by The Mometasone Furoate market has been growing significantly over the past few years on account of increasing application of topical steroid medications for skin conditions such as eczema. Mometasone Furoate is a corticosteroid medication used to treat a variety of skin conditions such as eczema, psoriasis, allergic rashes and dermatitis. It works by reducing inflammation and itching. The global demand for Mometasone Furoate has been rising tremendously owing to the increasing demand for potent topical corticosteroids with high safety profiles for treating inflammatory skin diseases.
The global Mometasone Furoate market is estimated to be valued at US$ 1467.01 Bn in 2024 and is expected to exhibit a CAGR of 22.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Mometasone Furoate market are Thermo Fisher Scientific, Merck KGaA, Danaher Corporation, Lonza Group, Miltenyi Biotec, Takara Bio Group, CellGenix GmbH, FUJIFILM Irvine Scientific, Agilent Technologies, Bio-Techne Corporation, Bio-Rad Laboratories, BD, Charles River Laboratories, Creative Bioarray, Sartorius AG, Novogene Corporation, AGC Biologics, Catalent, WuXi AppTec, ReachBio LLC.
The key opportunities in the Mometasone Furoate Market Size include increasing R&D investments for developing novel topical formulations and combination therapies using Mometasone Furoate. Growing demand for generic and biosimilar versions of Mometasone Furoate drugs also presents lucrative opportunities.
Technological advancements such as development of nanoparticle-based drug delivery systems and gel formulations are helping enhance the efficacy and stability of Mometasone Furoate. Improved formulations allow for controlled and targeted delivery of the drug.
Market Drivers
The primary driver for the Mometasone Furoate market is the rising prevalence of inflammatory skin diseases globally. As per estimates, over 300 million people globally suffer from eczema. Growing geriatric population is another key factor as older people are more prone to chronic skin conditions. Increasing healthcare spending in emerging nations is supporting the uptake of advanced topical corticosteroids in these countries. Favorable government regulations and reimbursement policies are also pushing the market growth upwards.
Current challenges in Mometasone Furoate Market:
The mometasone furoate market is facing challenges due to rising competition among existing players. Developing generic versions of patented drugs is restricting the growth of innovator brands. Stringent regulations for drug approvals are further delaying the launch of new products. The COVID-19 pandemic has disrupted the supply chain and production of mometasone furoate. This has negatively impacted the market growth.
SWOT Analysis
Strength: Wide range of applications in conditions like asthma, dermatitis, allergic rhinitis. Good safety profile with minimal systemic side effects.
Weakness: Short shelf life of ointment and cream formulations. Requires frequent administration for effective treatment.
Opportunity: Emerging markets in Asia Pacific and Latin America present large untapped potential. Launch of fixed-dose combination therapies can drive growth.
Threats: Patent expiries of blockbuster brands allowing generic competition. Rising development and regulatory costs can discourage new product innovations.
Geographical regions where market in terms of value is concentrated:
North America holds the largest share of the global mometasone furoate market, both in terms of value and volume. This is attributed to the high prevalence of allergic and respiratory conditions, strong healthcare infrastructure, and availability of advanced treatment options. The United States represents the most lucrative market within the region.
The fastest growing region for Mometasone Furoate Market:
Asia Pacific region is projected to witness the fastest growth during the forecast period from 2024 to 2031. This can be attributed to increasing healthcare spending, large patient pools, growing awareness about available therapies, and rapid economic development in many Asian countries. China and India are anticipated to drive the market growth in the foreseeable future.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
