During the forecast period, the global Inhalation and Nasal Spray Generic Drugs Market is expected to grow at a moderate rate of 8.96%. The market for inhalation and nasal spray generic pharmaceuticals is currently valued at US$ 20.78 billion in 2023. The market for inhalation and nasal spray generic pharmaceuticals is expected to reach a peak of US$ 49.01 by 2033.
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The rising prevalence of chronic respiratory diseases globally is boosting the sales of inhalation and nasal spray generic drugs. According to the Global Asthma Report, there are over 330 million people worldwide who suffer from asthma, and this number is expected to surpass 400 million cases by 2025, fueled by increased air pollution, smoking, and tobacco use.
The inhalation and nasal spray generic drugs market is expected to be driven by factors such as the growing elderly population and their increased susceptibility to persistent respiratory illnesses. The World Health Organization forecasts that by 2030, one in every six people worldwide will be 60 years old or older, with the global number reaching 2.1 billion by 2050. In the United States, the Asthma and Allergy Foundation of America predicts that by 2020, 7.8% of the population over 65 years old will have asthma.
However, regulatory barriers posed by stringent laws for the sale of generic drugs in countries such as Mexico and Russia are expected to hinder the demand for inhalation and nasal spray generic treatments. For example, COFEPRIS, Mexico’s regulatory authority, has issued new rules for the registration of generic drugs, which may not include patents for new therapeutic uses. Additionally, COFEPRIS provides a unique approval process for generic drugs in Mexico.
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Key Takeaways
- The Asia-Pacific region is estimated to grow at a profitable CAGR of 11.23% throughout the forecast period. The formation of strategic alliances in the region to facilitate the development of generic products is largely responsible for the region’s expansion.
- With a revenue share greater than 35.0% in 2021, North America maintained its market leadership. In addition to the increasing frequency of chronic respiratory issues, the launch of new goods, the completion of acquisitions, and the formation of partnerships are major factors contributing to the expansion of this region.
- Due to rising healthcare costs and increased demand for generic pharmaceuticals, retail pharmacies had the biggest revenue share in 2021, accounting for more than 55.0% of total revenue.
- Homecare will account for more than 50.0% of total money earned in 2021 due to favourable reimbursement legislation and an ageing population.
- In 2021, the adult patient segment was responsible for more than 40.0% of the revenue generated. The primary driver of the segment’s expansion is an increase in the number of adult patients suffering from asthma and COPD.
- Because bronchodilators are widely used to treat respiratory illnesses such as asthma and COPD all over the world, the bronchodilators market category accounted for the greatest revenue share in 2021, accounting for more than 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
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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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