As it sets off on a revolutionary journey, the Global Inhalation and Nasal Spray Generic Drugs Industry is expected to rise at a Compound Annual Growth Rate (CAGR) of 8.96% throughout the forecast period. Experts predict a significant increase to reach US$ 49.01 billion by 2033, from the industry’s remarkable US$ 20.78 billion worth as of 2023.
The aging population worldwide is a major driver of this projected growth and is especially vulnerable to long-term respiratory conditions. According to World Health Organisation projections, one in six people on the planet will be 60 years of age or older by 2030, with 2.1 billion people in this age group by 2050. The increasing need for inhalation and nasal cannulas is mostly due to this change in the population spray generic drugs.
The Asthma and Allergy Foundation of America fortifies these projections, forecasting that by 2020, 7.8% of individuals over the age of 65 in the United States will be grappling with asthma. This underscores the pivotal role the industry is set to play in addressing the healthcare needs of an aging population.
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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 from the Global Inhalation And Nasal Spray Generic Drugs Industry
- 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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Global Inhalation and Nasal Spray Generic Drugs Industry Competitive Landscape
Growth initiatives, such as product innovation, regulatory approval of new products, and mergers and acquisitions, are a primary emphasis of the Global Inhalation And Nasal Spray Generic Drugs Industry 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.
- Akron, 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 Global Inhalation and Nasal Spray Generic Drugs Industry
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
- Pediatric Patient
End-user:
- Hospitals
- Homecare
- Others
Distribution Channel:
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacies
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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