Inhalation and Nasal Spray Generic Drugs Market is predicted to advance at a CAGR of 8.96% through 2032
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.
The increasing frequency of chronic respiratory illnesses around the world is pushing sales of inhalation and nasal spray generic medications. According to the Global Asthma Report, there are around 330 million people worldwide who suffer from asthma, with this number likely to climb to more than 400 million cases by the year 2025. Increased air pollution, smoking, and tobacco use are the key causes contributing to an increase in the number of persons diagnosed with asthma around the world.
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The market for inhalation and nasal spray generic pharmaceuticals is projected to be driven by factors such as the expanding older population and the greater vulnerability of the elderly to persistent respiratory illnesses. According to WHO forecasts, by 2030, one out of every six people on the planet would be 60 years old or older. Furthermore, it is estimated that the global number of such persons will reach 2.1 billion by the year 2050. Furthermore, the Asthma and Allergy Foundation of America projects that by 2020, 7.8% of the population in the United States will be 65 or older and have asthma.
However, regulatory barriers caused by rigorous laws for the sale of generic medications in countries such as Mexico and Russia are expected to stymie demand for inhalation and nasal spray generic treatments. For example, Mexico’s regulatory authority, COFEPRIS, has issued new rules for the issuance of generic pharmaceutical registrations. In its connection structure, these new criteria are unlikely to include patents for new therapeutic uses. Furthermore, COFEPRIS offers a one-of-a-kind procedure window for the approval of generic pharmaceutical products in Mexico.
- During the projected period, the Asia-Pacific area is expected to grow at a profitable CAGR of 11.23%. The establishment of strategic alliances in the region to facilitate generic products manufacture is largely responsible for the region’s expansion.
- North America maintained its market leadership in 2021, with a revenue share larger than 35.0%. The launch of new goods, the completion of acquisitions, and the establishment of partnerships are the key factors contributing to the expansion of this region, in addition to the increasing frequency of chronic respiratory problems.
- Retail pharmacies had the highest revenue share in 2021, accounting for more than 55.0% of total revenue, owing to rising healthcare expenses and strong demand for generic drugs.
- Because of favourable reimbursement laws and an ageing population, the homecare industry 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 produced. The key factor driving the segment’s growth is a rise in the number of adult patients suffering from asthma and COPD.
- Because of the widespread usage of bronchodilators for the treatment of respiratory disorders such as asthma and COPD around the world, the bronchodilators market category accounted for the highest revenue share in 2021, accounting for more than 25.0%.
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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
- Combination Drugs
- Decongestant Sprays
- Chronic Obstructive Pulmonary Disease (COPD)
- Allergic Rhinitis
- Geriatric Patient
- Adult Patient
- Paediatric Patient
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacies
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