In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Dermatology Steroids are specially designed drugs that comprise of corticosteroids that are formulated for external application on the site of interest according to requirement.
These drugs serve the primary purpose of controlling inflammation by mimicking the activity of steroid hormones that are otherwise naturally produces by the endocrine system under normal conditions. They also feature properties for immunosuppresants, vasoconstriction and reduces Cell Renewal Factor (CRF) among others.
Dermatology steroids are mostly used to address indications such as atopic dermatitis, contact dermatitis, discoid lupus erythematosus, dry skin, insect bites, intertrigo, Alopecia areata, Atopic dermatitis (resistant), Discoid lupus erythematosus, Lichen planus, Granuloma annulare etc.
Global Dermatology Steroids (AEDs) market is expected to flourish at a CAGR of 4.3% over the forecast period i.e. 2017-2027. Further, the market of Dermatology Steroids is expected to reach USD 4.8 Billion by the end of 2027.
Geographically Asia Pacific market is expected to grow at the highest CAGR due to rising awareness regarding preventive treatment for skin diseases in emerging economies such as China and India. Further among all Asia’s countries China has largest market share in the regional platform and is expected to continue its dominance over the forecast period. Increasing prevalence of diseases such as dermatitis, eczema etc. in these regions is expected to result in an increased demand for dermatology steroids.
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Also, Europe market is expected to increase on a moderate pace due to austerity measures to cut down on public expenditures to tackle financial crisis such as the scenario in Spain. However countries such as Germany, France and Italy are expected to show increasing revenue over the forecast period. This is primarily due to encouraging government reimbursement policies to address the growing demand for dermatological products from the consumers.
Further, North America dermatology steroids market is expected to grow at a substantial rate over the forecast period. Further, factors such as increased healthcare expenditure to mitigate the rising disease prevalence are expected to be the dynamic factor for the growth of dermatology steroids market in this region.
Our in-depth analysis has segmented global expandable polystyrene market into the following segments:
Global Dermatology Steroids market is further classified on the basis of region as follows:
One of the most commonly found indication for the usage of dermatology steroids are eczema. It has been observed that roughly 20% of children are affected by eczema and about 3% of the adult population suffers from the same globally. Also this is more prevalent in developing countries. This is contributing to the global disease burden due to which there have been an increasing number of pharmaceutical companies investing their resources towards developing more effective Dermatology Steroids to control the effects, minimize the incidence rates and to reduce the adverse effects of traditionally used drugs. Also, the government bodies are spending more on healthcare globally to improve the quality of life. This along with growing awareness among people towards advanced treatments is expected to positively move the market for Dermatology Steroids globally.
However, the increasing cost of the drugs with limited accessibility in low and middle income countries resulting in a treatment gap is expected to hamper the market growth.