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Inhalation Spray-Based Drugs Market Set to Witness an Uptick during 2017 to 2025
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Thus, the market for inhalation based-drugs is continuously expanding as companies are racing to develop co-packed inhalation devices for their nasal spray-based drugs. However, the producers has to face challenges due to increasing rigidity of number of regulatory requirements from regulatory authorities. Constantly evolving technologies such as inhalers with GPS radios, CareTRx technology with smart inhaler cap which allow users to crowd source data for having asthma attacks etc. is further expected to drive the global market for inhalation spray-based drugs market over the forecast period.
The global market for inhalation spray-based drugs is expected to be driven by increasing incidence of respiratory diseases such as asthma and COPD, need for improved drug delivery mechanisms for quick action, increasing incidence of asthma in children etc. Majority of the inhalation and nasal spray based drugs are generic formulation which are cost-effective and thus preferred by both prescriber as well as patients. Moreover, ease of administration, quick onset of action, adoption by geriatric population and children etc. are some other factors fueling the growth of global inhalation spray-based drugs market over the forecast period. However, stringent regulations for inhalation spray-based drugs and competition between producers is are some of the factors hindering the growth of global inhalation spray-based drugs market.
Based on product type, the global inhalation spray-based drugs market has been segmented into corticosteroids, bronchodilators, antihistaminic and combination products. Based on indication, the market has been segmented into asthma, COPD, allergic rhinitis and others. Asthma indication segment is expected to lead the global market for inhalation spray-based drugs.
Based on distribution channel, the global inhalation spray-based drugs market has been segmented into hospital pharmacy, retail pharmacy, drug stores and clinics. Retail pharmacy distribution channel segment is more popular among the population due ease of availability.
On the basis of regional presence, global inhalation spray-based drugs market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the global market due to increasing incidence of asthma and COPD owing to lifestyle changes. Market in APAC region is expected to witness significant growth rate over the forecast period owing to expansion activities by key market players in the region.
Some of the players operating in global inhalation spray-based drugs market are Roxane Laboratories Inc. (subsidiary of West-Ward Pharmaceuticals Corp.), Allergan Plc. CHIESI Farmaceutici S.p.A, Serenity Pharmaceuticals, LLC etc. Some of the companies involved in the development of delivery devices for their own inhalation drugs include Boehringer Ingelheim GmbH, GlaxoSmithKline plc. Teva Pharmaceuticals, AstraZeneca Plc., Opko Health etc.
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