The Inhalation and Nasal Spray Generic Drugs Market is taking a deep breath and preparing for a significant upswing. Experts predict this market to reach a staggering US$49.01 billion by 2033, fueled by a projected Compound Annual Growth Rate (CAGR) of 8.96%. This represents a substantial increase from the current market valuation of US$20.78 billion in 2023. This press release dives into the factors driving this remarkable growth trajectory for inhalation and nasal spray generic drugs.
Aging Population: A Key Driver of Market Growth
A major factor propelling this growth is the world’s rapidly aging population. As demographics shift, individuals over 60 are expected to comprise one in six people globally by 2030, according to World Health Organization projections. This number is expected to climb to a staggering 2.1 billion by 2050. This aging population is particularly susceptible to chronic respiratory conditions, leading to an increased need for inhalation and nasal 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.
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 Inhalation and Nasal Spray Generic Drugs Market
- The Asia-Pacific area is expected to grow at a profitable CAGR of 11.23% throughout the projection period. 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.
Inhalation and Nasal Spray Generic Drugs Market 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.
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
- 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)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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