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The growth of the market is attributed to the increasing prevalance of COPD and asthma on a global scale and the low cost of procuring generic drugs
— Emergen Research
VANCOUVER, BC, CANADA, June 14, 2023/EINPresswire.com/ -- The global Inhalation and Nasal Spray Market will be worth USD 44.36 billion by 2027, according to a current analysis by Emergen Research. An increasing number of patients are suffering from COPD and asthma because of which the sales figures of nasal sprays and generic inhalers in likely to grow within the forecasted span. Consumers prefer nasal route as an alternate to injections or pills. Nasal sprays are mainly used for treating local health problems like rhinitis and nasal congestion. Additionally, it is also used to treat sneezing, runny, stuffy, or restless nose, watery eyes caused by allergic rhinitis or different allergies, making it a go-to option for self-help of consumers. Nasal sprays are available as prescription drugs as well as over the counter, which makes it easily procurable thereby causing no hindrance to the market growth. Additionally, high costs associated with healthcare, primarily within the developed countries are drawing attention of patients towards generic medication, thereby contributing to the expansion of the inhalation and nasal spray market.
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However, restrictive policies for generic medication in most of the developing nations pose an ideal threat for restraining the market growth at a global scale. The expiry of patents of many hospital grade medications would offer new opportunities for medicine makers within the inhalation and nasal spray market, thereby boosting the market growth to newer heights.
The report contains updated information about the ongoing COVID-19 pandemic and acts as an accurate analysis of the COVID-19 impact on the Inhalation and Nasal Spray market. The report draws attention to the COVID-19 impact on the market and its crucial segments. As per the report, the current pandemic is one of the major contributing elements for the potential decline of the market in the coming years. The business sector has been drastically affected by the pandemic, which has adversely altered the market dynamics and demand trends. Financial difficulties brought by the pandemic have delayed the progress rate of various businesses and disrupted the global supply chains. The report further provides a future impact assessment of the Inhalation and Nasal Spray market concerning COVID-19.
Key Highlights From The Report.
In September 2020, Marinomed Biotech, an Austria based respiratory and ophthalmology organization received approval for Carragelose, a first of its kind over-the-counter medicinal product. It contains decongestant xylometazoline which helps to reduce swelling of mucous, thereby assisting in easy breathing.
Most of the generic medications have been approved by the U.S. Food and Drug Administration. This is because they have met all the rigid standards as a potentially efficient drug tagged at very affordable prices. Patent expiration of a branded drug ends up in competition among generic medicine manufacturers to provide generic versions at lower costs.
The principle behind such low costs of inhalation and nasal spray generic medication is that no R&D investments, marketing, promotion, and advertising are concerned in the production of generic medication. Moreover, a wide variety of generic medicine makers have approvals to market and sell one particular product. This brings in competition within the market, leading to cheaper price of generics. Therefore, drug utilization rate is highly expected to expand within the next few years as a handful of inhalation medications is likely to go off patent through 2020. This is inevitable to drive the growth of inhalation and nasal spray market.
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North America dominated the inhalation and nasal sprays market in 2019 and is likely to continue its dominance throughout the forecasted period. This can be attributed to the increase in the prevalence of COPD and other respiratory disorder. Moreover, the growing number of awareness programs initiated by various governments across the analyzed regions concerning the supply of generic inhalation medication is anticipated the affect the growth of the market positively.
Leading manufacturers profiled in the report:
Teva Pharmaceutical
Allergan plc
Roxane Laboratories, Inc.
Nephron Pharmaceuticals Corporation
Ranbaxy Laboratories Ltd.
Beximco Pharmaceuticals
Cipla Ltd.
Mylan N.V.
Apotex
Others
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For the purpose of this report, Emergen Research has segmented into the global Inhalation and Nasal Spray Market on the drug type, application and region:
Drug Type Outlook (Revenue, USD Billion; 2017-2027)
Corticosteroids
Bronchodilators
Antihistamines
Decongestant Sprays
Others
Application Outlook (Revenue, USD Billion; 2017-2027)
Asthma
Chronic Obstructive Pulmonary Disease (COPD)
Allergic Rhinitis
Others
Regional Outlook (Revenue: USD Billion; 2017-2027)
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Additional information offered by the report:
Along with a complete overview of the global Inhalation and Nasal Spray market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels.
The report elaborates on the global Inhalation and Nasal Spray market size and share governed by the major geographies.
It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.
It further presents a detailed description of the company profiles of the key market contenders.
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