Market Trends of Inhalation and Nasal Spray Generic Drugs Industry
This section covers the major market trends shaping the Inhalation & Nasal Spray Generic Drugs Market according to our research experts:
Asthma Holds Significant Share in the Global Inhalation and Nasal Spray Generic Drugs Market
Asthma is a major noncommunicable disease (NCD). It affects both children and adults and is the most common chronic disease among children. In the United States, asthma is more common in adult women than in adult men. According to the CDC 2020 report, approximately 25 million Americans suffer from asthma. Asthma affects around 20 million people in the United States aged 18 and over. Furthermore, according to AAFA, approximately 25 million people had asthma in 2021. Also, around 5 million American youngsters had asthma in 2021.
Factors like increasing collaborations and strategic review of generic drugs by key players and government organizations and NGOs' operations in promoting asthma awareness are expected to drive market growth. For instance, in March 2022, the USFDA approved the first generic of Symbicort (budesonide and formoterol fumarate dihydrate) inhalation aerosol for treating two common pulmonary health conditions, including asthma in patients six years of age and older. Moreover, in July 2020, Novartis received approval for Enerzair Breezhaler, including the first digital companion (sensor and app) that can be prescribed alongside treatment for uncontrolled asthma in Europe. Additionally, Akorn Operating Company LLC, a specialty pharmaceutical company, is commencing a review of strategic alternatives for its consumer health business. This strategic review is a reaction to management's continued focus on its prescription generic and branded drug portfolio.
Hence, as per the aforementioned factors, the asthma segment is likely to witness growth in the market studied during the forecast period.
North America is Expected to Witness a Growth in the Inhalation and Nasal Spray Generic Drugs Market During the Forecast Period
The North American inhalation and nasal spray generic drugs market is anticipated to have a significant share of the global market owing to the increasing burden of asthma and COPD coupled with well-established healthcare infrastructure and rising awareness. According to the Government of Canada report, chronic obstructive pulmonary disease (COPD) affected 453,700 and 488,100 people in 2019 and 2020, accounting for 7.2% and 7.5% of the total population, respectively. Hence increasing number of chronic respiratory diseases in the North American region is a driving factor for the utilization of nasal and inhalational generic drugs, thereby boosting the market growth.
Furthermore, all the fatalities associated with Asthma can be avoided with proper treatment and care. As per the IARC estimations, the number of people likely to be affected with lung cancer is estimated as 347 thousand by 2040 in North America. Additionally, as per the Illinois Department of Central Management Services, 2022, annual direct costs per patient in the United States are more than USD 3,000. Due to the high prevalence of asthma and increasing investment in asthma treatment in the country, the market is expected to show significant growth in the future. Furthermore, the presence of key market players and the advancement of product technologies are fuelling the region's market growth. For instance, in March 2021, in Mexico and the United States, AstraZeneca PLC started a Phase III clinical trial to assess the efficacy and safety of budesonide/glycopyrronium/formoterol inhalers in adults and adolescents with severe asthma inadequately controlled with the standard of care. The trial is expected to be completed in September 2023.
As a result, the factors mentioned above are likely to drive market demand in the studied region during the forecast period.
