The montelukast sodium market studied was projected to record a CAGR of nearly 12.6% over the forecast period. The major factor attributing to the growth of the market is the increase in the prevalence of diseases, such as asthma, exercise-induced bronchospasm, allergic rhinitis, primary dysmenorrhea, and urticaria.
According to the World Health Organization, around 235 million people are living with asthma. Over 80% of asthma-related deaths occur in low-and lower-middle-income countries. As the number of patients increases, the demand for montelukast sodium also rises. However, side effects with the product, such as stomach pain, heartburn, upset stomach, nausea, and diarrhea, restrain the market growth.
Key Market Trends
Asthma Segment is Found Dominating the Montelukast Sodium Market
Montelukast sodium is used to prevent wheezing, difficulty breathing, chest tightness, and coughing caused by asthma in adults and children 12 months of age and older. With the growing prevalence of asthma globally, the usage of montelukast sodium also increases. According to the Centers for Disease Control and Prevention (CDC), 1 in 13 people have asthma. More than 25 million Americans have asthma, i.e. 7.7% of adults and 8.4% of children in 2017. There are about 6.2 million children under the age of 18 with asthma. Asthma accounts for 9.8 million doctor’s office visits, 188,968 discharges from hospital inpatient care and 1.8 million emergency department visits each year. Hence, with the rising incidence and prevalence of asthma, it is expected to increase the demand for montelukast sodium resulting in the high growth of the market.
North America is Dominating the Montelukast Sodium Market
North America is expected to dominate the overall market, due to factors, such as the presence of key players, high prevalence of asthma and other respiratory diseases, established healthcare infrastructure, which are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth.
In this region, the United States has the maximum share due to supportive healthcare policies, a high number of patients, and a developed healthcare market. According to the Centers for Disease Control, in 2017, around 8.1% of the population of the United States currently had asthma. As per the statistics, the increasing patient pool and increasing disposable revenue in this country boost the market growth of the region.
The montelukast sodium market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Merck & Co. Inc., Morepen Laboratories, Teva Pharmaceuticals USA Inc., Mylan NV, Cipla Limited, Intas Pharmaceuticals Ltd, SUN PHARMA, Apotex Inc, Sanyo Chemical Industries Ltd, and Delmar Chemicals Inc.
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