Furoate Market

The global Mometasone Furoate Market is estimated to be valued at US$ 1273.44 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Mometasone furoate is a corticosteroid which works by reducing inflammation. It is used to treat a variety of inflammatory and immune-mediated conditions such as asthma, eczema, psoriasis, allergic rhinitis, and dermatitis. Mometasone furoate products are available in various forms such as cream, lotion, ointment and aerosol for topical application and nasal sprays for intranasal administration. The increasing prevalence of inflammatory and allergic diseases globally is the major factor driving the growth of the mometasone furoate market. Mometasone furoate is highly effective and helps manage symptoms with minimal side effects. Its wide availability in prescription as well as over-the-counter products makes it a preferred treatment option.

Market key trends:
The adoption of telemedicine has accelerated significantly during the COVID-19 pandemic. Telemedicine offers convenient online medical consultation and prescription refills for patients managing chronic conditions remotely. It allows providers to optimize treatment and monitor patients who may otherwise delay in-person visits. Various strategies adopted by key players and healthcare systems to support telemedicine adoption are expected to boost the mometasone furoate market growth over the forecast period. Self-administration trends are increasing for managing mild to moderate inflammatory skin conditions and allergies using topical mometasone furoate products. Online channels have made such OTC products more accessible. Additionally, improving access to healthcare in developing regions will further drive the market expansion.
Porter’s Analysis

Threat of new entrants: The threat of new entrants in the mometasone furoate market is moderate. Manufacturers require large capital investments and regulatory approvals for entering this market.

Bargaining power of buyers: The bargaining power of buyers in the mometasone furoate market is high. Buyers can negotiate on price due to availability of generics and presence of many local players offering low cost alternatives.

Bargaining power of suppliers: The bargaining power of suppliers in the mometasone furoate market is low. There exist numerous suppliers for raw materials and the procurement cost is less significant for manufacturers.

Threat of new substitutes: Threat from substitutes is moderate as other corticosteroids offer similar therapeutic benefits for treatment of dermatitis and other inflammatory conditions.

Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and local players offering generics at lower prices.

Key Takeaways

The global Mometasone Furoate Market Share is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of inflammatory skin conditions like atopic dermatitis and psoriasis.

Regional analysis: North America is expected to dominate the global mometasone furoate market over the forecast period owing to developed healthcare infrastructure and increasing healthcare spending in the region. However, Asia Pacific region is anticipated to exhibit the fastest growth rate attributed to rising medical tourism, rapidly improving healthcae infrastructure and growing awareness.

Key players: Key players operating in the mometasone furoate market are Cipla, Teva Pharmaceuticals, Glenmark Pharmaceuticals, AdvaCare Pharma, Medlab Pharmaceuticals Private Limited, Dermocare Laboratories, Iva Healthcare Private Limited, Unilab Chemicals & Pharmaceuticals Pvt Ltd, Organon group of companies, Cosette Pharmaceuticals, Taro Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it