Inhalation And Nasal Spray Generic Drugs Market to expand at a CAGR of 8.96% during 2023-2033 | FMI
The global inhalation and nasal spray generic drugs market is projected to have a moderate-paced CAGR of 8.96% during the forecast period. The current valuation of the inhalation and nasal spray generic drugs market is US$ 20.78 Bn in 2023. The value of the inhalation and nasal spray generic drugs market is anticipated to reach a high of US$ 49.01 by the year 2033.
The primary factor that is driving the sales of inhalation and nasal spray generic drugs is the increasing prevalence of chronic respiratory disorders across the world. According to the Global Asthma Report, there are around 330 million people around the world who suffer from asthma, and it is anticipated that this number is expected to rise to more than 400 million instances by the year 2025. The primary factors contributing to an increase in the number of people diagnosed with asthma around the world include increased air pollution, smoking, and tobacco usage.
The inhalation and nasal spray generic drugs market are likely to be driven by factors such as the growing population of elderly people and the increased vulnerability of elderly people to persistent respiratory disorders. According to projections made by the WHO, by the year 2030, one in every six persons throughout the globe is anticipated to be 60 years old or older.
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In addition to this, it is anticipated that the global population of such people is expected to reach 2.1 billion by the year 2050. In addition, the Asthma and Allergy Foundation of America estimates that around 7.8% of the population in the United States were 65 or older and had asthma in the year 2020.
However, the demand for inhalation and nasal spray generic drugs is anticipated to be hampered by regulatory impediments brought on by strict rules for the selling of generic medications in countries such as Mexico and Russia.
For example, the regulatory authority of Mexico, COFEPRIS, has announced new rules for the issuance of registrations of generic pharmaceuticals. These new standards are likely to not include patents of new therapeutic uses in its linkage system. In addition, COFEPRIS provides a unique procedure window for the approval of generic pharmaceutical products in Mexico.
Key Takeaways
- During the time covered by the projections, the Asia-Pacific region is anticipated to achieve a lucrative CAGR of 11.23%. The formation of strategic alliances in the region to facilitate the production of generic goods is largely responsible for the expansion of the region.
- In 2021, North America maintained its position as the market leader, with a revenue share that was greater than 35.0%. The primary elements that are contributing to the expansion of this region are, in addition to the growing incidence of chronic respiratory disorders, the introduction of new products, the completion of acquisitions, and the formation of partnerships.
- Due to rising costs associated with healthcare and robust demand for generic medications, retail pharmacies held the greatest revenue share in 2021, accounting for more than 55.0% of total revenue.
- As a result of advantageous reimbursement rules and an increasingly older population, the homecare sector accounted for more than 50.0% of the total income generated in 2021.
- In 2021, the adult patient segment was responsible for more than 40.0% of the revenue that was generated. The primary element that is contributing to the expansion of the segment is an increase in the number of adult patients who suffer from asthma and COPD.
- Due to the widespread use of bronchodilators for the treatment of respiratory illnesses such as asthma and COPD around the world, the bronchodilators market category accounted for the greatest revenue share in 2021, which was over 25.0%.
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Competitive Landscape
Growth initiatives, such as product innovation, regulatory approval of new products, and mergers and acquisitions, are a primary emphasis of the inhalation and nasal spray generic drugs market leaders. For instance, Cipla Inc. submitted an ANDA for a generic version of Advair Diskus, fluticasone propionate, and salmeterol inhalation powder in May 2020. Phase three trials of the product were successfully completed by the company in April 2020. The following companies are leaders in the global market for generic inhalers and nasal sprays:
- Mylan N.V.
- Akorn, Operating Company LLC
- Cipla Inc.
- Sandoz International GmBH (Novartis AG)
- Apotex Inc.
- Hikma Pharmaceuticals PLC
- Sun Pharmaceuticals Industries Ltd.
- Beximco Pharmaceuticals Ltd
Key Segments in the Inhalation and Nasal Spray Generic Drugs Market
Drug Class:
- Bronchodilators
- Combination Drugs
- Corticosteroids
- Decongestant Sprays
- Antihistamines
- Others
Indication:
- Asthma
- Chronic Obstructive Pulmonary Disease (COPD)
- Allergic Rhinitis
- Others
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Patient Demographics:
- Geriatric Patient
- Adult Patient
- Paediatric Patient
End-user:
- Hospitals
- Homecare
- Others
Distribution Channel:
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacies
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