The global cortisone shots market 2020 is poised to mature at a CAGR of 5.2% during the forecast period.
Cortisone Shots Market Scenario
The rise in the incidence of chronic diseases such as rheumatoid arthritis, tendonitis and bursitis, the increase in the number of joint, muscle and tendon injuries and the emergence of major players on the market are significant reasons for accelerating market growth. Due to the growing prevalence of arthritis among the elderly, the rising geriatric population is another primary factor for demand development. However, there are a range of drawbacks to cortisone shoots, such as damage to tendons , ligaments and articular cartilage, thereby limiting market growth. The main factors driving the global cortisone shots demand are strong unmet requirements, increased incidence of bone and joint diseases, government awareness campaigns for joint disorders, increased obese population due to unhealthy behaviours, and advantageous health insurance coverage.
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The rise in the prevalence of infectious diseases such as cancer and autoimmune diseases, the rise in the geriatric population and the increase in the prevalence of allergic reactions are pushing the demand. Asthma is the world’s most chronic pulmonary disease, yet it is misdiagnosed or under-treated, and this loophole is expected to promote revenue from the cortisone market. In emerging countries as well as industrialised countries, development in the industry is growing because of rising disposable income and increasing awareness of epidemic outbreaks of different autoimmune diseases. The other factors driving the global cortisone shots market are increased health awareness among individuals, advancement in steroid injection therapy, and increased demand for steroid injections.
Cortisone Shots Market Segmentation
The global cortisone shots market is segmented on the basis of indication, type, and end user.
Based on the type, market is segmented into epidural steroid injection, trigger point injection, articular or joint injections, and others.
Based on the indication, the market is segmented into bursitis, rheumatoid arthritis, psoriatic arthritis, skin conditions, allergic reaction, and others.
Based on the end user, the market is segmented into clinics, sport medicine centers, pharmaceutical companies, hospitals, and others.
Cortisone Shots Market Regional Analysis
Owing to the growing prevalence of different forms of asthma, inflammation, tendinitis, and others, and increasing demand for corticosteroid injection in the U.S., America wins the first spot in the market for cortisone shots In comparison, the prevalence of tendinitis among athletes has been shown to rise in the U.S. over the last few years.
Thanks to the increasing prevalence of rheumatoid arthritis in European countries and the availability of funds for research and development activities, Europe is the second largest market for cortisone injections. Increased incidence of allergic disorders such as asthma, food allergy, and anaphylaxis, increased demand for diagnostic facilities, and increased understanding of the usage of cortisone injections for tendinitis care are also driving market development.
The Asia-Pacific market is projected to expand at the fastest rate, led by a growing prevalence of diabetes, obesity, which serves as risk factors for rheumatoid arthritis and osteoarthritis, which will further fuel market growth. In addition, the awareness of sports injuries and the use of cortisone shots for their recovery positively affects the development of the industry.
Thanks to the high incidence of chronic diseases such as obesity and diabetes and the expansion in healthcare facilities, the Middle East & Africa also showed a steady growth in the market. Growing need for alternative care solutions for sports injuries also impacts the Middle East & African countries’ business growth.
Cortisone Shots Market Competitive Dynamics
Some of the key players in this market are Novartis AG (Germany), Merck & Co., Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), GlaxoSmithKline (U.S.), Pharmascience Inc. (U.S.), Farmabios SPA (Italy), AdvaCare Pharma (U.S.), Pfizer (U.S.), and others.
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