Inhalation And Nasal Spray Generic Drugs Market Share, Trends And Outlook 2024-2033

The Business Research Company recently released a comprehensive report on the Global Inhalation And Nasal Spray Generic Drugs Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The inhalation and nasal spray generic drugs market size has grown strongly in recent years. It will grow from $28.01 billion in 2023 to $30.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rising respiratory disorders, cost-effective alternatives, government initiatives to promote generics, market entry of generic manufacturers, generic switching policies, regulatory support for generics.

The inhalation and nasal spray generic drugs market size is expected to see strong growth in the next few years. It will grow to $40.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing aging population, expanding generic pipeline, pharmacy and retailer initiatives, global respiratory disease burden, biosimilar competition, patient preference for generic alternatives. Major trends in the forecast period include advancements in inhalation drug delivery systems, focus on biosimilar nasal sprays, collaborations and partnerships, patient-centric design of inhalers, shift towards otc nasal sprays.

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Market Drivers and Trends:

The increasing number of smokers is expected to propel the growth of the inhalation and nasal spray generic drugs market going forward. Smokers refer to individuals who engage in the act of smoking tobacco products, such as cigarettes, cigars, or pipes. Smoking involves inhaling the smoke produced when tobacco is burned. Inhalation and nasal spray generic drugs are used to manage respiratory conditions that smokers are prone to, such as chronic obstructive pulmonary disease (COPD) or asthma. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, about 3.08 million middle and high school children in the United States use at least one tobacco product, and there are an estimated 28.3 million people who smoke cigarettes in the United States. About 1,600 U.S. youth younger than 18 smoke their first cigarette daily. Additionally, for instance, in July 2022, according to Statistics Canada, a Canada-based government agency, cigarette production increased by 5.8% compared to June 2021. Also, the total number of cigarettes sold rose by 1.3% from May 2022, reaching 1.4 billion in June 2022. Therefore, the increasing number of smokers drives the growth of the inhalation and nasal spray generic drugs market.

Strategic partnerships and collaborations have emerged as the key trends in the market. Major players operating in the inhalation and nasal spray generic drugs market are focused on partnerships and collaborations to reinforce their position. For instance, in February 2022, Glenmark Pharmaceuticals Limited, an Indian-based integrated research-based, global pharmaceutical company, partnered with SaNOtize, a Canada-based biotech company. With this collaboration, they intend to launch the Nitric Oxide Nasal Spray (NONS) in order to treat COVID-19 in adult patients in India. Also, in July 2021, Crystec Pharma, a UK-based crystal and particle engineering company, collaborated with Iconovo to formulate new innovative compounds for dry powder inhalers. Iconovo is a Sweden-based company that offers inhalation solutions for pharmaceutical companies.

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Major Key Players of the Market:

Teva Pharmaceuticals Inc., Sandoz International GmbH, Akorn Operating Company LLC, Cipla Inc., Apotex Inc., GlaxoSmithKline Intellectual Prop. Ltd., Impax Laboratories LLC, Bausch Health Companies Inc., Mylan Ireland Limited, Hikma Pharmaceuticals PLC, Lupin Limited, Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Zydus Lifesciences Ltd., Torrent Pharmaceuticals Limited, Glenmark Pharmaceuticals Limited, Jubilant Biosys Limited, Alembic Pharmaceuticals Limited, Laurus Labs Limited, Macleods Pharmaceuticals Ltd., Intas Pharmaceuticals Ltd., Wockhardt Limited, Alkem Laboratories Limited, Unichem Laboratories Limited, Aarti Drugs Limited, Indoco Remedies Limited, Granules India Limited, Natco Pharma Limited, Aesica Pharmaceuticals Limited, Labiana Pharmaceuticals S.L.U., Summit Biosciences Inc.

Inhalation And Nasal Spray Generic Drugs Market 2024 Key Insights:

• The inhalation and nasal spray generic drugs market size is expected to see strong growth in the next few years. It will grow to $40.32 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Surge In Chronic Respiratory Diseases Drives Demand For Inhalation And Nasal Spray Generics
• Strategic Collaborations Drive Innovation And Market Positioning Of Inhalation And Nasal Spray Market
• North America was the largest region in the inhalation and nasal spray generic drugs market in 2023 and is expected to be the fastest-growing region in the forecast period

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