by The mometasone furoate market is primarily driven by the increasing prevalence of allergic diseases globally. Mometasone furoate is a potent glucocorticoid and is commonly used as an anti-inflammatory medication for treating conditions like asthma, hay fever, eczema and hives. Increasing incidence of asthma and allergic rhinitis along with expansion of medical facilities across emerging economies is pushing the demand for mometasone furoate drugs.
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.
Mometasone Furoate Market Size is a synthetic corticosteroid applied to the skin or inhaled for various inflammatory disorders. It works by reducing the actions of chemicals in the body that cause inflammation and allergic reactions. Mometasone furoate drugs are available in various forms like creams, lotions, ointments and as a nasal spray depending on the condition to be treated. The drug is highly effective in reducing itching, redness and swelling associated with allergic conditions. The nasal spray form of mometasone furoate is commonly used for treating symptoms of seasonal and perennial allergic rhinitis like sneezing, stuffy nose and runny nose.
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 key opportunities in the mometasone furoate market include development of advanced drug delivery systems, expansion in emerging markets and growing health awareness. Regulatory approvals for new drugs formulations will further support market growth.
The mometasone furoate market is expanding globally with increasing demand from Asia Pacific and Latin America. Rising healthcare expenditures and improving access to healthcare systems will drive the market in developing nations.
Market Drivers
The main driver which is pushing the growth of mometasone furoate market is increasing number of people suffering from allergic diseases. As per some statistics, around 25 million Americans are affected by seasonal allergies each year. Furthermore, around 300 million people suffer from asthma disease globally. Rising air pollution levels and changes in climate are major factors leading to surge in allergic conditions. This expanding patient pool will continue driving volumes in mometasone furoate market over the forecast period.
PEST Analysis
Political: The pharmaceutical industry is highly regulated with regulations around drug approval, manufacturing, commercialization, and pricing resulting in longer approval times and compliance costs. Changes in healthcare reforms and international trade policies also impact the industry.
Economic: Factors like GDP growth, disposable income, health insurance penetration influence the growth of the pharmaceutical sector and access to new drugs. Economic downturns may reduce healthcare budgets impacting R&D investments and sales.
Social: Changes in diseases patterns and life expectancy impact demand for new and existing drugs. Growing health awareness and shift towards preventive healthcare also drive the demand for pharmaceuticals.
Technological: Advancements in areas of biologics, targeted therapies, and regenerative medicines open up new opportunities. Technologies such as AI/ML also help accelerate drug discovery and development processes reducing costs and times to market. Data security and regulations around new technologies need careful consideration.
Geographical concentration
The North American region accounts for the largest share in the Mometasone Furoate market in terms of value owing to high healthcare spending and accessibility to advanced treatments. The US holds over 50% market share.
Fastest growing region
The Asia Pacific region is expected to be the fastest growing market for Mometasone Furoate during the forecast period. Factors such as rising healthcare spending, large patient pool, increasing generic drug production, and growing pharmaceutical industry in countries like China and India are driving the market growth in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
