Topical Corticosteroids Market
Topical steroids, commonly referred to as topical corticosteroids, are medications that are administered topically to the skin in order to reduce skin irritation and inflammation. They can be obtained by prescription or over-the-counter in a variety of strengths, such as Class I, II, and III topical steroids, and formulations, such as creams or ointments (OTC).
Topical steroids help by reducing skin irritation. An immune reaction is indicated by inflammation. In order to help with the relief of symptoms including rashes, scaly patches, itching, pain, redness, or swelling, the therapy is applied to the afflicted region of skin.
In Wuhan, China, a coronavirus (COVID-19) epidemic was first noted on December 31, 2019. On March 11, 2020, the World Health Organization classified COVID-19 as a pandemic. According to the World Health Organization’s Coronavirus (COVID-19) Weekly Epidemiological Update, coronavirus illness (COVID-19) has been linked to approximately 524 million cases and 6.28 million fatalities worldwide as of May 26, 2022.
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The COVID-19 epidemic and lockdown in various countries throughout the world have hurt the financial status of businesses in all areas, including the private healthcare sector. The intense lockdown in certain places brought about by the COVID-19 epidemic has had an impact on the whole healthcare supply chain. The COVID-19 pandemic has primarily had three effects on economies throughout the world: it has had an immediate effect on pharmaceutical demand and production; it has caused distribution system disruptions; and it has had an economic impact on enterprises and financial markets. There are some countries where it is difficult to transport and distribute medical goods, including Thailand, Indonesia, and Singapore.
Due to an increase in atopic dermatitis caused by COVID-19 and its related COVID-19 surge, topical corticosteroids were used more often during the COVID-19 pandemic, which had a significant influence on the market. For instance, a survey done in Hubei (China) and reported in the Journal of the American Academy of Dermatology in March 2020 discovered that 97% of hospital employees had skin injuries due to ongoing COVID-19 infection-prevention techniques. Additionally, a study published in the British Medical Journal in May 2020 revealed an increase in skin injury incidence among UK healthcare workers.
The market for topical corticosteroids (steroids) is anticipated to reach US$ 4.12 billion in 2022 and grow at a CAGR of 4.36% during the forecast period (2022-2030).
The primary factor anticipated to propel growth of the worldwide topical corticosteroids (steroids) market over the forecast period is the rise in eczema and atopic dermatitis incidences.
The global market for topical corticosteroids (steroids) is anticipated to develop as eczema and atopic dermatitis cases rise. For instance, the Allergy & Asthma Network estimates that over 31.6 million Americans had eczema in 2020, with atopic dermatitis affecting 7.3% of adults and 15% of children.
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Research and Development Activities
Over the course of the projection period, market participants are anticipated to conduct an increasing number of research and development projects using topical corticosteroids. For instance, the global healthcare company Eli Lilly and Company reported that in the third pivotal Phase 3 trial, patients with moderate-to-severe atopic dermatitis (AD) who received the IL-13 inhibitor Lebrikizumab in combination with topical corticosteroids (TCS) experienced a significant reduction in disease severity (ADhere).
The global market for topical corticosteroids (steroids) is divided into Africa, North America, Latin America, Europe, Asia Pacific, and the Middle East based on geography.
Due to an increase in product releases or regulatory agency approvals, North America is anticipated to have a dominating position in the worldwide topical corticosteroids (steroids) market throughout the forecast period. For instance, the US Food and Drug Administration (FDA) authorised LEXETTE (halobetasol propionate) foam, 0.05% for use in teenagers, according to a September 2021 announcement from Mayne Pharma, a business that specialises in the development of innovative and generic pharmaceuticals. For the treatment of plaque psoriasis in people 12 years of age and older, the topical corticosteroid LEXETTE, which is particularly strong, has received approval.
In the upcoming years, it is anticipated that Europe will experience considerable expansion in the global market for topical corticosteroids (steroids) due to the rising number of topical corticosteroid approvals for a variety of purposes. For instance, the European Medicines Agency declared in September 2020 that it had added the treatment of moderate to severe atopic dermatitis in adult patients who are suitable for systemic therapy to the list of authorised applications for Olumiant (baricitinib). Prior to this, Olumiant was authorised for the treatment of moderate to severe active rheumatoid arthritis, which results in joint inflammation.
Sanofi SA, GlaxoSmithKline plc, Bausch Health, Merck & Co., Inc., S.A., Sandoz International GmbH, Almirall, AstraZeneca, Bristol-Myers Squibb Company, LEO Pharma, and Cipla Inc., are significant market participants in the topical corticosteroids (steroids) industry.
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