Corticosteroids Global Market Report 2024

The corticosteroids market size has grown steadily in recent years. It will grow from $5.47 billion in 2023 to $5.7 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth observed during the historical period can be ascribed to the treatment of inflammatory conditions, management of autoimmune disorders, immune system suppression, asthma management, respiratory conditions, applications in allergic reactions, dermatological uses, and support in cancer treatment.

The corticosteroids market size is expected to see strong growth in the next few years. It will grow to $7.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period is linked to the increasing incidence of chronic diseases, broader applications in rheumatology, advancements in drug delivery, the expanding geriatric population, and ongoing research and development in corticosteroid therapeutics. Key trends during the forecast period encompass an emphasis on immunomodulatory effects, the growth of the biosimilar market, the development of combination therapies, the formulation of pediatric-specific medications, and a heightened focus on regulatory compliance.

The corticosteroid market is experiencing growth due to the increasing prevalence of skin-related diseases, such as rashes, dermatitis, itching, eczema, and psoriasis. According to the Center for Disease Control (CDC), over 2 million people in the US are infected with antibiotic-resistant bacteria annually, resulting in at least 23,000 deaths. In November 2021, the Cleveland Clinic reported that skin cancer affects nearly one in five individuals, with 9,500 Americans diagnosed daily. This surge in skin disorders has led to a higher demand for corticosteroids.

The Corticosteroids market is anticipated to be driven by respiratory diseases in the future. Corticosteroids are prescribed for various respiratory conditions such as asthma exacerbations, COPD exacerbations, rhinitis, pneumonitis, sarcoidosis, and more. Chronic obstructive pulmonary disease (COPD), the third leading cause of death in the United States, had 142,342 deaths in 2021, as per the CDC. Corticosteroids play a crucial role in treating a wide range of respiratory disorders, and the increasing prevalence of these diseases is fueling market growth.

The long-term use of corticosteroids is associated with adverse effects, negatively impacting the market. A meta-analysis of 28 studies revealed an overall risk of adverse events at 150 per 100 patient years. Psychological and behavioral events, gastrointestinal issues, and infectious complications were among the reported side effects. The risk of infection was notably high in patients with neurologic diseases. These side effects contribute to the challenges faced by the corticosteroid market.

An emerging trend in the corticosteroid therapy market is the development of silicones for topical and transdermal drug delivery. Silicone gel sheets and implants are being used to deliver drugs effectively, and silicone-based pressure-sensitive adhesives for transdermal drug delivery show promising results. Silicones offer advantages such as improved drug permeability and high diffusivity, making them efficient for modern drug products.

Major companies in the corticosteroid market are focusing on innovation to expand their customer bases and increase revenue. The development of rescue medications, such as AstraZeneca's Airsupra, indicates a commitment to meeting immediate relief needs for acute symptoms. AstraZeneca's product, a fixed-dose combination rescue medication, received FDA approval in January 2023, containing albuterol and budesonide for bronchoconstriction treatment and asthma exacerbation prevention.

Sanofi is considering the acquisition of Flexion Therapeutics, known for Zilretta, a sustained-release corticosteroid for knee osteoarthritis. This aligns with Sanofi's biosurgery division, which markets Synvisc, an injectable for osteoarthritis. Zilretta's potential peak sales of $500 million to $600 million and the prospect of achieving blockbuster status with expanded joint indications make it an attractive target for Sanofi.

Major companies operating in the corticosteroids market report are McKesson Corporation, Pfizer Inc., Johnson and Johnson Services Inc., Merck & Co.Inc., Bayer AG, Sumitomo Corporation, Novartis International AG., Sanofi SA, Bristol Myers Squibb Company, AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Novo Nordisk A/S, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd., Cipla Limited, Dr. Reddy's Laboratories Ltd., Endo International PLC, Lupin Limited, Mallinckrodt Pharmaceuticals Ltd., LEO Pharma A/S, Glenmark Pharmaceuticals Ltd., Wockhardt Limited, Indivior PLC, Zizhu Pharmaceutical Co. Ltd., Allergan PLC, Hikma Pharmaceuticals plc. 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 primary classifications of corticosteroid therapy include glucocorticoids and mineralocorticoids. Glucocorticoids, a specific type of corticosteroid hormone, are highly effective in immune system suppression and inflammation reduction. This therapeutic approach finds application in treating skin allergies, rheumatology indications, endocrinology, and acute respiratory diseases in medical facilities, clinics, research institutes, and other healthcare settings.

The corticosteroids therapy market research report is one of a series of new reports that provides corticosteroids therapy market statistics, including corticosteroids therapy industry global market size, regional shares, competitors with a corticosteroids therapy market share, detailed corticosteroids therapy market segments, market trends and opportunities, and any further data you may need to thrive in the corticosteroids therapy industry. This corticosteroid therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the corticosteroids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The corticosteroids therapy market consists of sales of glucocorticoids, mineralocorticoids, cortisone, hydrocortisone, and prednisone. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.