Corticosteroids are a set of steroid hormones which are either produced in the adrenal cortex or are made synthetically. Corticosteroids produced naturally are known as systemic steroids, while those produced chemically are called synthetic steroids. Systemic steroids are given either orally or by injection. Adrenal cortex, found along the perimeter of the adrenal glands, produce two main corticosteroids, cortisol and aldosterone. When the adrenal glands stop producing the required amount of corticosteroids, synthetic steroids are given to the patients. Synthetic steroids are mainly recommended for the treatment of autoimmune diseases and allergies. Generally, synthetic corticosteroids prescribed by health care professionals are dexamethasone (available in the form of injection), hydrocortisone (available in the form of cream or lotion), fludrocortisone (taken orally), or prednisolone (can be injected or taken orally). Most corticosteroids medications can be used in intensive care units.
Factors driving the growth of the global corticosteroids market include growing geriatric population, increasing incidence of chronic diseases, rising demand for topical corticosteroids, and surging investment in research and development. Companies are increasingly participating in mergers and acquisitions to strengthen their position in the market. Their increasing R&D investments are also expected to drive the corticosteroids market in the near future. However, government is putting pricing pressure on the companies which is anticipated to be a key restraint for the global corticosteroids market during the forecast period. Moreover, side effects associated with the use of corticosteroids, such as, severe amebic colitis, neuropsychiatric disorders, including anxiety and depression, metabolic changes, endocrine and gastrointestinal issues, etc. are projected to act as an impediment to the growth of the global corticosteroids market in the near future. Long-term use of corticosteroids increases the risk of staph blood infections. If used for a prolonged period of time, the side effects tend to outweigh the benefits associated with the medication. Reviews have been published in order to avoid side effects and medication errors of corticosteroids which arise primarily due to administration of wrong dosage to patients or if given to patients with wrong indications.
The global corticosteroids market can be segmented based on product, route of administration, application, end-user, mode of purchase, and region. In terms of product, the corticosteroids market can be divided into glucocorticoids and mineralocorticoids. Cortisol, a glucocorticoid, which is important for the metabolism of carbohydrate, fat, and protein. They also have certain anti-inflammatory, anti-proliferative, immunosuppressive, and vascoconstrictive effects. Aldosterone, a mineralocorticoid hormone, is essential for sodium conservation in the kidney, salivary glands, sweat glands and colon, secretion of potassium, water retention, and stabilizing blood pressure.
Based on route of administration, the corticosteroids market can be categorized into topical steroids, inhaled steroids, oral forms, and systemic forms. Topical corticosteroids are used on the skin, eye, and mucous membranes. In many countries, they are divided based on potency level, from the 1st to the 4th group. In countries such as the U.S. they are available in seven categories based on their potency level. Inhaled steroids are used for lungs, bronchi, mucosa, and sinuses, for example, flunisolide, fluticasone furoate, budesonide, and others. Examples of commonly available drugs in oral form are prednisone, and dexamethasone.
The systemic route of administration segment can be further categorized into intravenous route, sub-cutaneous route, and intra-muscular route. Topical usage is considered an efficient and convenient option. On the basis of application, corticosteroids are used for the treatment of rheumatology indications, skin allergies or skin problems, asthma, endocrinology indications, gastroenterology indications, including ulcerative colitis, Crohn’s disease, haematological malignancies, prostate cancer, acute respiratory distress syndrome, and many more. In terms of chemical structure, corticosteroids can be segmented into four classes, Group A - Hydrocortisone type, Group B - Acetonides, Group C - Betamethasone type, and Group D - Esters. Based on end-user, the global corticosteroids market can be classified into hospitals, specialised clinics, and others. On the basis of mode of purchase, the market can be split into OTC-based and prescription-based.
In terms of region, the global corticosteroids market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the global corticosteroids market by capturing the leading market share, which can be attributed to the developed economy, rising health care expenditure, increasing incidence of lifestyle-related diseases, and high adoption of technologically advanced products in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.