Global Corticosteroids Market-By Product (Mineralocorticoids, Glucocorticoids), By Route of Administration (Oral, Inhaled, Topical, Injectable), By Application (Skin Allergies, Gastroenterology, Endocrinology, Acute Respiratory Disease, Rheumatology Indications, Others), By Distribution Channel (Hospital pharmacies, Retail pharmacies, Online pharmacies), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033

Report Overview

The global Corticosteroids Market was valued at the USD 4.3 Billion in 2023 and is further projected to register substantial growth of the USD 6.9 Billion by 2033, with a 4.9% CAGR.

The medications commonly used to treat a variety of inflammatory disorders and diseases such as asthma, COPD, arthritis, and skin inflammatory illments including acne and eczema and other autoimmune diseases is known as corticosteroids. Corticosteroids mechanism by reducing immune systems’ response to reduce inflammation.

Being available into variety of forms such as oral capsules or tablets, oral syrups, injectables, topical creams or gels and inhalers, corticosteroids are prescribed depending upon the ailment under treatment. Combination therapy is a most common form of corticosteroids especially given to cancer patients such as lymphoid cancer and leukemia.

The market for corticosteroids is majorly thriven by increasing prevalence of chronic illnesses such as diabetes, cancer, autoimmune diseases and respiratory disorders. In addition to this, growing elderly population and scaling investments in research and development further bolsters the position of corticosteroids market in recent years. However, the risks associated with the intake of corticosteroids may vigorously hamper the market during the prophecy period.

• According to United Nations report 2020, an expected human population is anticipated to increase from 7.2 billion today to 8.2 billion by 2050, giving rise to chronic diseases upto 57% by the end of 2020.
• According to Centre for Disease Control & Prevention report 2020, around 25 million Americans have asthma, which equals to 1 in 13 Americans, including 8% of adults and 7% of children.
• According to World Ageing Report 2020, there were around 727 million people aged 65 years or above across the globe, which is further projected to double to 1.5 billion by 2050.

Key Takeaways

• Based on product, glucocorticoids leads the global corticosteroids market in the year 2023.
• Based on route of administration, topical corticosteroids segments grabbed a major market portion.
• Based on application, skin allery segment captured a prominent market share of 34.9% dominating the corticosteroids market.
• Based on distribution channel, hospital pharmacies are highly preferred by patients resulting into the market growth.
• North America leads the global corticosteroids market grabbing a revenue share of 32.6% in 2023.

By Product Analysis

Glucocorticoids boosts the market

Based on product, the market for corticosteroids is broadly classified into mineralocorticoids and glucocorticoids segment. Glucocorticoids due to its potent anti-inflammatory effects withhelds a laudable market revenue share of 65.3%, dominating the market in the year 2023.

The anti-inflammatory effect of glucocorticoids aids in managing conditions including inflammatory bowel diseases and rheumatoid arthritis. In addition to this, glucocorticoids also comprise potent immunosuppressive properties needed to cure autoimmune disorders such as lupus. Mild diseases such as acute allergies or asthma exacerbations are also treated using glococorticoids.

Additionally, the segment also display wide therapeutic applications ranging from dermatology to respiratory illnesses. Chronic diseases such as rheumatoid arthritis is effectively treated through glucocorticoids by reducing tissue swelling, thereby providing long term disease control. Hence, wide applications displayed by glucocorticoids aids in boosting its growth leading to market excellence.

• According to Center for Disease Control & Prevention, in 2019, around 18 million people were living with rheumatoid arthritis across the globe.

By Route of Administration Analysis

Topical corticosteroids segment marks its dominant position in the market

Based on route of administration, the corticosteroids market is fractionated into Oral, Inhaled, Topical and Injectable segments. Amongst all these, topical category leads the corticosteroids market capturing a valuable revenue share of 48.3% in the year 2023.

The segment being dominant is due to its potent properties in treating skin conditions, reducing systemic absorption, and ensuring safety for extended use. The segment aids in treating diverse diseases by rapidly relieving inflammation, redness and itching characteristics. In addition, chronic dermatological issues are also proven to be treated by topical corticosteroids.

