PUBLISHER: The Business Research Company | PRODUCT CODE: 1428227
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428227
Inhalable drugs are medications administered directly into the respiratory system through inhalation for a rapid onset of therapeutic effects. These drugs are formulated to be inhaled into the lungs, facilitating swift absorption into the bloodstream.
The primary forms of inhalable drugs include aerosols, dry powder formulations, and sprays. An aerosol is a suspension of particles or droplets in the air, encompassing airborne dust, fog, odors, or smoke. These products are distributed through various channels, including hospital pharmacies, pharmacy stores, and others. They find applications in treating both respiratory and non-respiratory diseases, catering to diverse end-users such as adults, pediatrics, and geriatrics.
The inhalable drug market research report is one of a series of new reports from The Business Research Company that provides inhalable drug market statistics, including the inhalable drug industry's global market size, regional shares, competitors with an inhalable drug market share, detailed inhalable drug market segments, market trends, and opportunities, and any further data you may need to thrive in the inhalable drug industry. This inhalable drug market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The inhalable drugs market size has grown strongly in recent years. It will grow from $33.29 billion in 2023 to $35.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The rise observed in the historical period can be ascribed to the growing geriatric population, a preference among patients for non-invasive treatments, heightened emphasis on respiratory health, and the expansion of emerging markets.
The inhalable drugs market size is expected to see strong growth in the next few years. It will grow to $46.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated expansion in the forecast period can be credited to the increasing expenditure on healthcare, a rising demand for biologics, a heightened focus on personalized medicine, and regulatory backing for orphan drugs. Noteworthy trends expected in the forecast period encompass advancements in veterinary medicine, particularly in advanced respiratory drugs, technological innovations, and enhancements in reimbursement policies.
The expected growth in the inhalable drug market is anticipated to be propelled by the increasing prevalence of respiratory diseases. Respiratory diseases encompass medical conditions affecting the respiratory system, which includes vital components such as the lungs, bronchi, trachea, larynx, pharynx, and nasal passages. Inhalable drugs serve as a crucial and effective treatment option for various respiratory disorders by delivering medication directly to the lungs. For instance, data from the Australian Institute of Health and Welfare in June 2023 reported around 6,551 deaths, equivalent to 135 deaths per 100,000 population, due to respiratory chronic conditions in Australia in 2021, constituting 27.1% of all deaths. Chronic obstructive pulmonary disease (COPD) contributed to 2.6% of underlying-cause respiratory deaths. Therefore, the rising prevalence of respiratory diseases is expected to be a driving force for the future inhalable drug market.
The increasing emphasis on personalized medicine is poised to propel the growth of the inhalable drug market in the foreseeable future. Personalized medicine, also known as precision medicine, represents a novel treatment approach that considers individual variations in patients' genes, environments, and lifestyles. In the context of inhalable pharmaceuticals, personalized medicine involves tailoring therapies based on individual genetic, biomarker, and clinical factors. This approach has the potential to enhance the effectiveness of inhalable medication therapy and overall patient satisfaction in respiratory care. For example, data from the Personalized Medicine Coalition in February 2023 revealed that personalized medications constituted 34% of new pharmaceuticals approved by the US Food and Drug Administration in 2022. Moreover, they had accounted for at least 25% of licenses in each of the previous eight years. Hence, the growing emphasis on personalized medicine serves as a driving factor for the inhalable drug market.
Product innovations have emerged as a significant trend gaining traction in the inhalable drug market, with major companies strategically focusing on advancing inhalable drugs to maintain their market standing. A notable example is DMV-Fonterra Excipients GmbH & Co. KG, a Germany-based pharmaceutical company, which, in July 2022, expanded its dry powder inhalation (DPI) portfolio by introducing Lactohale 400. This new grade, customizable to meet specific pharmaceutical company requirements, was developed collaboratively with formulators to ensure optimal patient outcomes. Lactohale 400, a crushed, dry lactose type, caters to DPI applications requiring high flow and cohesiveness, offering different aerosolization performance than commonly used lactose carriers of the same particle size due to its anhydrous nature.
Major companies are increasingly adopting a strategic partnership approach to develop inhaled medications, particularly for treating lung infections. This collaborative strategy involves leveraging each other's strengths and resources for mutual benefits. A noteworthy partnership was announced in November 2023 between Qnovia, Inc., a US-based pharmaceutical and medtech company, and the University of Virginia (UVA), a US-based public research university. This collaboration aims to advance novel inhaled medication alternatives for the treatment of bacterial infections in the lungs by combining Qnovia's expertise in inhaled medicine delivery with UVA's exclusive array of antimicrobial peptides. The joint effort targets antibiotic-resistant and biodefense germs that can cause life-threatening illnesses, introducing two new assets-QN-05 for pneumonia and QN-06 for lung infections caused by Bacillus anthracis, the organism triggering anthrax-into Qnovia's development pipeline.
In August 2021, Philip Morris International Inc., a US-based tobacco company, acquired OtiTopic Inc. for $1.2 billion. This acquisition underscores Philip Morris' commitment to utilizing its expertise, scientific knowledge, and inhalation capabilities for developing therapeutic inhaled treatments and other drugs, including Beyond Nicotine. OtiTopic Inc., a US-based inhalation drug development company, aligns with Philip Morris International's strategic vision for diversification and innovation in the inhalable drug market.
Major companies operating in the inhalable drugs market report are Pfizer Inc., Merck & Co. Inc., Novartis AG, Sanofi SA, AstraZeneca plc, GlaxoSmithKline Plc, Eli Lilly and Company, Boehringer Ingelheim International GmbH,Koninklijke Philips N.V., Teva Pharmaceutical Industries Ltd., Mylan N.V., Catalent Inc., Sumitomo Pharma Co. Ltd., Intertek Group plc, AptarGroup Inc., Cipla Inc., Glenmark Pharmaceuticals Inc., Piramal Pharma Ltd., Zambon S.p.A., Sunovion Pharmaceuticals Inc., Nelson Laboratories LLC, Vectura Group Limited, Abiogen Pharma, Quotient Sciences, AeroGen Pharma, CareFusion Corporation, Alaxia S.A.S., Pharmaxis Ltd., Avalyn Pharma Inc., TFF Pharmaceuticals Inc.
North America was the largest region in the inhalable drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inhalable drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the inhalable drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The inhalable drugs market consists of sales of orally inhaled drug products, corticosteroids, and ribavirin. 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.
Inhalable 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 inhalable 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 inhalable drugs ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The inhalable 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.