Dexamethasone Market is expected to witness substantial CAGR from 2020 to 2030.
Latest research findings from Market Industry Reports (MIR) report titled “Dexamethasone Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” suggests that the global dexamethasone market is expected to witness substantial CAGR from 2020 to 2030.
The market growth can be attributed to several factors, which has led to its wide-scale adoption. Growing prevalence of asthma & allergic diseases and increasing demand of dexamethasone drug worldwide for the treatment of COVID-19 are anticipated to fuel the demand of dexamethasone in the coming years. However, issues with quality control and possibility of shortage of drug are likely to restrain the market growth to a certain extent.
Citing the promising prospects of the market, government bodies and organizations across the globe are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, in July 2020, The U.N. Children's Fund (UNICEF) proposed negotiation for the advance purchase of dexamethasone for up to 4.5 million people in low & middle-income countries under the deal led by UNITAID and Wellcome. According to a joint statement from both agencies, the deal is part of the World Health Organization (WHO)’s plan to accelerate access to therapeutics in the battle against the global pandemic.
Around 10%–30% of the world population suffers from seasonal allergies and asthma. According to American College of Allergy, Asthma & Immunology (ACAAI), allergies are the 6th leading cause of chronic illness in the U.S and more than 50 million Americans suffer from allergies each year. Moreover, asthma affects more than 24 million people in the U.S., including more than 6 million children. Incessantly rising prevalence of asthma & allergic diseases is expected to boost the growth of the market.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Dexamethasone Market by Route of Administration (Oral, Parenteral and Topical), Application (Asthma, Rheumatoid Arthritis, Skin Disorders, COVID-19, Allergic Disorder and Ulcerative Colitis), Distribution Channel (Hospital Pharmacy, Retail Pharmacy and Online Pharmacy) – Global Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/dexamethasone-market/369
Dexamethasone has been identified as a “Major Breakthrough” and a possible treatment for COVID-19. A U.K based trial investigating potential Covid-19 treatments illustrated that dexamethasone can be lifesaving for patients who are critically ill and can also reduce death rates. This has led to precipitous demand of dexamethasone as a preventive measure against COVID-19. Government bodies across the globe are adopting several initiatives/strategies to fast-track the development of such products & therapies by providing the necessary funding, grants, permissions, clearances & approvals to meet the needs of the healthcare sector. For instance, in Jun 2020, the U.K government granted world-first approval to dexamethasone for COVID-19 application, hours after groundbreaking data released showcased that dexamethasone can reduce COVID-19 deaths among hospitalized patients requiring oxygen.
However, quality issues in supply chain are one of the major factors hampering the market growth. For instance, Cadila Healthcare a major Indian manufacturer of intravenous dexamethasone has repeatedly landed in trouble with the U.S. Food and Drug Administration (FDA) for serious problems in its production process. According to a letter from the agency, the company said in October 2019 that it would stop producing injectable drugs for the United States. Furthermore, shortage of the product is also expected to hamper the growth of market to certain extent. According to an independent shortage tracking tool run by the American Society of Health-System Pharmacists, intravenous dexamethasone was already in short supply in the U.S. before the recovery results came out. FDA has also listed the drug as “In Shortage”.
Asia Pacific is expected to be the fastest-growing market for dexamethasone and is anticipated to contribute significantly to the global market share. The growth in this region can be mainly attributed to the presence of prominent players that manufactures and exports dexamethasone active pharmaceutical ingredients (APIs) and formulations. In the year 2019-2020, India exported 5.35 lakh tonnes of dexamethasone worth $15.34 million to over 107 countries. The top five destinations were the U.S. ($5.17 million), Nigeria ($ 1.88 million), Canada ($1.02 million), Russian Federation ($0.92 million) and Uganda ($0.91 million). These top 5 countries account for over 64.54% of the total dexamethasone export from India.
Some of the prominent players operating in the dexamethasone market include Allergan, Ocular Therapeutix, Inc., Zydus Cadila, Cadila Pharmaceuticals, Fresenius Kabi USA, GLS pharma ltd, Pfizer Limited, Novartis AG, Mylan N.V. Sun Pharmaceutical Industries Ltd., among others.
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