Dexamethasone Market by Route of Administration [Oral, Parenteral and Topical], Application [Asthma, Rheumatoid Arthritis, COVID-19 and Ulcerative Colitis], Distribution Channel [Hospitals Pharmacy, Retail Pharmacy and Online Pharmacy] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global dexamethasone market was pegged at ~US$ 500 million in 2020. The market is expected to witness a CAGR of ~6% from 2021 to 2031.
Rising prevalence of disease such as asthma, rheumatoid arthritis & allergic diseases, growing cases of COVID-19, and growing public & private initiatives are some of the pivotal factors propelling the growth of the dexamethasone market. However, shortage of drug owing to rising demand is likely to restrain market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of dexamethasone by providing the necessary funding, grants, permissions, clearances & approvals to meet the needs of the healthcare sector. For instance, in Jul 2020, Japan’s health ministry approved dexamethasone, a cheap and widely used steroid, as a second treatment of COVID-19 after a trial in U.K showed the drug reduced death rates in hospitalized patients.
The rapid spread of coronavirus disease (COVID-19) across almost every country worldwide, has resulted in severe outcomes, across all these regions. The first case of COVID-19 was found in Dec 2019, by the end of Dec 2020, the count has surged to more than 90.3 million globally. Dexamethasone is a medicine that decreases inflammation by producing anti-inflammatory hormones by the human body. To fight off the novel coronavirus, the body’s immune system causes inflammation to occur. In its response, the immune system sometimes goes into overdrive (proving to be fatal in some cases) and dexamethasone helps to calm this effect. A randomized, controlled clinical trial in the United Kingdom has found dexamethasone can save the lives of people seriously ill with COVID-19. Shortly after the results were released, the U.K government immediately authorized the use of dexamethasone for patients hospitalized with COVID-19 who required oxygen, including those on ventilators.
Furthermore, the World Health Organization (WHO) has also recommended doctors to use anti-inflammatory drug corticosteroids like dexamethasone and hydrocortisone in the treatment of COVID-19, following an analysis of various trials that proved to reduce deaths in critically ill patients by 20%, a drop from two deaths per five patients to one in three.
However, the shortage of drugs owing to rising demand and challenges in increasing production & rapid distribution of dexamethasone worldwide is expected to slow down the growth of the market to a certain extent. Positive results from the British clinical trials for treatment for severe COVID-19 patients have raised the demand for the drug globally. Rising demand has also eventually raised the price of the drug.
The Asia Pacific region is projected to be the fastest-growing dexamethasone market. The high growth of the region can mainly be attributed to increasing investments by public & private sectors for R&D activities and the presence of prominent players. China is the major exporter of the API (active pharmaceutical ingredient) for dexamethasone. Whereas, India has at least 20 established brands selling the drug. Indian companies export dexamethasone, to over 107 countries. In FY 2019-20, India exported 5.35 lakh tonnes of dexamethasone worth $15.34 million. The U.S. was the bigger buyer worth $5.17 million, Nigeria $ 1.88 million, Canada $1.02 million, Russian Federation $0.92 million, and Uganda $0.91 million.
Some of the prominent players operating in the dexamethasone market are Novartis AG, Pfizer Inc., Cadila Pharmaceuticals., Sun Pharmaceutical Industries Ltd., Allergan, Zydus Cadila, Fresenius Kabi USA, GLS pharma ltd., Hikma Pharmaceuticals PLC, Ocular Therapeutix, Inc. among others.