PUBLISHER: Grand View Research | PRODUCT CODE: 1363243
PUBLISHER: Grand View Research | PRODUCT CODE: 1363243
The global inhalable drugs market size is expected to reach over USD 52.4 billion by 2030, according to a new report by Grand View Research, Inc.., registering a CAGR of 6.6% from 2023 to 2030. Rising prevalence of respiratory diseases and increasing geriatric population are some of the key factors expected to drive the market. Chronic obstructive pulmonary disease (COPD) is a life-threatening respiratory ailments, which is projected to become the third leading cause of death globally. This will increase the demand for inhalable drugs.
According to the Global Burden of Disease study, in 2016, 251 million cases of COPD were reported worldwide. Hence, the need for developing new inhalable drugs has increased. For instance, in January 2019, Verona Pharma received WHO approval for developing Ensifentrine indicated for COPD, which has completed Phase II of clinical trials.
Advancements in inhalable drugs is anticipated to propel the inhalable drugsmarket. Nanoparticles are studied for the development of advanced inhalation drugs. For instance, in April 2019, a scientist from Queensland University of Technology conducted a research using chitosan nanoparticles loaded with inhalation powder for lung cancer. These nanoparticles can easily penetrate the lower respiratory tract and can diffuse into the bloodstream.
Rising prevalence of non-respiratory diseases such as diabetes and Parkinson's diseases is also expected to drive the market. Therefore, manufacturers are developing cost-effective and innovative inhalable drugs. For instance, in January 2019, MannKind Corporation developed and commercialized Afrezza for diabetic patients.
Presence of strong pipeline drugs is considered to be one of the major factors estimated to boost the market growth. There are more than 220 ongoing projects under clinical trials globally. For instance, GlaxoSmithKline's triple combination therapy of Fluticasone Furoate/Vilanterol/Umeclidinium Bromide to treat asthma is in Phase III and is likely to be launched during the forecast period.
Companies are undergoing strategic initiatives such as collaborations, mergers and acquisitions, partnerships, and awareness programs to widen their product portfolio and gain a stronger foothold in the market. For instance, in July 2019, Cipla, Inc. entered into a joint venture with Shanghai-based Jiangsu Acebright Pharmaceuticals to establish a company in the People's Republic of China to manufacture respiratory products.