global generic inhalation and nasal spray drug market is projected to have a moderately paced CAGR of 8.96% during the forecast period. The current valuation of the generic inhalation and nasal spray drugs market is US$20.78 billion in 2023. The value of the generic inhalation and nasal spray drugs market is projected to peak at US$49.01 by 2033 .
The main factor driving sales of generic inhalation and nasal spray medicines is the increasing prevalence of chronic respiratory disorders worldwide. According to the World Report on Asthma, there are around 330 million people worldwide who suffer from asthma, and this number is projected to rise to more than 400 million instances by the year 2025. The main factors contributing to An increase in the number of people diagnosed with asthma worldwide will include increases in air pollution, smoking, and tobacco use.
The market for generic inhalation and nasal spray medicines is likely to be driven by factors such as the growing population of older people and the increased vulnerability of older people to persistent respiratory disorders. According to projections made by the WHO, by the year 2030, one in six people worldwide is expected to be 60 years of age or older.
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In addition to this, the global population of these people is projected to reach 2.1 billion by the year 2050. In addition, the Asthma and Allergy Foundation of America estimates that about 7.8% of the US population was 65 years of age . or older and had asthma in 2020.
However, demand for generic inhalation and nasal spray drugs is anticipated to be hampered by regulatory impediments caused by strict rules for the sale of generic drugs in countries such as Mexico and Russia.
For example, the Mexican regulatory authority, COFEPRIS, has announced new rules for the issuance of generic drug registrations. These new standards are not likely to include patents for new therapeutic uses in their binding system. In addition, COFEPRIS provides a one-stop-shop for the approval of generic pharmaceutical products in Mexico.
- Over the time covered by the projections, the Asia-Pacific region is forecast to achieve a lucrative CAGR of 11.23%. The formation of strategic alliances in the region to facilitate the production of generic goods is largely responsible for the expansion of the region.
- In 2021, North America maintained its position as the market leader, with a revenue share of over 35.0%. The main elements that are contributing to the expansion of this region are, in addition to the increasing incidence of chronic respiratory disorders, the introduction of new products, the completion of acquisitions and the formation of partnerships.
- Due to rising costs associated with healthcare and strong demand for generic drugs, retail pharmacies had the largest share of revenue in 2021, accounting for more than 55.0% of total revenue.
- As a result of advantageous reimbursement rules and an aging population, the home care sector accounted for more than 50.0% of total revenue generated in 2021.
- In 2021, the adult patient segment was responsible for more than 40.0% of the revenue generated. The main element that is contributing to the expansion of the segment is an increase in the number of adult patients suffering from asthma and COPD.
- Due to the widespread use of bronchodilators for the treatment of respiratory diseases such as asthma and COPD around the world, the bronchodilators market category accounted for the largest share of revenue in 2021, which exceeded 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 generic inhalation and nasal spray market leaders. For example, Cipla Inc. filed an ANDA for a generic version of Advair Diskus, fluticasone propionate, and salmeterol inhalation powder in May 2020. The company successfully completed phase three testing of the product in April 2020. The following companies are leaders in the global market for generic nasal sprays and inhalers:
- Mylan N.V.
- Akorn, Operating Company LLC
- Cipla Inc.
- Sandoz International GmbH (Novartis AG)
- apotex inc.
- Hikma Pharmaceuticals PLC
- Sun Pharmaceutical Industries Ltd.
- Beximco Farmacéutica Ltda.
Key Segments in the Generic Inhalation and Nasal Spray Drugs Market
- Combination drugs
- decongestant sprays
- Chronic Obstructive Pulmonary Disease (COPD)
- Allergic rhinitis
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- geriatric patient
- adult patient
- Pediatric Patient
- home care
- Pharmacy Hospitals
- retail pharmacy
- online pharmacies
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