Market Overview

Inhalation Spray Drugs Market is projected to achieve a value of USD 27,640 Million in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 43,230 Million by 2033 with a CAGR of 7.7% during the forecast period 2023-2033.

Inhalation spray is a small handheld device which helps to inhale medicine through your mouth, directly to the lungs. Inhalation based drugs are used to direct delivery of medicament to the lungs in sequence to produce local and immediate effects.

The various class of drugs use in the Inhalation spray such as Corticosteroids, Bronchodilators, Antihistamines, Combination drugs which use in the treatments of allergies, asthma and skin problems. Increasing the prevalence of respiratory diseases such as COPD and Asthma, rising demand of cost effective treatments option and acceptance of inhalation spray by patients drives the inhalation spray drugs market growth.

For Instance, according to the Global Asthma Report, nearly 330 million people have asthma worldwide and this number is expected to reach more than 400 million cases by 2025. Increasing tobacco use, air pollution, and smoking are some of the major causes leading to rising asthma cases globally.

COVID-19 makes a significant impact on the Inhalation spray market as one of the major symptoms of COVID-19 is shortness of breath. For instance, as per the article published in 2021 by MedComm journal, nasal sprays showed the ability to be an effective COVID-19 treatment and vaccine option. In the Post pandemic era after relaxing the lockdown, people still suffering from long term effects such as, shortness of breathing and other respiratory difficulties.

Market Scope

Market Dynamics

Increasing the geriatric population coupled with chronic respiratory diseases are expected to drive the inhalation spray drugs market growth. For instance, the Asthma & Allergy Foundation of America states that about 7.8% of the U.S. population aged 65 and older had asthma in 2020.Moreover, key manufacturing player in market received approval for production of Inhalation spray drugs for the treatments of respiratory diseases like COPD, asthma.

For instance, Mylan Pharmaceuticals, a Viatris Inc. subsidiary, received FDA approval for ANDA for inhalation aerosol Breyna, a generic version of Symbicort indicated for asthma and COPD patients, in March 2022

Asthma is a non-commutable disease which holds a significant share in the Inhalation spray drug market, which is common in both children and adults. Asthma is a condition that exhibits a higher prevalence among adult females compared to adult males. According to the 2020 report from the Centers for Disease Control and Prevention (CDC), an estimated 25 million individuals in the United States are affected by asthma. Among this population, roughly 20 million are adults aged 18 and above. Furthermore, as per the American Asthma Foundation (AAFA), the year 2021 saw an approximate 25 million individuals grappling with asthma.

Additionally, in 2021, about 5 million children in the United States were living with asthma. Technological advancement such as smart inhaler, digital dose counter will improve the effectiveness, convenience and patients experience in the respiratory disease treatments which fuel the inhalation spray drugs market growth.

Moreover, the regulatory obstruction due to rigid laws for the sales in various countries hamper the market growth. For instance, COFEPRIS, Mexico's regulatory authority, has introduced fresh guidelines for the approval of generic drugs. These guidelines exclude the inclusion of patents related to novel therapeutic applications within their linkage system.

Market Type Analysis

By type, the Inhalation Spray Drugs market is Categories into Corticosteroids, Bronchodilators, Antihistamines, Combination Drugs. The Bronchodilators segment accounts for the largest share of around 43% of the market in 2022.

The rising the prevalence of asthma and COPD responsible for the market growth. For instance, according to the World Health Organization (WHO), approximately 262 million individuals worldwide were afflicted by asthma in 2019. Additionally, the Asthma and Allergy Foundation of America reported in 2020 that approximately 1 out of every 13 Americans, totaling nearly 25 million people, were living with asthma. Therefore, increasing the use of bronchodilator is estimate the market growth.

Market Application Analysis

By Application, the Inhalation Spray Drugs market is Categories into Hospital Pharmacy, Retail Pharmacy, Drug Stores, Online Pharmacy. The Retail Pharmacy segment accounts for the largest share of around 52% of the market in 2022.

Rising investment in healthcare and increasing Retail facility in developed and developing country are major factor to drive the segment. For instance, the average gross margin for drugs in pharmacies is around 43%, indicating a substantial revenue generation.

The online pharmacy sector is projected to experience growth in the upcoming forecast period. Online pharmacies provide patients with convenient and easily accessible options. As internet usage continues to rise, the volume of individuals purchasing products from online pharmacies is rapidly expanding. For instance, in 2020, there was an estimated 45% increase in the quantity of products dispensed by online pharmacies in England compared to the last year.

Market Regional Analysis

North America dominate the Inhalation Spray Drugs market with the highest revenue generating market with share of more than 41%. Well established healthcare facility, availability of services and products, high expenditure on R&D are the key driving factor of the region.

For instance, as per a report from the Canadian government, in 2019, there were 453,700 individuals impacted by chronic obstructive pulmonary disease (COPD), which constituted 7.2% of the total population. In 2020, this number increased to 488,100 people, accounting for 7.5% of the total population. The rising prevalence of chronic respiratory conditions in North America has emerged as a key factor for the increased adoption of inhalational drugs, propel the market growth.

Europe is expected to expand the higher growth with highest CAGR in forecasted year. Increasing investment in healthcare sector, increasing awareness about the respiratory diseases, emerging new technology, emerging presence of key market players like Boehringer Ingelheim, Novartis, and Chiesi Group drive the regional growth.

Moreover, Asia-pacific is the fastest growing Inhalation Spray Drugs market in forecasting year. Rising prevalence of respiratory diseases, increasing population growth, government funding for research and healthcare infrastructure are the factors responsible for growth in forecasted years.

Competitive Analysis

The Inhalation Spray Drugs market is dominated by a few large companies, such as Teva Pharmaceuticals Industries Ltd., Mylan N.V., Akorn, Operating Company LLC, Cipla Inc., Sandoz International GmBH (Novartis AG), Apotex Inc., Lupin, Viatris Inc., Hikma Pharmaceuticals PLC, Sun Pharmaceuticals Industries Ltd., Beximco Pharmaceuticals Ltd., Nephron Pharmaceuticals Corporation Others.

There are some of the key trends that are shaping the competitive landscape of the Inhalation Spray Drugs market.

August 2022, Lupin has obtained FDA clearance for Formoterol Fumarate Inhalation Solution, which is utilized to manage symptoms associated with chronic obstructive pulmonary disease. The approval from the US Food and Drug Administration (USFDA) pertains to Lupin's generic edition of Mylan Specialty's Perforomist Inhalation Solution.

March 2022, Viatris Inc., in collaboration with Kindeva, has secured its initial FDA endorsement for a generic adaptation of Symbicort Inhalation Aerosol, known as Breyna (Budesonide and Formoterol Fumarate Dihydrate Inhalation Aerosol). This medication is employed in the continuous management of asthma and chronic obstructive pulmonary disease (COPD).

In August 2018, Lily Pharmaceuticals has introduced an intranasal glucagon nasal spray designed for the emergency treatment of severe hypoglycemia in patients. As reported in a study presented at ADA 2017, this nasal glucagon demonstrated an estimated 96.0% effectiveness in addressing emergency situations in individuals with type 1 diabetes.

By Type

·         Corticosteroids

·         Bronchodilators

·         Antihistamines

·         Combination Drugs

By Application

·         Hospital Pharmacy

·         Retail Pharmacy

·         Drug Stores

·         Online Pharmacy