Visiongain Publishes Inhalation & Nasal Spray Generic Drugs Market Report 2021-2031
31 March 2021
Visiongain has published a new report on Inhalation & Nasal Spray Generic Drugs Market Report 2021-2031: Forecasts by Drug Class (Bronchodilators, Combination Drugs, Corticosteroids, Decongestant Sprays, Antihistamines, Others), by Indication (Asthma, Chronic Obstructive Pulmonary Disease, Allergic Rhinitis, Others), by Patient Demographics (Adult Patient, Paediatric Patient, Geriatric Patient), by End-user (Homecare, Hospitals, Specialty Clinics, Others), by Distribution Channel (Retail Pharmacy, Hospitals Pharmacy, Online Pharmacies) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Inhalation & Nasal Spray Generic Drugs Companies AND COVID-19 Recovery Scenarios.
Global inhalation & nasal spray generic drugs market was valued at US$ US$xx bn in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031. Rising prevalence of chronic respiratory diseases including asthma, COPD, and allergic rhinitis; rising geriatric population, escalating investment in drug R&D by biopharmaceutical & pharmaceutical companies; growing respiratory health care awareness; and new product launches worldwide are some of the major factors that boosting the growth of global inhalation & nasal spray generic drugs market.
COVID-19 has a positive impact on the Inhalation & Nasal Spray Generic Drugs Market
The COVID-19 pandemic has a positive impact on the inhalation & nasal spray generic drugs market worldwide. The COVID-19 pandemic has resulted in the rising cases of respiratory infections worldwide. Thus, the demand for inhalation & nasal spray generic drugs increased since 2020 at higher rate than pre-COVID-19 period.
However, in 2020, the pharmaceutical companies faced challenges while drug manufacturing and marketing due to lockdown situation, impediment in supply chain, and rising incidence of COVID-19 infection in workers. Thus, the supply of inhalation & nasal spray generic drugs impacted in 2020. However, the market is projected to grow at a lucrative growth rate after 2021 owing to the launch of the COVID-19 vaccine and increasing investment in R&D by leading players.
Growing prevalence of respiratory diseases including asthma, COPD, and allergic rhinitis; growing R&D investment by pharmaceutical companies; government support, technological advancements, and evolving healthcare infrastructure in developing countries are the major factors propelling the global inhalation & nasal spray generic drugs market.
Asthma is one of the most frequent causes of hospital admissions in high-income countries. Asthma affects around 300 million patients. Moreover, it affects around 14% of children across the globe and causes more than 500,000 deaths annually. Respiratory diseases are responsible for over 10% of loss of active & productive life due to a certain condition.
The discovery of new respiratory disease drugs have added valuable spur in recent years. Drug manufacturers are moving from conventional drug formulations to the discovery of improved and cost-effective medications to treat a variety of respiratory diseases. The high demand for generic drugs in developing countries including Brazil, South Africa, China, Mexico, and India is expected to strengthen the global market in near future.
The developing healthcare infrastructure and government support for generic drug development & marketing are expected to boost the market growth worldwide. The growing government funding for the development of healthcare infrastructure and the rising demand for cost-effective generic drugs will boost the market growth in the near future.
Inhalation & nasal spray generic drugs market is a competitive market with the presence of several global and local players. Major players operating in this market are Sun Pharmaceutical Industries Ltd., Sandoz International GmbH, Perrigo Company plc, Cipla Ltd., Teva Pharmaceutical Industries Ltd., AstraZeneca, Beximco Pharmaceuticals Ltd., Viatris Inc., Nephron Pharmaceuticals Corporation, and Hikma Pharmaceuticals PLC.
These leading players adopt various strategies such as high investment in R&D of drugs, M&A, partnerships, collaborations, regional business expansion, and novel products launch. For instance, in 2020, Beximco Pharmaceuticals Limited launched Dynase, a nasal spray that targets six allergic substances for inflammatory response indicated for seasonal and perennial allergic rhinitis.
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