Inhalation and Nasal Spray Generic Drugs Market Estimated to Accumulate more than US$35 bn by 2023

The global inhalation and nasal spray generic drugs market is expected to reach US$35.5 bn by the end of 2023. This market was recorded at US$21.8 bn in 2014. Owing to a diverse set of positive forces, this market is expanding at a CAGR of 5.5% within a forecast period from 2015 to 2023, as stated in a research report released by Transparency Market Research. The leading market intelligence firm has recently published the report, titled “Inhalation and Nasal Spray Generic Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.” The report uses proven research methodologies and credible data sources to thoroughly examine the market to devise a forecast analysis for it.

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According to the report, the primary driver for the global inhalation and nasal spray generic drugs market is the growing prevalence of respiratory disorders. An increasing number of patients are being diagnosed with medical problems such as COPD, asthma, and other and even fatal diseases. Government bodies have always had an eye out for the rising number of patients, leading to a large number of governments providing swift and strong support to their national healthcare industries for the development and proliferation of improved treatments.

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Efforts are being taken in the laboratories to enhance the current lineup of drugs against respiratory illnesses, along with a significant number of pipeline drugs. Healthcare organizations, often in collaboration with associated government agencies, are making the treatments available to those living in remote locations and who cannot access emergency medical care.

Other factors accelerating the progress of the global inhalation and nasal spray generic drugs market include the advancements in generic therapies and medications, coupled with a growing awareness of what the modern drugs are capable of.

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With corticosteroids, bronchodilators, antihistamines, combination drugs, and decongestant sprays as the key segments in terms of drug class, this market was led by combination drugs in 2014. This segment has greatly benefitted from providing highly efficient solutions that received compliance authorizations. The market analysts have also deduced the same segment to be the fastest growing one for the given forecast period.

In terms of revenue, the second-largest drug class in the global inhalation and nasal spray generic drugs market for 2014 was corticosteroids. These drugs had a better effect on asthma-related airway inflammation.

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The report also segments the global inhalation and nasal spray generic drugs market according to application, from which the segment of asthma dominated the market in 2014. It is expected to continue its dominance as TMR analysts believe it will be the fastest-growing segment till 2023. The rising global population and the rise in the rate of air pollution are contributing to this segment’s growth rate.

The report holds a descriptive player profile for each of the key players in the global inhalation and nasal spray generic drugs market, such as Beximco Pharmaceuticals, Nephron Pharmaceuticals Corporation, Teva Pharmaceutical Industries Ltd., Ranbaxy Laboratories Ltd., Cipla Ltd., Sandoz International GmbH (Novartis AG), Roxane Laboratories, Inc., Mylan N.V., and Allergan plc.

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This release was published on openPR.