PUBLISHER: The Business Research Company | PRODUCT CODE: 1425580
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425580
Inhalation And Nasal Spray Generic Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on inhalation and nasal spray generic drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for inhalation and nasal spray generic drugs? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The inhalation and nasal spray generic drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Inhalation and nasal spray generic drugs serve as primary delivery methods for treating asthma and chronic obstructive pulmonary disease (COPD). Nasal sprays, liquid medications sprayed into the nose, specifically target nasal congestion, providing relief from stuffiness. On the other hand, inhalers are devices used to administer medication in spray form, which is then breathed in through the mouth or nose.
Within the realm of inhalation and nasal spray generic drugs, various drug classes exist, including corticosteroids, bronchodilators, antihistamines, combinations, and decongestant sprays. Corticosteroids, comprising glucocorticoids and mineralocorticoids, belong to a group of steroid hormones produced by the adrenal cortex. They are utilized to alleviate inflammation, severe allergies, skin conditions, asthma, or arthritis. These drugs find application in treating diverse conditions such as asthma, COPD, allergic rhinitis, among others. Patients benefiting from these drugs span across geriatric, adult, and pediatric demographics. The end users encompass hospitals, home care setups, and various other end-user environments.
The inhalation and nasal spray generic drugs market research report is one of a series of new reports from The Business Research Company that provides inhalation and nasal spray generic drugs market statistics, including inhalation and nasal spray generic drugs industry global market size, regional shares, competitors with a inhalation and nasal spray generic drugs market share, detailed inhalation and nasal spray generic drugs market segments, market trends and opportunities, and any further data you may need to thrive in the inhalation and nasal spray generic drugs industry. The inhalation and nasal spray generic drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The inhalation and nasal spray generic drugs market size has grown strongly in recent years. It will grow from $28.01 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be attributed to several factors such as an increase in respiratory disorders, the adoption of cost-effective alternatives, government initiatives aimed at promoting generic medications, the entry of generic manufacturers into the market, policies encouraging the switching to generics, and regulatory backing for generic pharmaceuticals.
The inhalation and nasal spray generic drugs market size is expected to see strong growth in the next few years. It will grow to $40.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. Anticipated growth in the forecast period is likely due to several factors such as the increasing aging population, a growing pipeline of generic medications, initiatives from pharmacies and retailers, the global burden of respiratory diseases, competition in biosimilars, and patients' inclination toward generic alternatives. Key trends expected in this period involve advancements in inhalation drug delivery systems, a focus on biosimilar nasal sprays, increased collaborations and partnerships, designing inhalers with a patient-centric approach, and a shift toward over-the-counter (OTC) nasal sprays.
The growth trajectory of inhalation and nasal spray generic drugs is anticipated to be fueled by the increasing prevalence of chronic respiratory diseases worldwide. Chronic respiratory conditions significantly impact lung airways and related structures. As of June 2023, The Centers for Disease Control and Prevention reported 142,342 deaths attributed to chronic lower respiratory diseases in 2021, signifying the severity of this health challenge. Moreover, findings from the Australian Institute of Health and Welfare indicated that nearly 7.5 million Australians, about 30% of the population, have received diagnoses for chronic respiratory diseases, underlining the global rise in these ailments, which in turn will drive market expansion.
The escalation in the number of smokers is projected to be a driving force behind the growth of the inhalation and nasal spray generic drugs market. This segment of individuals engages in the consumption of tobacco products, such as cigarettes, cigars, or pipes, exposing themselves to respiratory health risks. Inhalation and nasal spray generic drugs serve as crucial aids in managing respiratory conditions prevalent among smokers, like chronic obstructive pulmonary disease (COPD) and asthma. Data from various sources, including the Centers for Disease Control and Prevention and Statistics Canada, indicate a concerning trend, with millions of individuals, including youth, being exposed to smoking or engaging in the act regularly. This consistent rise in smoking habits substantiates the market's anticipated growth tied to respiratory health management products.
Within the market landscape, strategic partnerships and collaborations have emerged as prominent trends among major players in the inhalation and nasal spray generic drugs segment. Notable instances include Glenmark Pharmaceuticals Limited's collaboration with SaNOtize to launch the Nitric Oxide Nasal Spray (NONS) for COVID-19 treatment in India. Additionally, Crystec Pharma and Iconovo forged a partnership to innovate dry powder inhaler formulations, showcasing the significance of collaborations in driving advancements within the industry. These strategic alliances aim to reinforce market positions and introduce novel solutions addressing respiratory health challenges.
Innovation and technological advancements stand as pivotal strategies adopted by major companies in the inhalation and nasal spray generic drugs market to maintain and strengthen their foothold. GSK's introduction of Trelegy Ellipta in April 2022 exemplifies this trend. The Ellipta inhaler, a portable device, facilitates precise delivery of medications to the lungs, offering a single-inhaler triple therapy for chronic obstructive pulmonary disease (COPD) and asthma treatment. Notably, the inhaler's capacity to contain three distinct drugs in foil packaging - a corticosteroid, a long-acting muscarinic antagonist, and a long-acting beta2-adrenergic agonist - signifies an innovative approach to combination therapy, catering to respiratory health needs efficiently.
In March 2022, Sandoz International GmbH, a Swiss-based company specializing in the development, manufacturing, and distribution of generic pharmaceuticals, completed the acquisition of Coalesce Product Development for an undisclosed sum. Through this acquisition, Sandoz has gained access to Coalesce's assets and capabilities, empowering the Novartis division to enhance its existing range of respiratory medications and notably improve patient access to advanced therapies. Coalesce Product Development, based in the UK, is known for its development of a diverse portfolio of innovative inhalation devices.
Major companies operating in the inhalation and nasal spray generic drugs market report are Teva Pharmaceuticals Inc., Sandoz International GmbH, Akorn Operating Company LLC, Cipla Inc., Apotex Inc., GlaxoSmithKline Intellectual Prop. Ltd., Impax Laboratories LLC, Bausch Health Companies Inc., Mylan Ireland Limited, Hikma Pharmaceuticals PLC, Lupin Limited, Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Zydus Lifesciences Ltd., Torrent Pharmaceuticals Limited, Glenmark Pharmaceuticals Limited, Jubilant Biosys Limited, Alembic Pharmaceuticals Limited, Laurus Labs Limited, Macleods Pharmaceuticals Ltd., Intas Pharmaceuticals Ltd., Wockhardt Limited, Alkem Laboratories Limited, Unichem Laboratories Limited, Aarti Drugs Limited, Indoco Remedies Limited, Granules India Limited, Natco Pharma Limited, Aesica Pharmaceuticals Limited, Labiana Pharmaceuticals S.L.U., Summit Biosciences Inc.
North America was the largest region in the inhalation and nasal spray generic drugs market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the inhalation and nasal spray generic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the inhalation and nasal spray generic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The inhalation and nasal spray generic drugs market consists of sales of fluticasone, budesonide, beclomethasone, albuterol, epinephrine, phenylephrine hydrochloride, oxymetazoline and hydrochloride. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.