- According to Transparency Market Research’s latest report on the global inhalation and nasal spray generic drugs market for the historical period 2017–2018 and forecast period 2019–2027, increasing prevalence of asthma and COPD disorders, and burgeoning demand for cost-effective generic drugs are projected to drive the global inhalation and nasal spray generic drugs market during the forecast period
- According to the report, the global inhalation and nasal spray generic drugs market was valued at US$ 27.5 Bn in 2018 and is anticipated to expand at a CAGR of 4.80% from 2019 to 2027
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Rising prevalence of asthma and COPD Disorders: Key Drivers
- Asthma and chronic obstructive pulmonary disease (COPD) are considered serious health problems. These affect a large proportion of the global population. Smoking, tobacco use, and air pollution are few of the risk factors associated with asthma and COPD. According to the American Lung Association, smoking is the primary risk factor for COPD and approximately 80% of COPD-related deaths are caused by smoking.
- According to Global Burden of Disease Study 2015, asthma and COPD were the most prevalent chronic respiratory disease, affecting over 360 and 175 million people in 2015, respectively.
- Prevalence of asthma and COPD is increasing in developed countries due to modernized lifestyle. On the other hand, air pollution and high rate of smoking have led to higher prevalence of serious respiratory diseases in developing countries.
- Increase in the geriatric population suffering from COPD and asthma is also expected to accelerate the growth of the inhalation and nasal spray generic drugs market
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Stringent Regulations for Generic Drugs to Hamper Market
- With the availability of growing number of low-cost generic inhalation and nasal spray drugs across the globe, various regulatory bodies have opted for stringent norms in order to focus on quality. Regulators in developing regions such as Brazil, Mexico, and Russia have changed their regulatory guidelines pertaining to the sale of generic drugs. This change in regulation norms has led to considerable delays in approval processes, thereby launch of generic drugs in these markets
- Furthermore, the new regulatory laws in Russia mandate clinical trials for generic products as well, thereby creating hurdles for various pharmaceutical companies operating in the region. Similarly, the Drugs Controller General of India, a domestic drug regulatory body, constituted several new drug advisory committees to oversee and check clinical trials, new drug approval processes, etc.
- Therefore, stringent and strict regulatory norms put up by various developing countries would lead to sluggish growth of the inhalation and nasal spray generic drugs market.
Global Inhalation and nasal spray generic drugs Market: Competitive Landscape
- This report profiles major players in the global inhalation and nasal spray generic drugs market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global inhalation and nasal spray generic drugs market is highly fragmented, with the presence of a number of international as well as regional players
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- Leading players operating in the global inhalation and nasal spray generic drugs market are
- 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
- Teva Pharmaceutical Industries Ltd.
Global Inhalation and nasal spray generic drugs Market: Key Developments
Key players in the global inhalation and nasal spray generic drugs market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global inhalation and nasal spray generic drugs market. A few expansion strategies adopted by players operating in the global inhalation and nasal spray generic drugs market are:
- In February 2020, Perrigo Company and Catalent Pharma Solutions announced the attainment of abbreviated new drug application (ANDA) approval from the U.S. FDA for the generic version of ProAir HFA. ProAir HFA is a medication for the treatment and prevention of reversible obstructive airway disease, and bronchospasm.
- In July 2015, Hikma Pharmaceuticals acquired Roxane Laboratories Inc. and Boehringer Ingelheim Roxane Inc., from Boehringer Ingelheim. Roxane was one of the leading U.S. specialty generics company. This acquisition enabled Hikma to strengthen its position in the U.S. generics market.
The report on the global inhalation and nasal spray generic drugs market discussed individual strategies, followed by company profiles of manufacturers of inhalation and nasal spray generic drugs. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global inhalation and nasal spray generic drugs market.
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