The Mometasone Furoate Market is estimated to be valued at US$ 1273.44 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.
Mometasone furoate is a corticosteroid utilized as an anti-inflammatory medication for the treatment of asthma, allergic rhinitis and dermatitis. It is generally available as an inhaler, nasal spray and ointment or cream formulation for external use. As an inhaler and nasal spray, it provides relief from symptoms like congestion, runny nose, sneezing and itching caused due to asthma and allergic rhinitis. As a topical cream or ointment, it reduces inflammation, itching and redness of the skin caused by conditions such as eczema and psoriasis.
Rising cases of allergic respiratory diseases like asthma and allergies globally is a key factor driving the growth of the mometasone furoate market. According to the WHO, around 15–20% of the world’s population is affected by asthma. Moreover, the World Allergy Organization estimated that around 600 million people globally suffer from food allergies while 1-18% of children and 2-10% of adults are affected by nasal allergic rhinitis. Increasing environmental pollution levels leading to high pollen counts is contributing significantly to the growing prevalence of allergic respiratory diseases. Additionally, favorable reimbursement policies for branded drugs in developed nations is promoting the adoption of expensive patented drugs like mometasone furoate for respiratory diseases. However, expiration of patents is leading to the increasing availability of generic drugs thereby creating pricing pressure in the market.
Mometasone Furoate Market is dominated by the Topical therapeutic application segment which holds around 70% market share. This is because mometasone furoate cream and ointment are widely used to treat skin conditions like eczema, psoriasis and dermatitis due to its anti-inflammatory and anti-itching properties.
Political: The regulations around drug discovery, clinical trials and marketing approvals have become more stringent. This increases the compliance costs for companies.
Economic: The rising disposable incomes and growing healthcare spending is boosting the demand for effective dermatological drugs across regions.
Social: Increase in skin disorders due to changing lifestyle and environmental factors is a key factor driving growth. Growing awareness about skin care treatments is also contributing to market growth.
Technological: Companies are investing in R&D to develop novel drug delivery systems like gels, foams to improve efficacy and patient compliance for topical treatments.
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 skin diseases and growing geriatric population vulnerable to chronic disorders.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to the large patient pool, rising disposable incomes, and increasing healthcare spending in the region. Countries like China, India, Japan, and South Korea are expected to drive the regional market.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it