The rising elderly population also demands topical corticosteroids as they are more prone to skin diseases. The segmental growth is further scaled due to te availability of topical corticosteroids in versatile formulations and user friendly applications enhancing patients’ adherence. Thus, these applications allow the healthcare professionals to tailor treatment plans and seamlessly incorporate them into combination therapies for thorough dermatological care.

• According to World Population Aspects 2022 data, the percentage of global population aged 65 or above is expected to rise from 10% in 2022 to 16% in 2050.

By Application Analysis

Remarkable market share is occupied by skin allergy segment

Based on applications, the market is fragmented into Skin Allergies, Gastroenterology, Endocrinology, Acute Respiratory Disease, Rheumatology Indications and other segments. A remarkable revenue share of 34.9% is grabbed by skin allergy segment, dominating the global corticosteroids market in 2023. The widespread applications of corticosteroids in alleviating skin allergy symptoms combined with formidable anti-inflammatory effect makes the segment to be highly prescribed by healthcare professionals.

The corticosteroids being used for skin allery treatments is available into various formulations such as  creams, ointments and solutions providing flexibility and targeting specific allergies in a more efficient manner. Thus, highly effective against diverse skin allergies, corticosteroids escalate quality of life by reducing discomfort and suppressing progression of allergies.

By Distribution Channel Analysis

Hospital pharmacies are highly preferred by patients

Based on distribution channel, the market is bifurcated into Hospital pharmacies, Retail pharmacies and Online pharmacies segments. Hospital pharmacies overshadowed the global corticosteroids market in the year 2023 by capturing an impressive revenue share of 52.4%.

The segmental dominance owes to the provision of corticosteroids to the patients by hospital pharmacies in a more systematic manner. The treatment of sudden inflammatory diseases and allergic reactions are brought into account by hospital pharmacies. Thus, hospital pharmacies serve as a crucial distribution point for corticosteroids for treating severe and urgent diseases.

Key Market Segments

By Product

• Mineralocorticoids
• Glucocorticoids

By Route of Administration

• Oral
• Inhaled
• Topical
• Injectable

By Application

• Skin Allergies
• Gastroenterology
• Endocrinology
• Acute Respiratory Disease
• Rheumatology Indications
• Other

By Distribution Channel

• Hospital pharmacies
• Retail pharmacies
• Online pharmacie

Drivers

Advancements in drug formulations

The global corticosteroids market is robustly driven by rising advancements in drug formulations. These advancements is as a result of ongoing research yielding innovative formulations and optimizing therapeutic effectiveness. The adherence of patients bolstered by virtue of enhanced drug delivery systems including advanced inhalers and topicals addressing problems regarding side effects and systemic absorption.

An outstanding innovation in corticosteroids market includes the development of biodegradable corticosteroids aligning with environmental stability, thereby impacting the markets’ trajectory.

• In April 2022, Salvat reveled its intention to to launch ocular corticosteroid featuring nanoemulsion, targeting inflammation and pain post ocular-surgery.

Rising elderly population

The market is anticipated to expand with rising geriatric population being more prone to chronic disorders such as osteoarthritis, rheumatoid arthritis and chronic obstructive pulmonary disease. Thus, geriatric population dealing with such conditions demands for corticosteroids which are crucial in managing inflammatory and degenerative disorders.

• According to National Council for Aging, around 95% of adults aged 60 or above are dealing with atleast one chronic condition, while nearly 80% have two or more.

Restraints

Side affects associated with corticosteroids

A major roadblock causing market hindrance for corticosteroids include adverse effects associated with the consumption of corticosteroids. These adverse events include physiological and behavioral adverse events (minor mood distrubances) followed by gastrointestinal events (dyspepsia and dysphagia). Other infectious complications include bacterial infections, reactivation of tuberculosis and viral infections including herpes virus and viral hepatitis.

The pooling data from 71 controlled clinical trials concluded the association between corticosteroid therapy and sussequent infections. Amongst 2,111 patients randomly allocated to systemic corticosteroids 12.7% of them showcased infectious complications while 8% of patients showcased the same in 2,087 controls.

