Corticosteroids Market Size, Share & Trends Analysis Report By Product (Glucocorticoids, Mineralocorticoids), By Route Of Administration, By Application, By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Corticosteroids Market Size & Trends

The global corticosteroids market size was valued at USD 5.30 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.49% from 2024 to 2030. This is attributed to the rising geriatric population, increasing incidence of cancer, increasing healthcare expenditure, and healthcare awareness among the people. Corticosteroids are frequently recommended for reducing swelling and inflammation in and around tumors, which can help cancer patients experience less pain and function better. Since corticosteroids are essential to controlling the symptoms and side effects of cancer treatment, the rising incidence of cancer has increased the demand for corticosteroids in cancer care. Additionally, the market for corticosteroids can be influenced by improvements in cancer research and the creation of novel cancer treatments. For instance, according to a March 2022 article in the Chinese Medical Journal, China reported an increase in the number of cancer cases. Approximately 4.8 million cases of new cancer were identified in China in 2022, with lung cancer being the most prevalent type.

Corticosteroids are frequently recommended for reducing swelling and inflammation in and around tumors, which can help cancer patients experience less pain and function better. Since corticosteroids are essential to controlling the symptoms and side effects of cancer treatment, the rising incidence of cancer has increased the demand for corticosteroids in cancer care. Additionally, the market for corticosteroids can be influenced by improvements in cancer research and the creation of novel cancer treatments. For instance, according to a March 2022 article in the Chinese Medical Journal, China reported an increase in the number of cancer cases. Approximately 4.8 million cases of new cancer were identified in China in 2022, with lung cancer being the most prevalent type.

The pharmaceutical industry often receives greater funding for R&D as a result of rising healthcare costs. Corticosteroids can, therefore, be prescribed to more patients to treat ailments such as autoimmune illnesses, inflammatory disorders, allergies, and asthma. This increases the demand for certain drugs. The availability of healthcare services, including specialist care, improves with increased healthcare spending. More emphasis on public health awareness initiatives and education can be placed when healthcare costs rise. This leads to greater awareness of the diseases that corticosteroids are used to treat, which could enhance demand for these drugs.

Global healthcare systems and the corticosteroid market were significantly impacted by the COVID-19 pandemic. Epidemiological studies from the early stages of the pandemic suggested that inhaled corticosteroids would be beneficial since patients with asthma and Chronic obstructive pulmonary disease (COPD) had lower rates of COVID-19 infection. For instance, the data published by the World Health Organization in March 2023 stated that, for individuals with severe or critical COVID-19, corticosteroids were considered as life-saving medication and recommended as a treatment. The death cases were reduced by 20% when corticosteroids such as dexamethasone were used to treat patients with low oxygen levels.

Product Insights

Based on the product, the corticosteroids market is segmented into glucocorticoids and mineralocorticoids. The glucocorticoids segment held the largest share in 2023. Glucocorticosteroids are a class of drugs often utilized due to their capability to reduce inflammation and suppress the immune system. These drugs find widespread medical applications, including the management of allergic reactions, autoimmune disorders, and various inflammatory conditions.

Prednisone and dexamethasone, for instance, are notable examples of glucocorticosteroids that play a significant role in regulating the body's metabolism and immune response. They are commonly prescribed to treat respiratory conditions like asthma, chronic obstructive pulmonary disease (COPD), and other related illnesses.

Route of Administration Insights

On the basis of the route of administration, the corticosteroids market is segmented into topical, oral, inhaled, and injectable. The topical segment dominated the market in 2023. Topical corticosteroids are a class of steroid medication used topically to soothe and calm irritated skin. There are many various formulations of topical corticosteroids, including lotions, creams, and gels. Topical steroids are used to treat skin conditions like itching, eczema, rash, dermatitis, and psoriasis.

Application Insights

Based on application, the corticosteroids market is segmented into rheumatology indications, skin allergies, endocrinology, gastroenterology, acute respiratory diseases, and others. The skin allergies segment dominated the market in 2023 owing to the increased incidence of skin-related diseases as well as rashes, dermatitis, itching, eczema, and psoriasis. For instance, as per the reports published by the International Eczema Council in 2022, around 223 million people globally had atopic dermatitis, out of which 43 million cases were reported for the age group 1-4 years.

Skin allergies can be caused by pollution, climate change, and increasing allergen exposure. Sedentary habits and poor food might weaken the immune system and make allergic reactions worse. Additionally, high levels of stress can have an adverse effect on the immune system and increase a person's susceptibility to skin allergies. Corticosteroids come in a variety of shapes and sizes, including creams, ointments, gels, lotions, oral solutions, and injectable solutions.

Distribution Channel Insights

Based on distribution channels, the corticosteroids market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment dominated the market in 2023. For patients confined to hospitals, corticosteroid drugs are crucially provided by hospital pharmacists. These drugs are frequently used to treat sudden inflammatory diseases, and allergic reactions, or to help patients with long-term illnesses. For severe and urgent diseases, hospital pharmacies serve as a crucial distribution point for corticosteroids.

Regional Insights

North America dominated the market in 2023. A large patient population and the existence of reputable manufacturers are expected to propel market expansion in this area.  The high prevalence of diseases requiring corticosteroid treatment drives the market for corticosteroids in North America. Several pharmaceutical companies operate in North America's corticosteroid market. Rapidly developing healthcare expenditure, improving healthcare infrastructure, rising geriatric population, and increasing prevalence of lifestyle diseases are among the key factors driving the corticosteroids market.

Key Companies & Market Share Insights

Key players operating in the market are Pfizer Inc., Novartis AG, GSK plc., Merck KGaA, AstraZeneca, Cipla Inc., Abbott. The market participants are working towards new types of development, M&A activities, and other strategic alliances to gain new market avenues. The following are some instances of such initiatives.

• In August 2022, in a pilot study examining vamorolone as a potential cure for BMD (Becker muscular dystrophy), the first patient was administered a dose of vamorolone. As a potential treatment for several kinds of muscular dystrophy, ReveraGen BioPharma started studying and developing steroid medicine.

• In April 2022, Eli Lilly and Company combined Lebrikizumab and topical corticosteroids to treat atopic dermatitis (AD). During the 16^th week of the trial conducted, 75% of improvement was observed among the patients. In these critical combination trials that met all primary and important secondary objectives, lebrikizumab significantly enhanced a number of areas crucial to those suffering from atopic dermatitis, including skin and itch.