Inhalation and Nasal Spray Generic Drugs Market is Assessed to Expand at a CAGR of 4.80% from 2019 to 2027
Transparency Market Research (TMR) has published a new report titled, ‘Inhalation and Nasal Sprays Generic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Inhalation & Nasal Sprays Generic Drugs market was valued at US$ 27,512.41 Mn in 2018 and is projected to expand at a CAGR of 4.80% from 2019 to 2027.
Overview
Inhalation and nasal spray drugs are the kind of medications employed for relieving runny, stuffy, itchy nose, sneezing, and watery eyes caused by hay infections, among others.
The sale of nasal sprays and generic inhalers in expected to increase in the forecast period owing to the rise in the number of patients suffering from chronic obstructive pulmonary disease (COPD), and asthma. In addition, the high healthcare costs, mainly in the developed countries are driving the people towards generic drugs, contributing to the growth of the inhalation and nasal spray generic drugs market.
North America dominated the global inhalation and nasal sprays generic drugs market in 2018 and the trend is anticipated to continue during the forecast period. This was due to increase in the incidence of COPD and asthma and rising number of awareness programs initiated by governments regarding the availability of generic inhalation drugs.
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Asia Pacific is likely to be a highly lucrative market for inhalation and nasal spray generic drugs and it is expected to expand at a high CAGR during the forecast period. Key factors driving the market in the region are presence of large population base, increasing government support, and rising incidence of respiratory disorders.
Moreover, growing preferences of the population for generic drugs in order to curtail health care costs is likely to boost the growth of the inhalation and nasal spray generic drugs market in Asia Pacific
Low cost involved with generic prescription drugs to Drive Market
All generic drugs approved by the U.S. Food and Drug Administration have met the same rigid standards as the branded innovator drug and are available at extremely affordable prices. Patent expiration of a branded drug leads to competition among generic manufacturers to produce generic versions at lower prices.
The rationale behind such low prices of inhalation and nasal spray generic drugs is that no R&D investments, advertising, marketing, and promotion are involved in the manufacture of generic drugs. Additionally, a number of generic companies have approvals to market a single product. This creates competition in the market place, resulting in lower price of generics.
Hence, generic drug utilization rate is only expected to increase in the next years as few inhalation drugs will go off patent through 2020. This is likely to drive the inhalation and nasal spray generic drugs market.
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Combination Drugs Segment to Dominate Market
Based on drug class, the global inhalation and nasal sprays generic drugs market has been divided into corticosteroids, bronchodilators, antihistamines, combination drugs, and decongestant sprays. One of the most popular options for management of COPD and asthma available currently is the combination of inhaled corticosteroids and bronchodilators. Formulation containing azelastine and benzalkonium chloride is used as an antihistamine-corticosteroid combination available as a metered spray formulation for nasal or intranasal administration.
The salmeterol and fluticasone segment is anticipated to expand at the fastest CAGR as the combination medication is reported to have the least side effects associated with management of asthma.
Asthma Indication to be Highly Lucrative Segment
In terms of medical indication, the global inhalation and nasal sprays generic drugs market has been classified into asthma, COPD, allergic rhinitis, and others.
Asthma segment dominated the global inhalation and nasal sprays generic drugs market in 2018 and is likely to remain dominant in the forecast period. The growing prevalence of the people suffering from asthma contributes to the rise in the demand for the drugs employed for its treatment. According to Centers for Disease Control and Prevention (CDC), over 1 in 13 people suffer from asthma. Further, over 25 million people suffer from asthma in the U.S.
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North America to Dominate Global Market
In terms of region, the global inhalation and nasal sprays generic drugs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Inhalation and Nasal Sprays Generic Drugs market in 2018, followed by Europe.
North America accounted for major share of the global inhalation and nasal sprays generic drugs market in 2018, owing to the rising awareness about availability of generic inhalation drugs for the treatment of various chronic respiratory diseases, increasing prevalence of COPD and asthma, and government initiatives for improving the respiratory care in the region.
The inhalation and nasal sprays generic drugs market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Emerging markets in Asia Pacific hold immense growth potential due to factors such as rise in the geriatric population, increase in the prevalence of COPD and asthma, growing health care expenditure, and standard regulatory requirements.
Competitive Landscape
The global Inhalation and Nasal Sprays Generic Drugs market is fragmented in terms of number of players. Key players in the global market include Allergan plc, Beximco Pharmaceuticals Ltd, Cipla Limited, Mylan N.V., Nephron Pharmaceuticals Corporation, Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Sandoz International GmbH (a Novartis Division), Perrigo Company plc, Catalent Pharma Solutions, and Teva Pharmaceutical Industries Ltd., among others.
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