The patients with neurological illnesses witnessed high risk of infection while patients with intestinal, hepatic and renal diseases dealt with less pronounced infections. Thus, the adverse and unexpected events due to the use of corticosteroids thrash the global market.

Opportunities

Rising prevalence of skin related and respiratory diseases

The global corticosteroids market is anticipated to witness huge growth opportunities during the forecast period. The pharmaceutical firms operating in the formulations of corticosteroids are lucratively growing with rising prevalence of skin related infections including rashes, eczema, psoriasis and dermatitis.

In addition to this, respiratory diseases are also fostering the corticosteroids market, demanding drugs for treating rhinitis, pneumonitis, asthma exacerbations, analhylaxis, and urticarial. Thus, a major role is played by corticosteroids in treating mild to severe skin related and respiratory diseases, bolstering the market position in the upcoming years.

• According to Center for Disease Control, around 2 million people are infected with bacteria that are resistant to antibiotics each year in US, with 23,000 fatality rates due to such infections.
• According to Center for Disease Control and Prevention, in 2021, Chronic Obstructive Pulmonary disease is the 3^rd leading cause of death in US. with 142,342 deaths in 2021.

Latest Trends

Eco-friendly Drug Formulations: Two new steroid compounds called SCA and SCB were formulated via biotransformation of cortisone aided by microorganisms. Anti-inflammatory, antioxidant and neuroprotective properties are provided by these compounds, forming promising alternatives to conventional corticosteroids with fewer side effects.

Mucoadhesives polymer patches: The improvement in drug delivery systems for corticosteroids led to the development of mucoadhesive polymer patches offering prolonged and controlled drug delivery, enhancing bioavailability and safety profiles.

Impact of Macroeconomic Factors

One of the significant macroeconomic factor influencing the market spread is rising inflation affecting the prices of coticosteroid drugs, consumer purchasing power, and cost of regulatory compliance. The rising inflation affects the pricing of these medications, making the companies to adjust their pricing to conceal heightening operational costs. This limits the patients and healthcare providers’ access towards advanced corticosteroids medications.

Consumers and healthcare professionals find it more difficult to afford such expensive medicine solutions, slowing down the adoption rate particularly in the regions where patients have limited accessibility for insurance coverage for highly improved medical treatments.

Regional Analysis

North America leads the market in 2023

North America monopolize the global corticosteroids market occupying a substantial market share of 32.6% in the year 2023. One of the primary reason behind regions’ growth is the presence of diverse pharmaceutical solutions for inflammatory conditions. Major industry players are emphasizing on product innovations, safety standards and product quality. Additionally, the region witnesses increasing cases of lifestyle related diseases combined with adoption of technological advanced product, fueling the market dimensions.

• According to Globocan 2020 report, in United States around 2,281,658 cancer cases were diagnosed in 2020.

On the flip side, fastest regional growth is witnessed by Asia-Pacific owing to rising healthcare spending, increasing pervasiveness of region-specific conditions and government initiatives to the unique healthcare requirements.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Market Player Analysis

The market is fragmented with the presence of numerous companies in developed and developing economies. This intensifies the competition and companies are involved in furthering their market presence and position through various strategic initiatives.

These include product advancements, distribution partnerships, sales & marketing activities, regional expansion, partnerships, and mergers and acquisitions. In addition, numerous key players are now concentrating on different marketing strategies, such as increasing awareness about advanced features, which is expanding the growth of target products.

Market Key Players

Listed below are some of the most prominent global corticosteroids industry players:

• AbbVie, Inc.
• Astellas Pharma, Inc.
• AstraZeneca Plc.
• Bayer AG
• Cipla Limited
• Eli Lilly and Company
• Lupin ltd
• Merch & Co, Inc.
• Novartis AG
• Pfizer Inc.
• Sanofi S.A

Recent Developments

• In July 2023: Luforbec 100/6, a pressurized metered dose inhaler containing beclometasone 100 microgram and formoterol 6 microgram is launched by Lupin. The inhaler helps in the treatment of adult asthma and COPD in Germany.
• In January 2023: DIFIZMA DPI was launched by Lupin, which is a novel fixed dose triple drug combination for treating inadequately controlled asthma.

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