The inhalation and nasal spray generic drugs market studied is anticipated to register a CAGR of nearly 5.4%, during the forecast period.
- Certain factors that are driving the market growth include increasing prevalence of asthma and COPD and the low cost of generic drugs.
- The global population is getting old rapidly, owing to reduced birth rates and increasing life expectancy. According to the United States Census Bureau’s Statistics, as of 2017, the total number of people aged between 65 years and older, surpassed 50 million. As stated by the United Nations, during the period of 2015-2030, the number of senior persons aged 60 years or over, worldwide, is estimated to grow by 56% (from 901 million to more than 1.4 billion).
- Moreover, economic and social commission for Asia and the Pacific (ESCAP), reports that the geriatric population in Asia-Pacific was approximately 617.1 million in 2015, accounting for more than 50% of the world’s total aged population. It is projected that, by 2050, Asia-Pacific may account for almost 66% of the world’s geriatric population.
- Therefore, attributing to the fact that respiratory diseases such as asthma and COPD are broadly prevalent found in people over age 65, and asthma in older adults can cause serious health issues if not treated accurately, the rising geriatric population is expected to propel the market growth during the forecast period.
Key Market Trends
Asthma Holds Significant Share in the Global Inhalation and Nasal Spray Generic Drugs Market
· According to the 2019 report published by the World Health Organization, Asthma is the most common chronic disease among children worldwide. Approximately 235 million people are living with asthma as in 2019. Over 80% of asthma-related deaths occur in low-and lower-middle income countries.
· The American Academy of Allergy Asthma and Immunology (AAAI) states that, in 2016, approximately 8.3% of children in the United States was found to have asthma. Boys were to some extent more likely to have asthma than girls at a rate of 9.2% and 7.4%, respectively. This trend is expected to continue over the forecast period as well.
North America Dominates the Global Inhalation and Nasal Spray Generic Drugs Market
· The CDC states that as in 2017, 25,191 thousand Americans were living with asthma in the United States. The number of persons with asthma who reported having one or more asthma attacks was 11,462 thousand. As far as the mortality rate is concerned, 3,564 people died due to asthma in the country.
· This was an increase in the death rate since there were 3,615 asthma-related deaths in 2015. Children under 18 years old made up 219 of those deaths. Asthma prevalence was highest among workers in the healthcare and social assistance industry, with 8.8% of workers stating that they had asthma at the time of the survey.
· This rising prevalence of asthma is expected to drive the market across the country as well the region, over the forecast period.
The market is competitive and consists of a few major players. Companies, like Akorn, Incorporated, Apotex, Beximco Pharma, Cipla Inc., Hikma (Roxane), Mylan N.V., Sandoz (Novartis AG), Sun Pharma (Ranbaxy), Teva Pharmaceuticals, among others, hold the substantial market share in the market.
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