Inhalation and Nasal Spray Generic Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The inhalation and nasal spray generic drugs market is anticipated to register a CAGR of nearly 5.4% during the forecast period.

COVID-19 had a notable impact on the inhalation and nasal spray generic drugs market, as one of the main symptoms associated with COVID-19 is shortness of breath. During the pandemic, the demand for inhalation and nasal spray increased. For instance, as per the article published in 2021 by MedComm journal, nasal sprays showed the ability to be an effective COVID-19 treatment and vaccine option. Spray formulations that may inactivate SARS-CoV-2 or restrict its entry into cells were considered helpful in avoiding viral dissemination to the lungs or surrounding people. In the post-pandemic era, relaxed lockdowns and the resumption of healthcare practices are expected to accelerate market growth. People affected by COVID-19 are still suffering from long-term side effects such as shortness of breath and other breathing difficulties. For instance, as per Mayo Clinic 2022 update, most reported post-COVID long-term symptoms are lung (respiratory) symptoms, including difficulty breathing or shortness of breath and cough. The inhalation and nasal spray generic drugs market is anticipated to witness growth in the coming years due to long-term breathing issues.

The increasing prevalence of asthma and COPD and the availability of low-cost generic drugs are also significant factors driving the market growth. The global population is getting old rapidly, owing to reduced birth rates and increasing life expectancy. Rapid urbanization in several countries and a large amount of pollution have contributed to a higher rate of respiratory diseases globally. For instance, as per the article published in 2022 by EGU journal, urbanization influences air pollutants through urban development and emission growth and increases health risks. Rapidly growing economies tend to have more urbanization, thereby high chances of air pollution leading to airway and respiratory issues. In such a scenario, the utilization of inhalation and nasal spray generic drugs is expected to boost market growth.

Additionally, the awareness of these diseases and healthcare facilities has increased, and the government is investing in mitigating respiratory ailments. For instance, CDC celebrates world asthma month in May. Moreover, on World Asthma Day (May 3, 2022) and throughout May, people with asthma and organizations dedicated to asthma control and education join together to increase awareness about asthma.

Thus, considering the above-mentioned factors, the inhalation and nasal spray generic drugs market is likely to witness growth during the forecast period. However, strict government regulations associated with generic respiratory drugs restrain the market growth.

Inhalation & Nasal Spray Generic Drugs Market Trends

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.

Inhalation & Nasal Spray Generic Drugs Market Competitor Analysis

The market is fragmented and consists of several major players. The key players are concentrating on innovations and advancements in inhalation and nasal spray generic drugs, which are predicted to enhance competition in the market. Few players now dominate the industry due to adopting new strategies. Many companies are concentrating on mergers, acquisitions, and collaboration to increase their products' regional availability. Companies like Akorn Incorporated, Apotex, Beximco Pharma, Cipla Inc., Hikma (Roxane), Mylan N.V., Novartis AG (Sandoz), Sun Pharma (Ranbaxy), Teva Pharmaceuticals, among others, hold the substantial share in the market.

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