Dexamethasone, a type of corticosteroid is being used in treating a lot of critically ill patients suffering from COVID-19 because of its anti-inflammatory and immunosuppressant properties. The initial trials on the effectiveness of the drug in the treatment of patients were done in the UK and after receiving positive results, dexamethasone was included as one of the standard care drugs for emergency care in 2020.
Dexamethasone which is a common drug used to treat inflammation caused due to allergies, arthritis, skin diseases as well asthma in patients has now become one of the most important drugs for COVID-19 patients. Since the drug is relatively cheaper, it is easier to access and use. In July 2020, WHO ordered an increase in the production of dexamethasone which leads to an increase in its market size.
The production of Dexamethasone was increased in the year 2020 which has been forecasted to grow in the upcoming year as well. As per a report fromData Bridge Market Research, the dexamethasone market is expected to grow at a CAGR of 6.65% from 2021-2028. In the current situation where COVID-19 still is prevalent, the demand for dexamethasone has not gone down. The price of the drug has also significantly increased between 2020 and 2021.
Furthermore, the rapid increase in the research and development with this drug as well as the awareness about its use in the treatment of various inflammatory conditions caused due to viral outbreak is also being considered as a reason for the expansion of the dexamethasone market. Another factor that is being considered is the authorization of the production and use of the drugs by WHO as well as the governments around the world.
Apart from the use in COVID-19 treatment, the reason for the growth in the market of not only dexamethasone but also the other corticosteroid drugs is also the increase in the geriatric population around the world. It is seen that these drugs are efficient in the treatment of various chronic diseases common in older patients which has lead to investment in R&D and the introduction of new manufacturers in the market.
The report focused on dexamethasone markets around the world including North and South America, UK, Asia as well as Africa, and concluded that the rapidly rising cases in both North Americas, as well as the Asia-Pacific regions, predict significant growth in the dexamethasone market in 2021. North America has been predicted to show the most growth in Dexamethasone market size.
Along with this the dexamethasone b2b marketing is also gaining popularity with the increase in the number of buyers and sellers. Companies such as Pipelinepharma are making the process of searching for pharmaceutical products by providing businesses an industry-specific search engine for making easy deals and negotiations.
Although the dexamethasone market will see overall growth in 2021 and years ahead, some factors might disrupt the growth to some extent. Factors such as the side effects associated with the regular intake of the drug as well as the development of vaccination for the full treatment of COVID-19 can lead to a reduction in production and demand. Also, since the drug has become a necessity of the current times, government interference and price regulations can be considered as two factors that might hinder market growth to some extent.
