The topical corticosteroids market comprises anti-inflammatory drugs used to reduce skin inflammation, itching, and allergic reactions. These products are available in various forms such as creams, lotions, ointments, gels, and solutions and work by reducing the actions of natural substances in the body that cause inflammation. Topical corticosteroids provide quick relief from inflammatory skin conditions such as eczema, psoriasis, rashes, and dermatitis. With advancements in targeted drug delivery mechanisms, topical corticosteroids can now be precisely delivered to affected skin areas, improving efficacy and minimizing side-effects.

The Global Topical Corticosteroids Market is estimated to be valued at US$ 5.64 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the topical corticosteroids are Abbott Laboratories, Novartis International AG, Arcellx, Autolus Therapeutics, Kite Pharma, Cellectis, Celyad Oncology, Crescendo Biologics Limited, GammaDelta Therapeutics Ltd., Bio-Rad Laboratories Inc, QIAGEN Inc, Thermo Fisher Scientific, Merck Millipore, Siemens Healthineers AG, and GE Healthcare.

Key opportunities in the market include increasing adoption of multifunctional semisolid formulations such as foams, gels and pumps among consumers. Rising demand for combination products containing antibiotics and antifungals to treat bacterial and fungal infections of the skin also offers opportunities.

Advancements in targeted drug delivery mechanisms such as nanoparticles, liposomes and transdermal patches help improve penetration and localization of drugs at target areas minimizing systemic absorption and side effects.

Market Drivers

The growing prevalence of atopic dermatitis, psoriasis and eczema globally is a major factor driving for Global Topical Corticosteroids Market Growth. According to estimates, over 360 million people worldwide suffer from atopic dermatitis. Rising environmental pollution levels and indoor humidity are contributing to the increasing incidence of skin inflammatory conditions. Growing awareness regarding early treatment of these skin disorders to prevent comorbidities will also support market growth over the forecast period.

Current challenges in Topical Corticosteroids Market

The topical corticosteroids market faces various challenges which are hindering its growth. Some of the key challenges are -

- Stringent regulations related to approval of new drugs containing corticosteroids. Regulatory bodies are imposing strict norms to ensure safety of corticosteroid containing drugs. This increases time to launch new products.

- Risk o side effects associated with long term usage of corticosteroids like skin atrophy, striae, hypertrichosis etc. Prolonged usage leads to dependence and withdrawal effects. This restricts their usage only for short term treatment of inflammatory skin conditions.

- Presence of alternative treatment options like topical calcineurin inhibitors, PDE4 inhibitors etc. which have lesser side effects. This increases competition and reduces preference of corticosteroids for certain conditions.

- Cost issues in certain developing regions where affordability is a major factor. Topical corticosteroids have relatively higher costs than other topical therapies which limits their uptake in such areas.