Mometasone Furoate Market poised to expand stably at 22% CAGR by 2031

 
Mometasone Furoate Market Demand

The mometasone furoate market is experiencing stable growth driven by increased usage of topical corticosteroids for asthma and other respiratory diseases. Mometasone furoate is a topical corticosteroid used for the treatment of inflammation and itching caused by various dermatological conditions. It demonstrates high potency and safety, along with once-daily administration which ensures high patient compliance.

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.

As a potent topical corticosteroid, Mometasone Furoate Market Demand finds wide application in treatment of inflammatory skin conditions like eczema and psoriasis. It provides effective and fast relief from itching, redness and swelling associated with these diseases. Rising incidence of respiratory disorders along with growing preference for corticosteroids with improved safety profiles is driving market growth.

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 increasing demand for advanced therapeutics for asthma, chronic obstructive pulmonary disease and other respiratory ailments is a major driver for mometasone furoate market. Growing prevalence of allergic rhinitis, chronic sinusitis and other inflammatory conditions globally is expected to boost consumption.

Rising healthcare infrastructure and expenditures in emerging nations is fueling the expansion of mometasone furoate market across regions like Asia Pacific, Latin America, and Middle East & Africa. Increasing generic competition and influx of domestic manufacturers in developing countries is making these medications more affordable.

Market Key Trends

One of the key trends in the mometasone furoate market is the introduction of novel drug delivery systems. Researchers are developing formulations like sprays, suspensions and orally dissolving tablets to enhance patients' treatment experiences. Initiatives are ongoing to design sustained and controlled release preparations for minimizing administration frequency.

Furthermore, combination therapies gaining ground. Studies are evaluating efficacy of integrating mometasone furoate with other anti-allergics or cold and flu medications. This can offer multiplied benefits and treat co-morbid conditions effectively.

Porter’s Analysis

Threat of new entrants: Low barriers of entry due to availability of raw materials and basic manufacturing techniques. However, well established brands create customer loyalty.

Bargaining power of buyers: Moderate as buyers have several alternatives for treatment of various skin conditions. However, brand loyalty keeps bargaining power in check.

Bargaining power of suppliers: Moderate as key raw materials are commodity chemicals with global suppliers. Suppliers have moderate differentiability.

Threat of new substitutes: Moderate threat from new topical corticosteroids and other therapies for treatment of inflammatory skin conditions.

Competitive rivalry: High as the market is dominated by few major global players. Intense non-price competition to capture greater market share.

Geographical Regions

North America accounts for the largest share of the Mometasone Furoate Market Regional Analysis in terms of value. This is attributed to the high incidence of inflammatory skin diseases and the strong presence of major pharmaceutical companies in the region.

Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising pharmaceutical R&D spending, growing medical tourism, and increasing healthcare awareness in emerging countries such as India and China.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)


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