The global inhalation and nasal generic drugs market features oligopolistic characteristic with a handful of players holding a majority share of the market, observes a new market study by Transparency Market Research (TMR). In 2014, Teva Pharmaceuticals Industries Ltd., Sandoz (Novartis AG), Mylan Laboratories, and Allergan plc held 45.9% of the revenue generated in the global inhalation and nasal spray generics market.
The manufacture of generic drugs is one of the key growth strategies that leading players are adopting to strengthen their positions in the market. This is to cater to untapped regions across the world that display growth potential of the inhalation and nasal spray generic drugs market. For instance, Asia Pacific holds promise for the market expansion of the companies involved.
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The global inhalation and nasal spray generic drugs market is expected to be worth US$35 bn by 2023 increasing from US$23 bn in 2016 at a CAGR of 5.5% between 2015 and 2023.
Introduction of Generic Drugs to Reduce Healthcare Costs in Asia Pacific
In terms of the drug class, combination sprays are expected to display the highest CAGR at 5.9% between 2015 and 2023.This is due to the high preference for combination sprays for COPD and asthma in most countries. The use of combination sprays and inhalers have proven to be highly effective for the treatment of serious respiratory diseases.
In 2014, North America and Europe stood as the largest markets for generic inhalers and nasal sprays and are expected to retain dominance in the coming years. The large-scale production and consumption of generic inhalers and nasal sprays coupled with strict regulations for patient safety are major factors for the dominance of these regional markets. On the other hand, Asia Pacific is expected to display the fastest growth in the inhalation and nasal spray generic drugs market.
In this region, the rapidly evolving healthcare industry, increasing patient pool for asthma and COPD, and the highest population density are reasons for the increased focus of market players in this region. While China and Japan are expected to account for a majority consumption of generic inhalers and nasal sprays, Australia and India are expected to open lucrative growth opportunities to the market due to the increasing efforts from their governments to reduce overall healthcare costs.
Quality Considerations of Generic Drugs Necessitate Implementation of Production Standards in Developing Regions
Generic inhalers and nasal sprays require approval by the U.S. FDA prior to their commercial availability. Generic drugs are usually available at very low prices, thus it is adding the consumer base for these products.
“Patent expiration of standard drugs is the primary reason for the increasing use of generic drugs, says a TMR analyst.” Generic drug manufacturers are reproducing standard drugs at very low prices due to the elimination of the need for marketing and advertising strategies, and most importantly, the elimination of the need for research and development.
The introduction of new generic drugs to the current mix of standard drugs will help reduce healthcare costs globally.
Quality considerations are becoming a concern for the growth of the inhalation and nasal spray generic drugs market in developing economies. The increasing number of drug manufacturers producing their own version of generic inhalers and nasal sprays has led to questions regarding the integrity of generic drugs.
The influx of generic drugs into commercial markets of developing regions has necessitated governments to implement standards for the production and sales of generic drugs. This could have an implication on the revenue generation of this market.
The review presented is based on the findings of a TMR research report, titled “Inhalation and Nasal Spray Generic Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.