Impact Assessment of COVID-19 Outbreak on Corticosteroid Market

[Pavan Ishi]

Corticosteroid Market – Overview

Corticosteroids are drugs that are majorly utilized for the treatment of various incendiary issues and infections, like asthma, joint pain, COPD, and skin provocative conditions like dermatitis and skin inflammation along with other comparable immune system illnesses. Corticosteroids are capable of lessening aggravation by smothering the invulnerable reaction. In light of the kind of condition treated by corticosteroids, the type of medication is recommended.

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Corticosteroids are accessible as oral capsules or tablets, oral syrups, injectable, skin creams or gels, just as nasal sprays. Corticosteroids are additionally regularly utilized as a combination treatment for the therapy of diseases like lymphoid malignant growth and leukemia where irritation is an essential side effect.

The report is based on a qualitative and quantitative analysis of the market and its prime growth parameters. This includes driving, repelling, and challenging factors. It also discusses the table of segmentation and focuses on the leading segment and factors attributing to its growth. The report further throws light on the impact of the novel COVID 19 virus on the market and what strategies can be adopted by players to gain significant revenues in the coming years.

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Corticosteroid Market – Nature of Competition

The nature of the global corticosteroids market is moderately competitive and consists of several major players. With the increasing number of various organizations in the healthcare sector, the market is likely to witness active competition among players in order to achieve the top position in the market. Some players are focusing on mergers and acquisitions to gain better revenue in the coming years. The others are investing heavily in research and development strategies to gain upper hand in the overall market competition.

Some of the players of the global corticosteroid market include:

• AstraZeneca
• Merck
• GSK
• Novartis
• Pfizer Inc.
• Others

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Corticosteroid Market – Drivers

The increasing prevalence and rising number of patient pool, coupled with the strong effect of corticosteroids for the listed indications are primary factors that drive the growth of this market. On the contrary, sometimes there may be cases of side effects. This, coupled with the high cost of the product may restrict the growth of the corticosteroids market in the long run. The rise in prevalence of asthma, autoimmune diseases, and COPD are further expected to augment the number of corticosteroid-based treatments, ultimately boosting the growth of this market in the long run. Furthermore, favorable reimbursement policies provided by some developed nations are likely to support the growth of the corticosteroids market in the coming years.

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Corticosteroid Market – Regional Insights

Regionally, the global corticosteroid market is categorized into the regions of North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Each region is further categorized on the basis of nations. Among these, North America will dominate the overall market, during the forecast period on account of the presence of major players, coupled with well-established and developed economy. This, coupled with the presence of advanced healthcare infrastructure and latest resources are likely to help this region witness significant growth in the coming years as well. On the other side, the market in Asia Pacific is expected to witness notable growth in the forecast period. Factors attributing to the growth of this region include the rise in health care expenditure, growing disposable incomes of people in the developing nations, and the rising cases of lifestyle-related diseases such as heart issues, obesity, and high adoption of technologically advanced products.

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