The corticosteroids market reached USD 4.71 billion in 2023 and is projected to grow to USD 6.91 billion by 2033, with a compound annual growth rate (CAGR) of 4.2% during this period. Rheumatology applications led the market in 2023, accounting for 35% of the share, while dermatology is anticipated to be the fastest-growing segment, with a 5.1% CAGR driven by demand for healthier skin. Topical corticosteroids dominated the market, holding a 49% share in 2023.
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The Forum of International Respiratory Societies estimates that over 4.5 million people have lost their lives due to the current pandemic, primarily from respiratory issues. Corticosteroids have been widely employed in treating respiratory diseases during this crisis.
Corticosteroids are a class of steroid hormones produced by the adrenal cortex, the outer portion of the adrenal glands located on top of each kidney. These hormones regulate various physiological processes, including metabolism, immune response, and electrolyte balance. There are two main types of corticosteroids: glucocorticoids and mineralocorticoids. Glucocorticoids, such as cortisol, regulate metabolism and the immune system, while mineralocorticoids, such as aldosterone, play a role in maintaining electrolyte and water balance.
In medicine, synthetic corticosteroids are commonly used for their anti-inflammatory and immunosuppressive properties. These medications are referred to as corticosteroid drugs or simply steroids. They can be administered in various forms, including oral tablets, topical creams or ointments, inhaled preparations, and injections. Corticosteroids are prescribed to treat a wide range of medical conditions, including autoimmune disorders, allergies, asthma, inflammatory joint diseases, and certain skin conditions.
It’s important to note that healthcare professionals should carefully monitor the use of corticosteroids due to potential side effects and the need for appropriate dosage adjustments. Prolonged or inappropriate use of corticosteroids can lead to adverse effects such as bone loss, immune system suppression, and metabolic disturbances. Therefore, these medications are typically prescribed based on a thorough assessment of the patient’s condition and careful consideration of the potential risks and benefits.
The increasing incidence of respiratory conditions, such as asthma and chronic obstructive pulmonary disease (COPD), has led to a higher demand for inhaled corticosteroids as part of the treatment regimen for these conditions. Corticosteroids continue to be a component of cancer treatment protocols, helping to manage side effects associated with chemotherapy. As cancer research advances and new treatment modalities emerge, the demand for supportive medications like corticosteroids may increase.
Impact of Covid-19
The pharmaceutical industry, along with various others, has been significantly impacted by the COVID-19 pandemic. Despite corticosteroids not being antiviral drugs, they have emerged as crucial components in the treatment of severe COVID-19 cases, particularly in individuals experiencing serious lung complications. The heightened demand for corticosteroids during the pandemic can be attributed to several key factors. One pivotal role of corticosteroids is managing cytokine storms, which are intense immune responses triggered in severe COVID-19 cases. By modulating the immune system, corticosteroids help control these storms, reducing inflammation and safeguarding vital organs.
Additionally, the pandemic has seen an increase in cases of Acute Respiratory Distress Syndrome (ARDS) induced by COVID-19, characterized by severe lung inflammation. Corticosteroids alleviate this inflammation and enhance respiratory function in critically ill patients. Evidence from various clinical trials, including the influential RECOVERY trial, has supported using corticosteroids in severe COVID-19 cases. Notably, medications like dexamethasone have demonstrated effectiveness in reducing mortality rates, particularly in patients requiring respiratory support.
For instance,
- On 30 March 2023, the World Health Organization published an R&D Blueprint about the COVID-19 landscape of Novel Coronavirus Candidates Vaccine Development worldwide.
Major health organizations, including the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC), have responded to emerging evidence by updating their guidelines. These updates now recommend corticosteroids for specific severe cases of COVID-19, further contributing to the increased demand.
Many countries granted emergency approvals for using corticosteroids to address the urgency of treating severe COVID-19 cases. This facilitated quicker access to these medications for healthcare providers on the front lines of patient care. The surge in COVID-19 cases and subsequent hospitalizations during various waves of the pandemic heightened the demand for medications, including corticosteroids. Hospitals and healthcare systems proactively stocked up on these drugs to meet the needs of critically ill patients requiring intensive care.
The pandemic’s challenges have led to a boost in research efforts to understand the immune response to the virus better and identify effective treatment strategies. Corticosteroids have been explored in these research endeavors, being considered a valuable component in the evolving treatment plans against COVID-19.
Corticosteroids are Frequently Utilized in Managing Respiratory Ailments
Pulmonology’s application of corticosteroids, involving inhaling these medications directly into the lungs, is widely employed in managing respiratory conditions like asthma and chronic obstructive pulmonary disease (COPD). This approach holds significant potential to drive the growth of the corticosteroid market for several compelling reasons.
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