The Global Inhalation and Nasal Spray Generic Drugs Industry is on the cusp of a remarkable transformation, poised for a significant upswing in the coming decade. With a current valuation of US$ 20.78 billion in 2023, this thriving market is expected to skyrocket to an impressive US$ 49.01 billion by 2033.
Driving Factors for Exponential Growth
The driving force behind this meteoric rise is the expanding global population, particularly the aging demographic, which is more susceptible to chronic respiratory conditions. According to the World Health Organization, by 2030, one in every six individuals worldwide will be 60 years or older, with the overall count projected to reach a staggering 2.1 billion by 2050. Concurrently, the Asthma and Allergy Foundation of America predicts that the prevalence of asthma among individuals aged 65 and above in the United States will reach 7.8% by 2020.
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Market Insights and Opportunities
The projected 8.96% Compound Annual Growth Rate (CAGR) during the forecast period underscores the vast potential within the global inhalation and nasal spray generic drugs market. This growth offers a promising landscape for investors, innovators, and healthcare stakeholders, presenting new opportunities and avenues for development and collaboration.
As this market continues to flourish, it becomes increasingly vital for industry players to adapt and innovate in response to the changing healthcare landscape. By focusing on meeting the evolving needs of an aging population and leveraging the growing demand for respiratory treatments, businesses and healthcare providers can position themselves for success in this dynamic market.
However, strict rules in other countries, such as Mexico and Russia, may limit demand for generic inhalation and nasal spray therapies. For example, COFEPRIS, Mexico’s regulatory authority, has adopted new criteria for generic medicine registration that may remove patents for new therapeutic uses. Furthermore, COFEPRIS has a unique generic medicine approval process in Mexico.
Key Takeaways
- Throughout the projection period, the Asia-Pacific area is expected to grow at a profitable CAGR of 11.23%. The region’s expansion has been largely attributed to the building of strategic alliances in the region to assist the development of generic products.
- North America maintained its market leadership in 2021, with a revenue share larger than 35.0%. Aside from the increasing frequency of chronic respiratory difficulties, the introduction of new products, the completion of acquisitions, and the establishment of partnerships are all important elements in the region’s growth.
- Retail pharmacies had the highest revenue share in 2021, accounting for more than 55.0% of total revenue, owing to rising healthcare expenses and increased demand for generic medications.
- Because of attractive reimbursement regulations and an aging population, homecare will account for more than 50.0% of total money earned in 2021.
- In 2021, the adult patient segment accounted for more than 40.0% of total revenue. The key driver of the segment’s growth is a rise in the number of adult asthma and COPD patients.
- Because bronchodilators are widely used to treat respiratory disorders such as asthma and COPD all over the world, the bronchodilators market segment accounted for more than 25.0% of total revenue in 2021.
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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. The company successfully completed phase three trials of the product 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
More insights available
North America is the largest inhalation and nasal spray generic market, driven by the high prevalence of respiratory diseases, a large aging population, and a well-established healthcare system. The United States is the dominant player in the region, with a significant share of the market.
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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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