Inhalation and Nasal Spray Generic Drugs Market Will be Worth US$35.4 bn by 2023
The rising incidence of respiratory diseases such as COPD and asthma, the increasing population of geriatrics, and the advent of an increasing number of generics manufacturers in the market will boost the global inhalation and nasal spray generics market. The looming patent expiry of blockbuster drugs catering to this niche pharmaceutical segment will also help the market for their generic alternatives between 2015 and 2023.
According to a recent report released by Transparency Market Research, the global market for inhalation and nasal spray generic drugs, which in 2014 stood at US$21.8 bn, is anticipated to reach US$35.3 bn by the end of 2023. If the figures hold true, the market will exhibit a positive CAGR of 5.5% between 2015 and 2023.
Combinations Segment Dominated the Market Based on Drug Class
In terms of drug class, the inhalation and nasal spray generic drugs market is segmented into bronchodilators, corticosteroids, decongestant sprays, antihistamines, and combinations. Of these, the combinations segment dominated the market for inhalation and nasal spray generic drugs, accounting for a share of 38.8% in 2014. This drug class ensures increased efficiency and better compliance to pharmaceutical regulations, due to which it witnesses a high demand globally. The segment is also likely to exhibit the fastest CAGR between 2015 and 2023.
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Asthma Emerged As Largest Application Segment
Based on application, the market for generic drugs in inhalation and nasal spray can be classified into allergic rhinitis, COPD, asthma, and others (such as influenza, cystic fibrosis). Of these, the asthma segment held 55.3% of the market in 2014. The segment will continue to dominate the market in the near future due to the rising incidence of asthma, fuelled by excessive use of tobacco and rising pollution level worldwide. Furthermore, severe lung damage due to respiratory infections may also lead to asthma, which in turn fuels demand from the global inhalation and nasal spray generic drugs market.
North America Leads Global Market, Asia Pacific to Exhibit Fastest CAGR
Regionally, North America accounted for a dominant share of 38.5% in the market in 2014. The growing prevalence of COPD, asthma, and other respiratory disorders in North America has led to the expansion of the market in the region. The market in the region is also capitalizing on the growing inclination of patients and their families towards affordable generic drugs.
In the near future, however, Asia Pacific is likely to emerge as the most lucrative market for nasal spray and inhalation generic drugs. The region is likely to exhibit a CAGR of 6.3% between 2015 and 2023. The generic drugs market for inhalation and nasal spray in Asia Pacific will witness rising demand due to the presence of a large population base, the increasing disposable incomes of people living in the region, and growing awareness pertaining to the benefits of generic drugs.
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Teva Pharmaceutical Industries Ltd. Dominates Global Market
Intense competition prevails in the global inhalation and nasal spray generic drugs market. Among the leading companies operating therein, Teva Pharmaceutical Industries Ltd. held the leading position, accounting for a share of 15.8% in the market in 2014. The company offers a broad portfolio and enjoys widespread market presence, which has substantially aided its lead in the market. Sandoz International GmbH has emerged as the second largest enterprise in the market, offering a plethora of nasal spray and inhalation generic drugs.
Other prominent players operating in the global market for inhalation and nasal spray generic drugs are Nephron Pharmaceuticals Corporation, Allergan plc, Roxane Laboratories, Inc., Ranbaxy Laboratories Ltd., Beximco Pharmaceuticals, include Mylan N.V., and Cipla Ltd.
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