The corticosteroids market and the global healthcare systems have been significantly impacted by the COVID-19 epidemic. Early in the pandemic, epidemiological data suggested that inhaled corticosteroids would be helpful since persons with asthma and Chronic obstructive pulmonary disease (COPD) had a lower rate of COVID-19 infection. In addition, researchers from seven corticosteroid trials conducted a prospective meta-analysis of randomized trials for corticosteroid therapy for COVID-19 to provide additional information, data, and guidance development. Additionally, methylprednisolone showed superior results to dexamethasone in hospitalized hypoxic COVID-19 patients. As a result, COVID-19 has had a substantial impact on the market, as seen by the rise in the use of corticosteroids in the treatment of COVID-19 patients. These aspects created immense growth opportunities for the corticosteroids market during the forecast period of 2021-203.
TMR Research report on the corticosteroids market has extensive expertise in creating cutting-edge studies for a variety of businesses and industries. The research report is a special fusion of analytical thinking and focused research to assist stakeholders and CXOs in making decisions that have a significant effect. The stakeholders and players receive thorough and accurate information on the state of the market due to the innovative and analytical thought that went into the report's structure. Various factors, including key trends, competitive analysis, regional viewpoint, restraints, and development, impact the growth of the corticosteroids market and are included in the market survey completed by the team of experts.
The rising incidence of chronic diseases, the rising elderly population, and the soaring expenditure in research & development are the main drivers of the corticosteroid market's expansion. In the coming years, the global burden of chronic diseases is anticipated to increase rapidly. The significant number of asthma patients across the globe has opened new growth avenues for the corticosteroids market. In addition, the escalating geriatric population is more susceptible to chronic illnesses that call for corticosteroid therapy for a variety of illnesses, which may spur the expansion of the corticosteroids market in the years to come. Thus, the corticosteroids market is expected to expand throughout the course of the projected period due to the persistent incidence and prevalence of chronic disorders. The danger issues connected to long-term corticosteroid use, however, somewhat restrain market expansion.
The senior population is particularly vulnerable to skin illnesses because aging causes organ systems, including the skin, to stop functioning normally. The percentage of the world's population that is 65 or older is expected to increase. The elderly population with skin disorders likes to utilize corticosteroids due to their convenience which is likely to boost the growth of the corticosteroids market.
Because of its developed economy, rising health care costs, rising incidence of disorders linked to a sedentary lifestyle, and high adoption of technologically advanced products, North America is predicted to dominate the global market over the projection period. The major chunk of the population suffers from Asthma in this region which significantly supports North America's dominance of the corticosteroids market during the forecast period.
The global corticosteroid market is prognosticated to experience aggressive competition among competitors as a result of the growing number of different organizations in the healthcare sector competing for the top spot in the industry. To increase their revenue in the upcoming years, certain players are concentrating on mergers and acquisitions. To obtain an advantage in the market's overall rivalry, the others are making significant investments in research and development initiatives.
The corticosteroid market has several leading companies and is competitive. Future fierce competition between the major companies in the healthcare sector is anticipated as a result of the growing consolidation of different firms. Novartis, Pfizer Inc., GSK, AstraZeneca, Cipla Inc., and Merck, among other large market participants