Methylprednisolone Market size is forecast to reach $852.7 Million by 2025, growing at a CAGR of 3.21% during the forecast period 2020-2025. Methylprednisolone, sold under the brand name Depo-Medrol among others, is a corticosteroid medication and immunosuppressive drug used to suppress the immune system and decrease inflammation. Methylprednisolone is used to treat conditions such as arthritis, blood disorders, severe allergic reactions, certain cancers, eye conditions, skin/kidney/intestinal/lung diseases, and immune system disorders. Intravenous methylprednisolone (Solu-medrol) has been shown effective in the treatment of chemotherapy-induced nausea and vomiting.This medication is a corticosteroid hormone. Methylprednisolone is known to interact with drugs like indomethacin, carvedilol and enalapril, which in some cases turns out to provide side effects. Methylprednisolone can also be used with other medications in hormone disorders. Rapidly increasing chronic disorders among the growing geriatric population, increasing frequency of brain tumors and dermatological problems, rapid market developments by key market players and growing health awareness are driving the market growth in recent years. In addition, developments by market players like Oakrum Pharma are other factors driving the growth of the market.
Product – Segment Analysis
Infusion Type held the largest share in the product type segment of Methylprednisolone Market in 2019 and is estimated to grow at a CAGR of 3.78% during the forecast period 2020-2025. Methylprednisolone is part of a potent class of anti-inflammatory agents, known as corticosteroids. IV methylprednisolone is administered in a hospital or outpatient infusion center. Growing uses of ambulatory infusion pumps and increasing numbers of cases of chronic disorders have fuelled the growth of this segment. Oral Type held the second largest share in 2019, owing to formulation and repositioning of drugs using advanced oral delivery systems, and huge investments by key market players for in-house capabilities of development of oral drug delivery technologies. Infusion Type is estimated to be the fastest growing segment and is set to register the highest CAGR during the forecast period 2020-2025, owing to more investments in infusion devices for drugs by key market players and various advantages of Infusion Pump like accurate medications and technological innovations in healthcare sector.
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Application Type – Segment Analysis
Medical Applications holds the major share in the application type segment of Methylprednisolone Market in 2019. Methylprednisolone is used to treat many different inflammatory conditions such as arthritis, lupus, psoriasis, ulcerative colitis, allergic disorders, gland (endocrine) disorders, and conditions that affect the skin, eyes, lungs, stomach, nervous system, or blood cells. Growing incidences of these disorders among a major section of the population and growing demand for efficient drug treatment have driven the market growth of this segment. Research & Development segment is forecast to grow at the fastest rate with the highest CAGR during the forecast period 2020-2025, owing to increasing investments by market players and demand for better advanced drugs for fighting the diseases. “The Perspectives of Immune Therapy in Coronavirus Disease 2019,” were published in the Journal of Korean Medical Science, which demonstrated methylprednisolone effects in severe Covid-19 patients, showing the elevation of lymphocyte counts, a decrease of inflammatory markers, partial or complete resolution of specific lung affections, and negative nasal and oropharyngeal swab tests within a few days of therapy.
Geography – Segment Analysis
North America dominates the geography segment of Methylprednisolone Market with a share of more than 36.25% in 2019, followed by Europe. The well-developed economy of the region, rising health care expenditure, increasing incidence of chronic and other diseases and increasing investments by key market players for better R&D activities in this region have helped in the growth of Methylprednisolone Industry infrastructure. Europe held the second place in the geography segment share of the market, owing to presence of well-developed healthcare facilities, increasing prevalence of lifestyle related diseases and presence of key market players in this region.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025. This is owing to gradual growth of infusion pump market, increasing awareness about lifestyle diseases, and increasing disposable income of the population.
Drivers – Methylprednisolone Market
Increasing prevalence of lifestyle related diseases
Lifestyle diseases like hypertension, diabetes mellitus, dyslipidemia and overweight/obesity are the major risk factors for the development of cardiac disorders. With rapid economic development and increasing westernization of lifestyle in the past few decades prevalence of these diseases has reached alarming proportions among people in the recent years. More than 7 million people die of cancer each year and 30% of those diseases are attributed to lifestyle choices. Some of the most under-diagnosed conditions, chronic respiratory diseases (CRD) are a potent cause of death globally with 90% of the deaths taking place in low-income countries. This drives the demand for corticosteroids, primarily methylprednisolone in the drug market.
Technological advancements in drug discovery process
Technology has been a major driver of advances in drug discovery. Automation, nanofluidics, and assay technologies have played a major role in making the manufacturing and processing steps easier. For instance, Oakrum Pharma and Sungen Pharma have launched the genric version of Medrol after much demand for efficient and advanced acting drug. As a result, this is projected to drive the Infusion Market growth during the forecast period 2020-2025.
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Challenges – Methylprednisolone Market
Stringent regulatory policies of government
Governments have the responsibility to protect their citizens in the areas where the citizens themselves are not able to do so. Thus, Governments need to establish strong policies to ensure that the manufacture, trade and use of drugs and medicines are regulated effectively. Given some minor side effects or interactions of methylprednisolone with action of other drugs, there are regulations on its prescription and dosage as well as manufacturing composition. This is anticipated to hamper the market growth during the forecast period 2020-2025.
Methylprednisolone Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Methylprednisolone Market. In 2019, Methylprednisolone Market share is consolidated by the top players present in the market. Methylprednisolone Market top 10 companies are Oakrum Pharma, Intelgenx Corp, Jubilant Cadista Pharmaceutical Inc, Pfizer Inc., Pharmacia, Sandoz, Teva Pharmaceutical, Tianjin Kingyork, Opko Health and Zhejiang Xianju Pharmaceutical Co.,Ltd. among others.
In October 2019, Oakrum Pharma and SunGen Pharma announced the U.S. launch of generic version of Medrol (Methylprednisolone).
In March 2020, Pfizer Inc. announced that JADE COMPARE (B7451029) met its co-primary efficacy endpoints. Medicated topical therapy for corticosteroids were tested by participants with subcutaneous injections and therapies. The results hence found after trials were successful.
In August 2016, OPKO Health completed acquisition of transition therapeutics. This would help it expand its global market of corticosteroids.
North America dominated the Methylprednisolone Market in the year 2019, owing to the well-developed economy of the region, rising health care expenditure, increasing incidence of lifestyle-related diseases and increasing investments by key market players for better R&D activities. The Methylprednisolone Market scope for different regions will be provided in the final report.
Increasing prevalence of chronic diseases among a big quarter of the population, rising demand for topical corticosteroids, technological advancements in drug discovery process and rapid surge in investments for R&D activities and innovations in drugs by key market companies have helped in significant growth of Methylprednisolone Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Methylprednisolone Market report.
Stringent regulatory government policies for drug development is anticipated to hamper the market growth of the Methylprednisolone Industry.
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