by The global Topical Corticosteroids Market is estimated to be valued at US$ 4.89 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Topical corticosteroids are anti-inflammatory drugs that are administered directly to the skin via creams, ointments, lotions, gels or sprays. They help suppress the immune system and reduce swelling, itching and allergic reactions. Topical corticosteroids are effective in treating inflammatory skin conditions such as eczema, psoriasis and dermatitis. They provide fast relief from itching, redness and inflammation. With growing prevalence of inflammatory skin diseases and increasing cases of atopic dermatitis globally, the demand for topical corticosteroids is increasing.
Market key trends:
Rise in online retail platforms for pharmaceutical products has emerged as a key trend in the topical corticosteroids market. Online retailers offer a wide range of topical corticosteroid products from various brands at competitive prices and deliver them conveniently at customers’ doorsteps. This has boosted the accessibility and adoption of topical corticosteroids for treatment of minor skin conditions. According to a report, the online pharmaceutical market in the U.S. was valued at $33.7 billion in 2021 and is expected to grow at a CAGR of 15.2% from 2022 to 2028. Growing penetration of e-commerce and rise of telemedicine is likely to support the expansion of the online retail channel in the topical corticosteroids market during the forecast period.
Porter’s Analysis:
Threat of new entrants: The threat to new entrants is moderate as substantial initial investments are required for research, development of formulas and clinical trials. However, easy accessibility to generic products provides opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate as topical corticosteroids have many alternatives available for treating dermatological indications. Development of strong buyer-supplier relationships and product differentiation helps strengthen buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low given the presence of many active pharmaceutical ingredient manufacturers and contract manufacturing organizations. This eases the pressure of high supplier costs.
Threat of new substitutes: The threat from substitutes is moderate as alternate treatment options like phototherapy, immunosuppressants, and biologics are available. However, corticosteroids remain first line treatment due to their efficacy and affordability.
Competitive rivalry: The competitive rivalry is high among major players due to generic competition intensifying pricing pressures. Focus on emerging markets, portfolio expansion, and promotional activities characterize competition.
Key Takeaways:
The Global Topical Corticosteroids Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of dermatological and autoimmune diseases. According to the American Academy of Dermatology, over 50 million Americans have had eczema at some point in their life.
Regional analysis: North America dominates the topical corticosteroids market owing to rising healthcare spending and increasing R&D investments by key players. However, Asia Pacific is the fastest growing region due to large patient population and improving access to healthcare in countries like China and India.
Key players: Key players operating in the topical corticosteroids market are GlaxoSmithKline plc, Merck & Co., Inc., Sandoz International GmbH, AstraZeneca, LEO Pharma, Cipla Inc., Bristol-Myers Squibb Company, Almirall, S.A., Bausch Health, and Sanofi SA. GlaxoSmithKline and Merck dominate owing to their extensive product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
