by Inhalable drugs are medicines that are administered through the lungs to treat various respiratory diseases such as asthma, chronic obstructive pulmonary disease and cystic fibrosis. Inhalable drugs come in various dosage forms such as dry powder inhalers, metered dose inhalers and nebulizers. These inhalable drugs provide fast relief from respiratory symptoms and bypass the first-pass liver metabolism resulting in faster onset of action. Inhalable drugs also ensure direct delivery of medication to the airways which enables the use of lower doses and reduced risk of systemic side effects.
The Global Inhalable Drugs Market is estimated to be valued at US$ 34.86 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Global Inhalable Drugs market are GlaxoSmithKline plc, AstraZeneca plc, Novartis International AG, Boehringer Ingelheim, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc., Pfizer Inc., Sanofi, Cipla Ltd., Vectura Group plc, Mylan N.V. (now part of Viatris), Sunovion Pharmaceuticals Inc., MannKind Corporation, Insmed Incorporated, Theravance Biopharma. Key players are focusing on developing advanced drug delivery devices and formulations to improve patient compliance.
The Global Inhalable Drugs Market Size is expected to witness lucrative growth opportunities owing to rising pollution levels, increasing prevalence of respiratory diseases and growing geriatric population. Moreover, technological advancements in the field of digital therapeutics and smart inhalers are further expected to drive the market growth during the forecast period.
Development of combination therapies, customizable inhalers and breath-controlled devices are some of the significant technological advancements happening in the inhalable drugs market. These new platforms aim to enhance drug delivery, efficacy and user experience. Some of the combinations drugs in clinical trials include inhaled corticosteroids combined with long-acting beta-agonists, anticholinergics and LAMA/LABA combinations.
Market Drivers
The key drivers propelling the growth of global inhalable drugs market are increasing incidence of asthma and COPD, rising pollution levels especially in developing countries, growing geriatric population and technological advancements in drug delivery devices. According to WHO, asthma currently affects around 262 million people worldwide and causes 445,000 deaths each year. Growing pollution has also resulted in rise in respiratory diseases over the past decade. Inhalable drugs provide direct access to lungs and fast relief in respiratory conditions. Development of combination therapies and digital inhalers catering to individual needs are also fueling the market demand.
Current Challenges in Global Inhalable Drugs Market
The global inhalable drugs market is facing various challenges which are hindering the growth of the market. Some of the major challenges include high costs associated with research and development, stringent regulatory approval process, and side effects associated with inhalable drugs. Developing new inhalable drugs require huge investments in R&D. Getting regulatory approval for new inhalable drugs is a lengthy and complex process. Various regulatory bodies scrutinize clinical trial data closely to ensure patient safety. This increases time taken to get approvals. Furthermore, inhalable drugs are known to cause certain side effects like respiratory infections, coughing, and throat or mouth irritation in some patients. This limits the acceptability and adoption of these drugs. Addressing these challenges will be important for market players to sustain long term growth.
SWOT Analysis
Strength: Growing prevalence of respiratory diseases like asthma and COPD is driving market growth. Inhalable drugs provide localized drug delivery and rapid onset of action for treating respiratory conditions.
Weakness: High costs associated with R&D and regulatory approvals increase financial burden on manufacturers. Side effects of inhalable drugs negatively impact patient compliance.
Opportunity: Emergence of new propellant technologies will facilitate development of novel inhalable formulations. Rising healthcare investments in developing nations present new market opportunities.
Threats: Stringent regulatory norms can delay approvals. Entry of generic inhalable drugs erodes branded products market share.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global inhalable drugs market owing to presence of major players, high healthcare expenditures, and growing patient awareness. Europe is the second largest market driven by rising prevalence of respiratory disorders. Asia Pacific is expected to witness fastest growth during the forecast period due to expanding healthcare infrastructure, growing middle class population and their purchasing power.
Fastest Growing Geographical Region
Asia Pacific region is poised to be the fastest growing market for inhalable drugs during the forecast period. This is attributed to factors like rapidly improving healthcare infrastructure, rising healthcare expenditures, growing middle class population and their purchasing power in developing countries like India and China. Rising Incidences of respiratory conditions due to environmental factors and lifestyle changes in Asia Pacific will further drive the demand for inhalable drugs to treat asthma, COPD and other respiratory ailments. Initiatives by market players, upcoming drug launches and emerging new market opportunities will support the Asia Pacific market growth over coming years.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
