Hydrocortisone is the medical name of hormone, corticosteroid. Naturally corticosteroid is made by adrenal gland inside adrenal cortex. Medicinally, hydrocortisone is used in various conditions such as allergic reactions (itching, swelling, redness), arthritis, neurological conditions (multiple sclerosis), lupus, certain type of cancers (leukemia, lymphoma, and multiple myeloma) and nausea and vomiting associated with some chemotherapy drugs, to treat low hydrocortisone levels caused due to Addison’s disease, adrenocortical insufficiency, and different thyroid related complications.
Hydrocortisone Market - Market Dynamics
One of the major driver for growth of the hydrocortisone market is increasing incidence of disease such as cancer, allergic reactions, arthritis, thyroid disease, and others. International Agency for Research on Cancer in September 2018, released report titled GLOBOSCAN, which estimated latest data on cancer. According to the report, there were 18.1 million new cancer cases and 9.6 million cancer deaths in 2018, worldwide. One out of five men and one out of six women worldwide develop cancer during their lifetime, and one out of eight men and one out of 11 women die from the disease. Worldwide, the total number of people who are alive within 5 years of a cancer diagnosis, called the 5-year prevalence, is estimated to be 43.8 million.
However, several side effects associated with the use of hydrocortisone may inhibit the market growth. For instance, there is high chance of infection while utilizing hydrocortisone for reducing inflammation (swelling) in cancer patients as it prevents white blood cells from entering into site of inflammation which in turn may compromise ability to produce immune response in patients’ body after infection incidence.
Hydrocortisone Market - Regional Insights
On the basis of geography, hydrocortisone market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to be dominant region in the hydrocortisone market during forecast period. This is owing to the fact that U.S. has highly valued healthcare spending for various disease including cancer, COPS/asthma, arthritis and allergic reactions. OECD data in 2016 suggests that U.S. has per capita healthcare expenditure of US$ 8,000. According to factsheet by Asthma and Allergy Foundation of America, there are more than 50 million U.S. citizens affected by the various types of allergies each year and it is 6th leading cause of chronic illness in the U.S. According to same source, in 2015, 8.2% of adults and 8.4% of children were diagnosed with hay fever. Asia Pacific region is expected to witness high growth over the forecast period. This is due to increasing number of deaths due to cancer in the region. According to data given by International Agency for Cancer Research in 2018, the proportions of cancer deaths in Asia and in Africa is 57.3% and 7.3%, respectively.
Hydrocortisone Market - Competitive Landscape
Key players operating in the hydrocortisone market are AstraZeneca plc, GlaxoSmithKline plc, Merck & Co. Inc., Pfizer Inc., Sandoz AG (Novartis AG), Sanofi S.A, Actimis Pharmaceuticals, and others.
Hydrocortisone Market - Market Taxonomy
On the basis of product type, the global hydrocortisone market is segmented into:
On the basis of indications, the hydrocortisone market is segmented into:
On the basis of distribution channel, the hydrocortisone market is segmented into:
On the basis of geography, the hydrocortisone market is segmented into:
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