Hydrocortisone Market: Overview
According to the report, the global hydrocortisone market was valued at ~US$ 1 Bn in 2019 and is projected to expand at a CAGR of ~4% from 2020 to 2028. Adrenal insufficiency is a serious pathologic condition characterized by decreased production or action of glucocorticoids and/or mineralocorticoids and adrenal androgens. Prevalence of chronic primary adrenal insufficiency in Europe has been doubled from 40 to 70 cases per million population in the 1960s to 93 to 144 cases per million population by the end of 2017. Increase in incidence of chronic diseases of liver, heart, kidneys, and pancreas; and blood disorders have augmented the demand for glucocorticoids such as hydrocortisone.
Rise in Healthcare Spending to Drive Global Market
Increase in patient awareness about personal health boosts the demand for vitamin supplements. Patients are more aware and proactive about their health and are willing to seek a physician’s advice at an early stage. Increase in per capita disposable income is encouraging people to spend more on healthcare facilities, which in turn fuels the global hydrocortisone market. Advertisements have increased public visibility of new treatments, thereby generating interest among chronic patients.
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Adrenocortical Insufficiency to Remain Key Indication
Based on indication, the global hydrocortisone market has been divided into adrenocortical insufficiency, adrenergic syndrome, high blood calcium, thyroiditis, rheumatoid arthritis, dermatitis, asthma and chronic obstructive pulmonary disease (COPD), and others. Hydrocortisone is the first line of treatment for the management of adrenocortical insufficiency, thus contributing to the significant share held by the segment. Adrenogenital disorder is a genetic condition limiting hormone production in the adrenal glands. Hydrocortisone is utilized to replace and correct the deficiency of adrenal hormones.
Topical Route of Administration to be Highly Preferred
In terms of route of administration, the global hydrocortisone market has been classified into parenteral, oral, topical, and rectal. The oral segment accounted for a major share of the global hydrocortisone market in 2019. This can be attributed to the fact that most products under the hydrocortisone therapy segment available in the marketplace are administered orally, due to convenience and better patient compliance with the therapy. The topical segment is expected to expand at a lucrative pace during the forecast period. Increase in patient population with skin disorders such as dermatitis is anticipated to drive the segment during the forecast period.
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North America to Dominate Global Market
In terms of region, the global hydrocortisone market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hydrocortisone market in 2019, followed by Europe. North America dominated the global hydrocortisone market in 2019. The region is projected to maintain its dominance and is anticipated to grow at a CAGR of ~4% during the forecast period. North America’s dominance in the global market can be primarily attributed to high rate of adoption of treatment in a number of indication in the region.
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The major players operating in the global hydrocortisone market are Pfizer, Inc., Novartis AG, Mylan N.V., Hikma Pharmaceuticals Plc, GlaxoSmithKline plc, Cipla Inc., Sun Pharmaceutical Industries Ltd., Abbott Laboratories, and Bayer AG.
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