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Corticosteroid Market Segmented By drug class such as Glucocorticoids, Mineralocorticoids with route of administration in Oral, Intravenous, Nasal and Topical
Corticosteroids are drugs that are predominantly used for the treatment of a number of inflammatory disorders and diseases such as arthritis, asthma, COPD, skin inflammatory conditions like acne and eczema as well as for other similar autoimmune diseases.
The basic function of corticosteroids is to reduce inflammation by suppressing the immune response. Based on the type of condition treated by corticosteroids the form of the drug is prescribed.
Corticosteroids are available in the form of oral capsules or tablets, oral syrups, injectable, topical creams or gels, as well as in the form of nasal sprays. Corticosteroids are also often used as a conjunction therapy for the treatment of cancers like, lymphoid cancer and leukemia where inflammation is a primary symptom.
Rising patient pool and rising evidence of the effectiveness of corticosteroids for the listed indications are primary factors that drive the growth of the corticosteroids market globally. However, high cost of the product and significant and serious side effects may restrict the growth of the corticosteroids market. Rise in prevalence of autoimmune diseases, asthma and COPD will increase the demand for corticosteroid based treatment.
Favorable reimbursements will also support the growth of the corticosteroids market. Pricing pressure from generic products could hinder the growth of the market during the forecast period.
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Some of the key players in the market include, GlaxoSmithKline plc, Novartis, AstraZeneca, Cipla, Merck & Co., Inc., Sumitomo Corporation, Johnson and Johnson, Pfizer Inc., Sanofi, and Abbott Laboratories among many others.
Most companies are working towards the development of new products and simultaneously working towards expansion of indication of its existing products. Thus there is a trend of investment in R&D by these companies for the approval of new indications.