Anticipating Steady Growth: The Global Inhalation and Nasal Spray Generic Drugs Market Expected to Exhibit an 8.96% CAGR During the Forecast Period. With a Current Valuation of US$ 20.78 Billion in 2023, the Market is Poised to Surge to US$ 49.01 Billion by 2033.
The expanding older population, who are more prone to chronic respiratory ailments, is predicted to propel the market. According to the World Health Organisation, one in every six individuals worldwide will be 60 or older by 2030, with the overall figure reaching 2.1 billion by 2050. The Asthma and Allergy Foundation of America forecasts that 7.8% of people over the age of 65 in the United States will have asthma by 2020.
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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
- 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. 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
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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