Market Overview
Mometasone furoate, a synthetic corticosteroid, is widely used in the treatment of various conditions including allergic rhinitis, asthma, and skin disorders such as psoriasis and eczema. The market for mometasone furoate is experiencing significant growth driven by several key factors.
Market Size and Growth Projections
As of 2023, the global mometasone furoate market was valued at approximately USD 1 billion[1][4].
- This market is projected to grow at a Compound Annual Growth Rate (CAGR) of around 7-7.4% over the forecast period from 2024 to 2030 or 2036, depending on the source[1][2][4].
- By the end of 2036, the market is expected to reach USD 3 billion[1].
- Alternatively, by 2030, the market is estimated to be valued at around US$ 2,099.8 million[2].
Driving Factors
Increasing Prevalence of Respiratory Disorders
The rising incidence of uncontrolled asthmatic conditions and other respiratory disorders such as chronic rhinosinusitis (CRS) and allergic rhinitis are major drivers of the mometasone furoate market. According to the CDC, about 44% of children and 60% of adults suffer from uncontrolled asthma, contributing significantly to the demand for mometasone furoate[1].
Growing Awareness of Skincare and Well-being
There is a growing awareness and focus on skincare and overall well-being, leading to an increased demand for dermatological treatments. Mometasone furoate, being effective in treating skin conditions like psoriasis and eczema, benefits from this trend[1].
Expanding Aging Population
The global aging population is another factor contributing to the growth of the mometasone furoate market. As people age, they are more likely to suffer from chronic conditions that require long-term treatment, including those treated with mometasone furoate[1].
Impact of COVID-19
The COVID-19 pandemic has had a positive impact on the growth of the mometasone furoate market. Studies have shown that intranasal mometasone furoate spray can improve olfactory and taste dysfunctions caused by COVID-19, further boosting its demand[2].
Research and Development Activities
Increasing research and development activities are a significant driver of the mometasone furoate market. For instance, a study in India developed an aspasomal mometasone furoate gel that delivers medication at a controlled rate, requiring minimal doses to treat psoriasis. Such innovations expand the scope of treatment and enhance the market growth[2][4].
Product Launches and Approvals
Market players are actively engaged in launching new products and obtaining regulatory approvals, which is expected to drive the market growth. For example, the U.S. FDA approved Perrigo Company plc's Nasonex 24HR Allergy (mometasone furoate) nasal spray in March 2022, which treats symptoms of hay fever and other upper respiratory allergies[2].
Regional Analysis
The global mometasone furoate market is segmented into several regions, including North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Europe is expected to witness significant growth due to increasing approvals for mometasone furoate spray. For instance, Glenmark Pharmaceuticals Ltd. received permission to market Momate Rhino (Mometasone Furoate 50 mcg) nasal spray as an OTC medication in Russia in April 2019[2].
Competitive Landscape
The competitive landscape of the mometasone furoate market is dynamic, with several key players involved in product development, launches, and regulatory approvals. Companies like Perrigo Company plc and Glenmark Pharmaceuticals Ltd. are prominent in this market, driving innovation and growth through their activities[2].
Restraints
Despite the growth prospects, the mometasone furoate market faces some restraints. One of the significant challenges is the side effects associated with the use of mometasone furoate, particularly in its nasal spray form. These side effects can include nasal congestion, runny nose, and other respiratory issues, which may hamper market growth[2].
Price Projections and Availability
The prices of mometasone furoate products vary based on the formulation and region. For example, in the UK, mometasone furoate cream or ointment can be purchased online starting from £18.69 for a 30g tube[5].
Broader Market Context
The mometasone furoate market is part of the larger nasal corticosteroids market, which is also experiencing significant growth. The global nasal corticosteroids market was valued at US$ 6.6 billion in 2023 and is projected to reach US$ 11.4 billion by 2034, growing at a CAGR of 5.2%[3].
Key Takeaways
- The global mometasone furoate market is valued at approximately USD 1 billion as of 2023 and is projected to grow to USD 3 billion by 2036.
- The market is driven by increasing prevalence of respiratory disorders, growing awareness of skincare, and expanding aging population.
- Research and development activities, along with product launches and approvals, are key drivers of market growth.
- Europe is expected to witness significant growth due to increasing regulatory approvals.
- Side effects associated with mometasone furoate are a restraint to market growth.
- The broader nasal corticosteroids market is also experiencing substantial growth.
FAQs
Q: What is the current market size of mometasone furoate?
The global mometasone furoate market was valued at approximately USD 1 billion as of 2023[1][4].
Q: What is the projected growth rate of the mometasone furoate market?
The market is expected to grow at a CAGR of around 7-7.4% over the forecast period from 2024 to 2030 or 2036[1][2][4].
Q: What are the main drivers of the mometasone furoate market?
The main drivers include the increasing prevalence of respiratory disorders, growing awareness of skincare, and the expanding aging population[1].
Q: Are there any restraints to the growth of the mometasone furoate market?
Yes, side effects associated with the use of mometasone furoate, particularly in its nasal spray form, are expected to hamper market growth[2].
Q: How does the COVID-19 pandemic impact the mometasone furoate market?
The COVID-19 pandemic has positively impacted the market as studies have shown that intranasal mometasone furoate spray can improve olfactory and taste dysfunctions caused by COVID-19[2].
Sources
- Research Nester: Mometasone Furoate Market Size - Research Nester
- Coherent Market Insights: Mometasone Furoate Market Size, Trends and Forecast to 2030
- GlobeNewswire: Nasal Corticosteroids Market to Reach Over $11.4 Billion by 2034 Amid Rising Chronic Respiratory Disorders | Transparency Market Research, Inc.
- Coherent Market Insights: Mometasone Furoate Market Size and Trends
- My Pharmacy: Buy Mometasone Furoate 0.1% Online | Psoriasis Treatment
