Over the past few years, there has been a widespread usage of these generic drugs in the medical field due to increasing incidences of asthma, respiratory infections, congestion and other air-borne infections. Growing geriatric population base, increasing prevalence of respiratory diseases such as COPD & asthma, unhealthy lifestyle and rising number of drugs manufacturers are major growth drivers, which are expected to fuel market demand over the coming years. In addition, rapid technological advancements in the R&D for generic medication and rise in pollution level will further boost the market growth. Furthermore, the growing consumer awareness along with favorable government support regarding various respiratory disorders is anticipated to augment the market demand over the forecast period. However, stringent FDA regulations regarding drug’s approval and lack in the technology & expertise for the development of the spray based generic drugs are major concerns for manufacturers, which may hinder market growth in the forthcoming years.
The global market has been segmented on the basis of medical indication into allergic rhinitis, COPD, asthma and other respiratory disorders. Asthma is a major medical indication segment and is projected to witness a double-digit growth in the near future on account of increasing incidences of respiratory infections due to rise in pollution level , and rising usage of tobacco across the globe. Furthermore, the market has been segmented based on drug class into bronchodilators (albuterol, epinephrine and others), antihistamines, decongestant sprays ( phenylephrine hydrochloride and oxymetazoline hydrochloride), Combinations (salmeterol/fluticasone, formoterol/budesonide, azelastine/benzalkonium chloride and others), corticosteroids (fluticasone, budesonide, beclomethasone, flunisolid) and others (mometasone, ciclesonide etc.). The combinations is a leading drug class segment and is expected to dominate the global inhalation and nasal spray generic drugs market over the forecast period owing to growing application-scope due to its superior efficiency and enhanced compliance. The corticosteroids segment is also anticipated to show a significant growth over the coming years on account of its growing usage for asthma treatment due to better healing effect by constantly reducing inflammation originated in the airway.
North America is a major market and is estimated to witness a substantial growth during the forecast period owing to the presence of key manufacturers, rising geriatric population and robust technological advancements in the region. Asia Pacific is a fastest growing market and is expected to grow at the highest CAGR over the coming years due to rising medical awareness, increasing prevalence of respiratory disorders and high purchasing power in the region.
The major players include Beximco Pharmaceuticals Ltd., Cipla Ltd., Nephron Pharmaceuticals Corporation, Teva Pharmaceutical Industries Ltd., Sandoz International GmbH (Novartis AG), Allergan plc, Mylan N.V., Ranbaxy Laboratories Ltd. and Roxane Laboratories, Inc. The market is fragmented in nature and exhibits strong competition among the key players. The generic drugs market is undergoing a radical reformation, with companies are concentrating not on opportunities, but on opportunities which unite good profit and a degree of product innovation.
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