The global Steroids Market was substantial in 2020, and it is projected to experience a continuous and rapid increase in revenue CAGR from 2021 to 2028. The growth of the market is mainly driven by factors such as the growing popularity of bodybuilding among young individuals, the use of steroids to address muscle loss in patients with AIDS and cancer, and the rising incidence of medical conditions like delayed puberty.
Steroids are artificial medications that come in two types: corticosteroids and anabolic steroids. Anabolic steroids are the most prevalent kind and are primarily used for medical treatment. They are also widely employed as performance-enhancing drugs in various sports events worldwide, contributing to an escalated demand for steroids. Additionally, steroids have been found to enhance focus and ambition, deepen the voice, and promote the growth of pubic and facial hair. These properties make them particularly beneficial for individuals with excessive feminine hormones, as they possess anti-inflammatory qualities.
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Major Companies Profiled In The Report:
- Cipla
- GSK
- Mission Pharmacia Company
- AstraZeneca
- Steroid
- Johnson and Johnson
- Hubei Gedian Humanwell Pharmaceutical Co.,Ltd.
- Merck and Co., Inc.
- Hovione
- Halcyon Labs Pvt. Ltd.
- Novartis
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Driving Factors of Steroids Market:
- Increasing Prevalence of Bodybuilding and Sports: The growing craze for bodybuilding and participation in sports activities has led to a rising demand for steroids as performance-enhancing drugs.
- Medical Conditions: Steroids are used to treat various medical conditions, such as muscle loss in AIDS and cancer patients and delayed puberty, contributing to their increased demand in the pharmaceutical sector.
- Aesthetic Purposes: Steroids are sometimes used for aesthetic purposes, such as enhancing muscle mass and physical appearance, leading to a surge in demand among individuals seeking a more muscular physique.
- Awareness and Accessibility: With increasing awareness about the benefits of steroids and their availability through various distribution channels, more individuals are opting for their usage.
Restraints of Steroids Market:
- Side Effects and Health Risks: Steroid use is associated with several side effects and potential health risks, including hormonal imbalances, liver damage, cardiovascular issues, and psychological effects, which can deter some individuals from using them.
- Stringent Regulations: The sale, distribution, and use of steroids are often subject to strict regulations and controlled substance laws in many countries, limiting their availability and commercial potential.
- Alternative Therapies: Some medical conditions for which steroids are prescribed may be treated using alternative therapies or medications, leading to a reduced demand for steroids in specific cases.
- Negative Public Perception: Steroids are often associated with doping in sports and misuse in the bodybuilding community, leading to a negative public perception and reluctance to use them for legitimate medical purposes.
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