Inhalable Drugs Market

Inhalable Drugs Market Outlook 2031

The global inhalable drugs market size was USD 31.50 Billion in 2022 and is projected to reach USD 55.99 Billion by 2031 expand at a substantial CAGR 6.6% during the forecast period, 2023–2031. The growth of the market is attributed to the growing prevalence of respiratory diseases such as cystic fibrosis, Chronic Obstructive Pulmonary Diseases (COPD), and asthma.

As stated by the Centers for Disease Control and Prevention (CDC), in 2017, in U.S., more than 25 million people were suffering from asthma, which is around 8.5% of children and 7.5% of the adult population. Growing prevalence of non-respiratory diseases such as Parkinson’s disease and diabetes is anticipated to boost the market. Parkinson’s disease is largely found in 60 years and above aged people. With growing age the prevalence of this disease increases.

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According to World Health Organization (WHO), globally, the percentage of people aged 60 years and above are rising from 12% in 2015 to 22% by 2050. Hence, inhalable drugs are developed by manufacturers for smooth administration in aging population. Advancements in inhalable drugs are anticipated to fuel the growth of the market. Advanced inhalation therapy includes usage of nanocrystals, micro and nanoparticles, and surfactant carriers.

Hence, for the development of innovative inhalable drugs the research is conducted on small molecules. These advancements in therapies increases systemic availability of drugs. Also, improves drug interactions and minimal toxicities. For improved delivery of the drug existing non-inhaled molecules and inhaled molecules are reformulated which gives new growth opportunities to companies.

The strong presence of major market players offers several advantages in the global market. These players targeted on geographic expansion objectives, mergers and acquisitions, unmet market needs, and developing innovative products. Also, these market players offer services to several entities for quality improvement of patient compliance and drug delivery systems. These companies also focuses on investment in R&D and personnel training for capturing major market share.

Inhalable Drugs Market Trends, Drivers, Restraints, and Opportunities

• Technological advancement, easy consumption and quick healing effect are anticipated to boost the market growth during the forecast period.
• Rising spending capacity on utilitarian medical drugs and technologies is projected to fuel the growth of the market.
• Trained medical professionals and growing prevalence of Asthma patients are estimated to boost the market growth over the forecast period.
• Increasing spending on R&D for developing novel inhalation therapy drugs is one of the responsible factor for market expansion in coming years.
• High cost of inhalable drugs is projected to hamper the market growth.
• Stringent regulations and availability of alternative therapy are anticipated to impede the market growth over the forecast period.

Scope of The Inhalable Drugs Market Report

The report on the global inhalable drugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Inhalable Drugs Market Segment Insights

Dry powder formulation segment is projected to hold a key market share

Based on products, the inhalable drugs market is segmented into aerosol, dry powder formulation, and spray. The dry powder formulation segment is dominated the market and is expected to hold a key share of the market in the coming years due to better results and high efficiency as compared to other forms. Besides this the occurrences of extensive range of products and huge pipeline of this formulation are responsible factors for dominant market share.

The manufacturers are focusing on the development of small-sized particle products which is anticipated to boost the growth of the market over the forecast period. For instance, Cipla, in April 2019, launched Niveoli which is its first extra-fine particle inhaler. However, the aerosol segment is anticipated to expand at a rapid pace during the forecast period due to their user-friendliness.

Market players are focusing on manufacturing inhalable products which are effective and easy to use. Teva Pharmaceuticals, in February 2018, in the U.S. launched the QVAR RediHaler inhalation aerosol which is a tool for asthma management.

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Respiratory diseases segment is expected to expand at a significant pace

On the basis of applications, the inhalable drugs market is bifurcated into respiratory diseases and non-respiratory diseases. Inhalable drugs are majorly used in the treatment of chronic respiratory diseases such as bronchospasm, asthma, and COPD also for non-respiratory diseases such as Parkinson’s disease and diabetes.

For the treatment of COPDs and asthma combination therapy of Long-Acting Muscarinic Antagonist (LAMA), Long-Acting β2 Adrenoceptor Agonist (LABA), and Inhaled Corticosteroid (ICS) are widely used due to its effectiveness, less requirement for hospitalization, and ability to reduce inflammation of lungs. Due to this many manufacturers are developing this combination therapies.

• For instance, in September 2017, the FDA approved Trelegy Ellipta which was combination therapy for the treatment of emphysema, COPDs, and chronic bronchitis. Manufacturers came up with an inhaler with reduced cost due to increasing prevalence of diabetes and costly medications. MannKind Corporation, in January 2019, launched Afrezza for diabetes patients.

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North America is expected to dominate the market

On the basis of regions, the inhalable drugs market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to several awareness programs by government, organizations, and companies for improvement in treatment of COPD. Mylan, in November 2016, organized the COPD Awareness Month to increase awareness about treatments.

On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to rising disposable income, improving healthcare infrastructure, and increasing patient awareness. Additionally, new market players lead to strong competition, which is anticipated to fuel the regional growth over the forecast period.

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Segments

The global inhalable drugs market has been segmented on the basis of

Products

• Aerosol
• Dry Powder Formulation
• Spray

Applications

• Respiratory Diseases
• Non-Respiratory Disease

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• AstraZeneca
• Sanofi
• Vectura
• Mylan
• GlaxoSmithKline
• Mundipharma
• Boehringer Ingelheim International GmbH
• Cipla Inc.

Competitive Landscape

Key players competing in the inhalable drugs market include AstraZeneca, Sanofi, Vectura, Mylan, GlaxoSmithKline, Mundipharma, Boehringer Ingelheim International GmbH, and Cipla Inc. These players are focusing on several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.

Market players are also focusing on development of inhalable drugs and advanced versions of existing molecules. For instance, Glenmark Pharmaceuticals, in August 2018, entered into commercialization agreement of Tiotropium Bromide dry powder inhaler to treat COPD in Europe.