Market Size of Global Corticosteroids Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Corticosteroids Market Analysis
The corticosteroid market is expected to witness a CAGR of 4.3% during the forecast period (2022-2027).
The COVID-19 pandemic has had a substantial influence on worldwide healthcare systems, as well as the market for corticosteroids. Early in the pandemic, epidemiological data showed that people with Chronic obstructive pulmonary disease (COPD) and asthma had a decreased rate of COVID-19 infection, leading to the suggestion that inhaled corticosteroids would help. In addition, in September 2020, the World Health Organization collaborated with investigators from seven corticosteroid trials to conduct a prospective meta-analysis of randomized trials for corticosteroid therapy for COVID-19 (PMA) to quickly provide additional evidence to complement the RECOVERY data and inform guidance development, according to a World Health Organization report due in September 2020. Moreover, according to the article published in BMC Infectious Disease in May 2021, in hospitalized hypoxic COVID-19 patients, methylprednisolone demonstrated better results compared to dexamethasone. As a result, the increased usage of corticosteroids in the treatment of COVID-19 patients demonstrates COVID-19's significant impact on the market.
The major factors accounting for the growth of the corticosteroid market are increasing the incidence of chronic diseases, the growing geriatric population, and surging investment in research and development. According to the United Nations report 2020, the estimated human population is expected to increase from 7.2 billion today to 8.2 billion by 2025. This, in turn, raises the global burden of chronic diseases to 57 percent by the end of 2020. According to the Centers for Disease Control and Prevention 2020 report, in the United States, approximately 25 million Americans have asthma. This equals to about 1 in 13 Americans, including 8% of adults and 7% of children. About 20 million United States adults aged 18 years and over have asthma. Corticosteroids are majorly used in the treatment of asthma, and the rising prevalence of it boosts the market growth over the forecast period.
Furthermore, according to the World Ageing 2020 report, in 2020, there were around 727 million people aged 65 years or more in the world. The number of older persons is projected to double to 1.5 billion in 2050. the geriatric population is more prone to chronic diseases which require corticosteroid therapy for various diseases that will help grow the market in the years to come.
Hence, this uninterrupted incidence and prevalence of chronic diseases lead to the growth of the Corticosteroids market during the forecast period. However, the risk factors associated with the prolonged use of corticosteroids hampers the growth of the market to some extent.
