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Leukotriene Modifiers Market Analysis, Industry Size, Share, Key Players And Forecast To 2033
Leukotriene Modifiers Market Analysis
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According to The Business Research Company's, The leukotriene modifiers market size has grown strongly in recent years. It will grow from $21.04 billion in 2023 to $22.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the growing impact of regulatory approvals, rising awareness among healthcare professionals and patients about the benefits of leukotriene modifiers, expiration of patents for certain leukotriene modifier drugs allowed for the entry of generic versions, expansion of indications for leukotriene modifiers, growing collaborations between pharmaceutical companies and healthcare organizations.
The leukotriene modifiers market size is expected to see strong growth in the next few years. It will grow to $28.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to significant growth opportunities in emerging markets due to increasing healthcare infrastructure and rising disposable incomes shift towards personalized medicine, increasing adoption of telemedicine and remote patient monitoring, ongoing research and development efforts focused on novel drug candidates and formulations, and anticipated changes in regulatory frameworks. Major trends in the forecast period include the integration of digital health technologies such as mobile apps and wearable devices, integration of artificial intelligence (AI) and machine learning algorithms, exploration of novel therapeutic targets, development of patient engagement solutions and tools, and adoption of continuous manufacturing processes for increased efficiency and flexibility in drug production.
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Market Drivers and Trends:
The rising adoption of personalized medicine is expected to propel the growth of the liquid handling systems market. Personalized medicine refers to an approach to healthcare that customizes medical treatment and interventions for individual patients based on their unique genetic, environmental, and lifestyle factors. The adoption of personalized medicine is growing with a need for genomic research, technology, and data analytics. Personalized medicine enhances liquid handling systems by enabling precise dispensing of reagents and samples tailored to individual patient profiles, optimizing workflows, and improving accuracy in sample preparation and analysis for diagnostics and therapeutics. For instance, in April 2024, according to the Personalized Medicine Coalition, a US-based nonprofit organization, in 2022, the FDA's CDER authorized 37 NMEs, nearly all of which were medicines. The PMC classed around 34% (12) as customized medications, a rise from 35% in 2021. Therefore, the rising adoption of personalized medicine is driving the growth of the liquid handling system market.
Major companies operating in the leukotriene modifier market are focusing on developing generic formulations, such as extended-release (ER) tablets, to expand their portfolios and cater to the growing demand for more convenient and effective treatments. Generic extended-release (ER) tablets are pharmaceutical formulations of medications designed to release their active ingredients gradually over an extended period, typically offering convenience and improved dosing schedules compared to immediate-release formulations. For instance, in April 2023, Camber Pharmaceuticals Inc., a US-based pharmaceutical company, added Zileuton ER Tablets to its portfolio. These tablets are indicated for the prophylaxis and chronic treatment of asthma in adults and children aged 12 years and older. The tablets are not intended for the reversal of bronchospasm in acute asthma attacks but can be continued during acute exacerbations of asthma. Zileuton ER Tablets are available in 600 mg strength in 120-count bottles.
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Major Key Players of the Market:
Merck And Co., Sanofi SA, AstraZeneca PLC, Novartis AG, GlaxoSmithKline plc, Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceutical Industries Ltd., Hetero Drugs Limited, Sun Pharmaceutical Industries, Sumitomo Dainippon Pharma, Chiesi Farmaceutici S.p.A., Cipla Limited, Aurobindo Pharma Limited, Dr. Reddy's Laboratories, Apotex Pharmaceutical Holdings Inc., Torrent Pharmaceuticals Ltd., DAVA Pharmaceuticals, Alembic Pharmaceuticals Ltd., Starallergens Greer Ltd, Lannett Company, Accord Healthcare, Jubilant Life Sciences Ltd., Aytu BioScience, Annett Company Inc.
Leukotriene Modifiers Market 2024 Key Insights:
• The leukotriene modifiers market size is expected to see strong growth in the next few years. It will grow to $28.48 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• The Rising Incidence Of Asthma And Allergic Conditions Drives Growth In The Leukotriene Modifier Market
• Expansion Of Leukotriene Modifiers Market With Generic And Extended-Release Formulations Boosts Asthma Management
• North America was the largest region in the leukotriene modifiers market in 2023
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