The Mometasone Furoate market is estimated to be valued at US$ 1273.44 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mometasone furoate is a synthetic corticosteroid used for the treatment of various dermatological conditions including eczema, psoriasis, contact dermatitis, and others. It comes in various formulations including cream, ointment, lotion, and others. Mometasone furoate suppresses skin inflammations, redness, itching, and other related symptoms in mild to moderate dermatological conditions.
Market Dynamics:
Increasing prevalence of dermatological conditions such as eczema, psoriasis, contact dermatitis, and others are expected to drive the growth of the mometasone furoate market over the forecast period. As per World Health Organization report 2022, around 100 million people worldwide were living with psoriasis. Furthermore, rising awareness regarding available treatment options is also anticipated to propel the market growth. Some other key factors expected to boost the demand for mometasone furoate include rising healthcare expenditures, focus of key players on R&D activities to develop new formulations, and availability of generic drugs at affordable prices. Additionally, increasing preference for topical corticosteroids over oral counterparts owing to fewer side effects is also projected to accelerate the market growth during the forecast period.
SWOT Analysis
Strength: Mometasone Furoate has high efficacy in treating skin conditions such as psoriasis, dermatitis, and eczema. It has minimal side effects compared to other corticosteroids. It is widely available in generic forms which makes it affordable for many patients.
Weakness: Overusage of the drug can cause side effects such as skin irritation and thinning. Stopping the treatment abruptly may cause withdrawal symptoms.
Opportunity: Rising incidences of allergic rhinitis and popularity of topical drugs for treating eczema has opened growth opportunities for Mometasone Furoate. Growing geriatric population prone to skin ailments also presents an opportunity.
Threats: Availability of alternative treatment options poses competition in the market. Stringent regulations for approval of generic drugs hinder the entry of new players.
Key Takeaways
The global Mometasone Furoate Market Share is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of allergic rhinitis and skin diseases. According to American Academy of Allergy Asthma & Immunology, allergic rhinitis affects 10-30% of the global population. Growing pollution levels have augmented cases of skin inflammation.
Regional analysis: North America dominates the global Mometasone Furoate market and is expected to continue its dominance over the forecast period. This is attributed to growing healthcare expenditure, presence of major market players, and higher adoption of topical drugs in the region. Asia Pacific exhibits the fastest growth rate owing to rising healthcare industry, surge in medical tourism, and growing consumer awareness about skin diseases in countries like India and China.
Key players
Key players operating in the Mometasone Furoate market are Cipla, Teva Pharmaceuticals, Glenmark Pharmaceuticals, AdvaCare Pharma, Medlab Pharmaceuticals Private Limited, Dermocare Laboratories, Iva Healthcare Private Limited, Unilab Chemicals & Pharmaceuticals Pvt Ltd, Organon group of companies, Cosette Pharmaceuticals, Taro Pharmaceutical Industries Ltd., and Hikma Pharmaceuticals. These players are focusing on regional expansion and new product launches to increase market share.
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