The growing number of generic drugs in the market today is primarily attributed to the patent expirations in various medical fields, including inhalers and nasal sprays. The absence of the need for research and development or major marketing strategies allows the average price of generic drugs to have been US$35.22 in 2008, as opposed to the US$137.9 average for branded drugs, according to the NACDS.
The sales of generic inhalers and nasal sprays is expected to increase even further after the release of studies that point to an increase in the number of patients suffering from restrictive and even life-threatening respiratory diseases, such as COPD and asthma. The incredibly high healthcare costs, especially in developed economies, is therefore driving this growing patient pool towards generic drugs.
Quality control could pose an issue in the overall growth of generic inhalers and nasal spray sales, an issue that governments are trying to control through increasing the stringency of related regulatory frameworks and quality assurance measures.
After reviewing the above facts along with many others in detail, it is deduced that the global market for inhalation and nasal spray generic drugs market is expected to be valued nearly US$24.5 bn by the end of 2016. In 2023, this market is expected to reach US$35.4 bn in revenue. It is therefore expected to display a CAGR of 5.5% from 2015 to 2023.
Asia Pacific Population Holds High Promise of Growth for Generic Inhalers and Nasal Spray Manufacturers
The two largest regional consumers of generic inhalers and nasal sprays in 2014 were North America and Europe. By the end of 2016, their market revenues are expected to reach close to US$8.8 bn and US$5 bn respectively. In comparison, the market in Asia Pacific is expected to be valued at US$4.3 bn by the end of 2016. Although it is currently the third-largest regional consumer of generic inhalers and nasal sprays, it is the fastest-growing one.
North America and Europe are dominating the production and consumption of generic inhalation and nasal spray drugs due to the high level of patient safety and care protocols maintained here through the imposition of very strict government regulations. On the other hand, Asia Pacific holds a rapidly evolving healthcare industry, coupled with the highest population density in the world. These factors, along with the increasing patient pool for COPD and asthma, is expected to make players focus more on Asia Pacific.
A majority of generic inhalation and nasal spray drugs consumption will go to China and Japan, Australia and India are showing high promise due to their governments showing the intent of reducing overall healthcare costs.
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Combination Inhalers and Nasal Sprays Will Continue to Dominate Sales and Revenue till 2023
The major drug classes of generic inhalation and nasal spray drugs include corticosteroids, bronchodilators, antihistamines, combinations, and decongestant sprays. Of these, the top CAGR of 5.9% between 2015 and 2023 will be held by combination sprays. These sprays remain one of the most preferred medical solutions to asthma and COPD in most countries. Studies have also proved the higher effectiveness of combination sprays and inhalers for the treatment of severe respiratory diseases.
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