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Hydrocortisone Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Hydrocortisone Global Market Report 2024
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According to The Business Research Company's, The hydrocortisone market size has grown strongly in recent years It will grow from $1.43 billion in 2023 to $1.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.4% The growth in the historic period can be attributed to rising skin disorder prevalence, an aging population, increased awareness and accessibility, pharmaceutical industry growth, and emerging market expansion.
The hydrocortisone market size is expected to see strong growth in the next few years It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to technological advancements, OTC demand surge, research and demand investments, growing disposable income, expanded distribution channels. Major trends in the forecast period include natural ingredient focus, combination therapies, personalized treatments, hydrocortisone-infused products, and sustainability emphasis.
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Market Drivers and Trends:
The increasing prevalence of inflammatory and autoimmune diseases is expected to propel the growth of the hydrocortisone market going forward. Inflammatory and autoimmune diseases are conditions where the immune system mistakenly attacks the body's tissues, causing chronic inflammation and tissue damage. The rising adoption of treatments for inflammatory and autoimmune diseases is due to the increasing prevalence of these conditions and advancements in medical therapies. Hydrocortisone is used in inflammatory and autoimmune diseases such as severe asthma exacerbations to reduce airway inflammation and improve breathing rapidly. It is typically administered intravenously in emergencies. For instance, in May 2024, according to the data published by the National Center for Health Statistics (NCHS), a U.S.-based health statistics agency, the prevalence of current asthma among adults aged 18 and over in the United States increased from 8.4% in 2021 to 8.7% in 2022. Additionally, asthma episodes in the past 12 months for adults in the same age group rose from 3.3% in 2021 to 3.7% in 2022. Therefore, the increasing prevalence of inflammatory and autoimmune diseases will drive the growth of the hydrocortisone market.
Major companies operating in the hydrocortisone market are focusing on combination therapies, such as lotions combined with butyrate active ingredients, to enhance treatment efficacy and broaden their product portfolios. Hydrocortisone combined with butyrate lotion offers a potential synergy in managing skin conditions by leveraging hydrocortisone's anti-inflammatory properties alongside butyrate's immunomodulatory effects and potential for improving skin barrier function. For instance, in November 2023, J. Molner AS., an Estonian-based pharmaceutical company, launched Hydrocortisone Butyrate Lotion, 0.1%, in the United States, marking a key milestone in its strategy to build a commercial platform for its pharmaceutical products in global markets. The newly available lotion is designed to treat inflammatory skin conditions, reflecting Molner's commitment to expanding its international market presence.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, Merck & Co Inc, AbbVie Inc., Bayer AG, Novartis AG, The Dow Chemical Company, GlaxoSmithKline plc (GSK), Viatris Inc., Solvay SA, Teva Pharmaceutical Industries Ltd., Alcon Inc, Sandoz International GmbH, Valeant Pharmaceuticals International Inc, Fresenius Kabi AG, Macleods Pharmaceuticals Limited, Sun Pharmaceutical Industries Ltd., Bausch & Lomb Incorporated, Hikma Pharmaceuticals PLC, Aspen Pharmacare Holdings Limited, Ivax Pharmaceuticals Inc, Glenmark Pharmaceuticals Ltd., Torrent Pharmaceuticals Limited, Impax Laboratories LLC, Akorn Incorporated, Taro Pharmaceutical Industries Ltd, Lannett Company Inc, Salix Pharmaceuticals Inc
Hydrocortisone Market 2024 Key Insights:
• The hydrocortisone market size is expected to see strong growth in the next few years It will grow to $1.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Prevalence Of Inflammatory And Autoimmune Diseases To Drive Growth In Hydrocortisone Market
• Hydrocortisone And Butyrate Combination Therapies Expand Treatment Horizons
• North America was the largest region in the hydrocortisone market in 2023
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