The global inhalable drugs market size is expected to reach over USD 40.6 billion by 2026, according to a new report by Grand View Research, Inc., registering a CAGR of 6.3% over the forecast period. Rising prevalence of respiratory diseases and increasing geriatric population are some of the key factors expected to drive the market. Chronic obstructive pulmonary disease (COPD) is a life-threatening respiratory ailments, which is projected to become the third leading cause of death globally. This will increase the demand for inhalable drugs.
According to the Global Burden of Disease study, in 2016, 251 million cases of COPD were reported worldwide. Hence, the need for developing new inhalable drugs has increased. For instance, in January 2019, Verona Pharma received WHO approval for developing Ensifentrine indicated for COPD, which has completed Phase II of clinical trials.
Advancements in inhalable drugs is anticipated to propel the inhalable drugsmarket. Nanoparticles are studied for the development of advanced inhalation drugs. For instance, in April 2019, a scientist from Queensland University of Technology conducted a research using chitosan nanoparticles loaded with inhalation powder for lung cancer. These nanoparticles can easily penetrate the lower respiratory tract and can diffuse into the bloodstream.
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Rising prevalence of non-respiratory diseases such as diabetes and Parkinson’s diseases is also expected to drive the market. Therefore, manufacturers are developing cost-effective and innovative inhalable drugs. For instance, in January 2019, MannKind Corporation developed and commercialized Afrezza for diabetic patients.
Presence of strong pipeline drugs is considered to be one of the major factors estimated to boost the market growth. There are more than 220 ongoing projects under clinical trials globally. For instance, GlaxoSmithKline’s triple combination therapy of Fluticasone Furoate/Vilanterol/Umeclidinium Bromide to treat asthma is in Phase III and is likely to be launched during the forecast period.
Companies are undergoing strategic initiatives such as collaborations, mergers and acquisitions, partnerships, and awareness programs to widen their product portfolio and gain a stronger foothold in the market. For instance, in July 2019, Cipla, Inc. entered into a joint venture with Shanghai-based Jiangsu Acebright Pharmaceuticals to establish a company in the People’s Republic of China to manufacture respiratory products.
Further key findings from the study suggest:
• By product, the dry powder formulation segment dominated the market for inhalable drugs in 2018 owing to benefits such as low density and ability to disperse easily through inhalers
• Based on application, respiratory diseases held the largest market share in terms of revenue in 2018, due to high prevalence of asthma and COPD. The non-respiratory diseases segment is growing at a rapid pace owing to the high opportunity in management of various neurological disorders
• North America held the leading position in the global inhalable drugsmarket for inhalable drugs in 2018, driven by established pharmaceutical industry and healthcare facilities and growing awareness about the use of inhalers. The Asia Pacific market is projected to exhibit the fastest growth during the forecast period.
• Key players in this industry include AstraZeneca; Vectura, Cipla Inc.; GlaxoSmithKline; Novartis; Mundipharma; Boehringer Ingelheim International GmbH; and Mylan.
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Grand View Research has segmented the global inhalable drugs market on the basis of product, application, and region:
Inhalable Drugs Product Outlook (Revenue, USD Million, 2014 - 2026)
• Aerosol
• Dry Powder Formulation
• Spray
Inhalable Drugs Application Outlook (Revenue, USD Million, 2014 - 2026)
• Respiratory Diseases
• Non-Respiratory Diseases
Inhalable Drugs Regional Outlook (Revenue, USD Million, 2014 - 2026)
• North America
o U.S
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o Saudi Arabia
o South Africa
o UAE
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.