July 17, 2024
Mometasone Furoate Market

Mometasone Furoate Market is Estimated to Witness High Growth Owing to Increasing Adoption of Topical Corticosteroids

The Mometasone furoate market has witnessed significant growth owing to increasing use of topical corticosteroids in treatment of various skin diseases like allergies, dermatitis and psoriasis. Mometasone furoate is a synthetic corticosteroid that is primarily used for treatment of dermatitis, psoriasis, and allergic conditions through topical formulations like creams, ointments and lotions. It provides effective itch relief and reduces inflammation, redness and swelling of the skin. The increasing usage of topical corticosteroids over oral medications due to lesser systemic side effects has fueled the demand for mometasone furoate products.

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 Size 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 market include growing production of biosimilars and biologics. Advancements in cell culture media are expected to support large scale production of vaccines and therapeutics leading to high demand for mometasone furoate.

Technological advancements like continuous bioprocessing, single-use bioprocessing and automation have increased efficiency and lowered costs of biopharmaceutical production. This is expected to positively influence the adoption of mometasone furoate in the coming years.

Market drivers
Growing geriatric population vulnerable to chronic diseases like dermatitis and psoriasis is a major market driver. According to WHO, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Rising healthcare expenditure per capita will also contribute to the increasing demand for effective topical treatments like mometasone furoate based formulations.

Current Challenges in Mometasone Furoate Market
The mometasone furoate market is currently facing challenges due to rising prevalence of allergies and skin diseases globally. Factors such as changing lifestyle, growing pollution levels and lack of physical activity have increased risks of various allergic conditions and dermatological diseases. This has propelled demand for effective and affordable treatment options like mometasone furoate in recent years. However, supply chain disruptions caused by the COVID-19 pandemic had negatively impacted production and distribution of mometasone furoate drugs in 2020-21. Stringent regulations surrounding clinical trials and product approval processes also delayed market entry of new players. High costs associated with R&D and marketing of niche dermatology drugs is another major hurdle for smaller companies.

SWOT Analysis
Strength: Wide range of formulations and delivery mechanisms offering effective relief. Strong efficacy and safety profile established over decades of clinical use. Weakness: Presence of cheaper generic alternatives reducing prices and profit margins. Over-reliance on few generic manufacturers exposes market to supply risk. Opportunity: Untapped growth potential in developing nations due to rising incomes and awareness. New formulations targeting specific dermatological conditions can boost revenue. Threats: Stiff competition from alternative corticosteroid drugs reduces market share and bargaining power of companies. Stringent regulations around clinical trials and product approvals pose compliance challenges.

Geographical Regions
The North American region currently accounts for the largest share of over 30% of the global mometasone furoate market in terms of value. This is due to high disease prevalence, favorable reimbursement policies, and established healthcare infrastructure in the US and Canada. The European region holds the second largest market supported by growing generic drug uptake in major countries like Germany, UK and France.

The Asia Pacific region is projected to witness the fastest CAGR of over 23% during the forecast period owing to increasing patient population, rising incidences of allergic and skin diseases, growing per capita healthcare spends and enhanced access to diagnosis and treatment across India and China. Other emerging regions like Latin America and Middle East & Africa also present lucrative opportunities for market players to tap expanding patient needs through strategic business partnerships and licensing agreements with local pharmaceutical companies.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it