The Topical Corticosteroids market is estimated to be valued at US$ 4.89 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strength: Topical corticosteroids are widely used for various dermatological applications such as treatment of rashes, dermatitis, psoriasis, and eczema due to their anti-inflammatory and anti-pruritic properties. They have well-established effectiveness for treating various inflammatory skin disorders. The product development for specialty corticosteroids suitable for specific indications has opened opportunities for effective treatment.

Weakness: Long term usage of topical corticosteroids can cause various side effects such as skin thinning, deterioration in skin integrity, itching, irritation, and discoloration of skin. Overdosage and misprescription can also lead to serious adverse reactions. Dependence and withdrawal syndrome can also occur on prolonged use.

Opportunity: Growing prevalence of inflammatory and autoimmune skin conditions globally presents significant market potential. Increasing awareness about appropriate management of such conditions through collaboration with dermatologists can boost usage. Entry of emerging players with drugs focusing on improving safety profiles offers opportunities.

Threats: Presence of alternative therapies such as topical immunomodulators and biologics poses competition. Stringent regulations for approval of new formulations makes product development complex and cost intensive. Generic competition erodes pricing and margins of established brands.

Key Takeaways:

The Global Topical Corticosteroids Market Growth is expected to witness high, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of various dermatological conditions.

Regional analysis: North America dominated the global market in 2023, owing to high disease awareness, advanced healthcare facilities, and presence of major market players in the region. Asia Pacific is anticipated to register fastest growth during the forecast period supported by large patient pool, improving access to healthcare, and strategic focus of multinational companies in emerging countries.

Key players: Key players operating in the topical corticosteroids market are GlaxoSmithKline plc, Merck & Co., Inc., Sandoz International GmbH, AstraZeneca, LEO Pharma, Cipla Inc., Bristol-Myers Squibb Company, Almirall, S.A., Bausch Health, and Sanofi SA.

For more insights, read- https://www.zupyak.com/p/3941182/t/topical-corticosteroid-creams-driving-growth-of-global-topical-corticosteroids-market