Mometasone Furoate Market to Grow at Highest Pace Owing to Increasing Prevalence of Asthma and Allergic Diseases
The Mometasone Furoate market is estimated to be valued at US$ 15.39 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031.
Mometasone furoate is a corticosteroid medication used to treat itching, redness, and swelling caused by allergic conditions such as asthma and skin conditions like eczema. It works by reducing substances in the body that cause the signs and symptoms of allergic conditions. Some of the key advantages of Mometasone Furoate include high safety profile, once-daily dosing schedule, and relatively low cost. The increasing prevalence of allergic conditions such as asthma and rhinitis globally is driving the demand for Mometasone Furoate products.
Key Takeaways
Key players operating in the Mometasone Furoate market are Henan Lingrui Pharmaceutical Ltd, Purdue Pharma Manufacturing LP, Luye Pharma Group, 3M Company, Mylan (Viatris), Teva Pharmaceutical Industries Ltd, Samyang Biopharmaceuticals Corp. (Samyang Holdings), Novartis, and Teikoku Pharma USA Inc. (Teikoku Seiyaku Co. Ltd). The increasing prevalence of asthma and allergic rhinitis globally has been a major driver of Mometasone Furoate Market Demand for mometasone furoate products. As per WHO estimates, over 339 million people suffer from asthma worldwide. Additionally, over 500 million patients suffer from allergic rhinitis globally. The technological advancements in drug delivery forms such as nasal sprays and inhalers have further increased the adoption of mometasone furoate for treating allergic conditions.
Technological advancements in drug delivery systems such as nasal sprays and dry powder inhalers have further increased the efficacy and convenience of mometasone furoate therapy. Smart digital inhalers connected with mobile apps and sensors are being developed to track medication use and ensure proper inhalation technique for optimal results.
Market Trends
Some of the key trends being witnessed in the Mometasone Furoate market include the introduction of generic versions and fixed-dose combination therapies. The patent expiration of major branded mometasone furoate products is providing opportunities for several generic manufacturers to launch affordable generic versions. This is expected to increase treatment volumes and drive the overall market growth. Further, mometasone furoate is increasingly being explored in combination with other drugs likemontelukast, antihistamines, and decongestants for developing fixed-dose therapies to offer synergistic effects for allergic conditions.
Market Opportunities
The key opportunities in the Mometasone Furoate Market Challenges And Opportunities involve partnerships for developing novel delivery systems and expanding into new therapeutic areas. There is a scope for developing long-acting delivery systems such as injections and implants to provide sustained release of the drug for better management of chronic conditions.Further, with the anti-inflammatory and immunosuppressive effects, mometasone furoate has potential applications in other diseases like atopic dermatitis and chronic obstructive pulmonary disease(COPD). Novel formulations and clinical studies exploring efficacy in new areas can help leverage new growth opportunities.
Impact of COVID-19 on Mometasone Furoate Market Growth
The COVID-19 pandemic had a significant impact on the growth of the mometasone furoate market. With lockdowns imposed across various regions, patient visits and outpatient procedures declined sharply impacting sales in 2020. However, teleconsultations gained traction helping to sustain treatment to some extent. Manufacturing and supply chain disruptions affected product availability during initial months. This led to shortage and price hiking of mometasone furoate formulations in certain markets.
With recovery underway post pandemic, the market is witnessing renewed growth momentum. Increasing awareness about managing chronic inflammatory conditions like asthma and allergic rhinitis is supporting demand. Expanding applications in treatment of atopic dermatitis and rosacea is further augmenting the market scope. Adoption of online pharmacy channels and home delivery options established during the pandemic are also benefiting long term sales. However, price controls and patent expiries of blockbuster drugs continue to pose challenges. Ongoing r&d into novel drug delivery systems can open new opportunities.
The United States accounts for the major share of the global mometasone furoate market in terms of value. Wide usage of branded and generic mometasone nasal sprays and creams/ointments for respiratory and dermatology conditions supports huge sales volumes. Favorable reimbursement policies further aid market growth.
Meanwhile, China is emerging as the fastest growing regional market owing to its massive population base suffering from atopic dermatitis and allergic rhinitis. Increasing healthcare investments and expanding drug accessibility are driving robust demand growth.
Get more insights: Mometasone Furoate Market
For More Insights Discover the Report In language that Resonates with you
About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian