Mometasone furoate cream and ointment are widely used as prescription topical corticosteroids for treating inflammatory skin conditions like eczema and psoriasis. These products reduce inflammation and itching associated with these conditions. Mometasone furoate works by reducing the actions of certain natural substances in the body that cause inflammation.
The Mometasone Furoate Market Demand is expected to witness significant growth due to the rising prevalence of skin diseases like eczema and psoriasis globally. Mometasone furoate offers more potent and safer alternatives to other topical corticosteroids with fewer adverse effects. The increasing healthcare expenditures and growing awareness regarding the treatment of inflammatory skin diseases are further fueling the market growth.
Global mometasone furoate market is estimated to be valued at US$ 1,182.9 million in 2022, and is expected to exhibit a CAGR 7.4% over the forecast period (2022-2030).
Key Takeaways
Key players: 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.
Growing demand: The rising incidence of inflammatory skin diseases and growing geriatric population who are more prone to such conditions are increasing the demand for mometasone furoate products globally.
Global expansion: Key manufacturers are engaging in new product launches, collaborations and geographic expansion strategies to strengthen their presence worldwide and tap the rising demand from emerging Asian and Latin American markets.
Market key trends
One of the key trends witnessed in the Mometasone Furoate Market is the increasing preference of topical over oral corticosteroids due to better safety profiles and localized action of topical products. Other major trend includes the rising focus of manufacturers on introducing fixed-dose combination therapies and co-packaged products to improve patient convenience and compliance.
Porter's Analysis
Threat of new entrants: Low barrier for new entrants as new companies can enter the market with low costs.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from different suppliers.
Threat of new substitutes: Threat of new substitutes is moderate as other treatment options are available.
Competitive rivalry: High as major players compete on basis of price and quality.
Geographical regions with highest market share
North America region holds the highest share in mometasone furoate market in terms of value due to high prevalence of allergic diseases and growing awareness. The United States accounts for the largest market owing to well-established healthcare infrastructure and expenditure.
Fastest growing region
Asia Pacific region is expected to witness the highest growth rate during the forecast period due to rising healthcare spending, increasing disposable incomes, growing patient pool of allergic diseases and improving access to diagnosis and treatment in countries like China and India.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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