Global Inhalable Drugs Market Poised to Witness Notable Growth Owing to Rising Prevalence of Respiratory Diseases

Global Inhalable Drugs Market Poised to Witness Notable Growth Owing to Rising Prevalence of Respiratory Diseases

Inhalable drugs include metered-dose inhalers, dry powder inhalers and nebulizers which enable direct delivery of drugs to the lungs. Bypassing the gastrointestinal tract and liver allows inhalable drugs to have faster onset of action and achieve higher concentrations at target sites. This helps minimize side effects and reduces the required dosage.

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. These players are focusing on new product launches, investing in R&D and engaging in mergers and acquisitions to strengthen their global presence.

In terms of opportunities, the market is witnessing a rise in development of combination inhalable drugs and smart/digital inhalers that offer dose tracking and connectivity features. There is also a growing demand for device-drug combination products. Additionally, high prevalence of respiratory diseases in developing regions presents an opportunity for market expansion. Leading players are focusing on these emerging markets through collaborations with local players.

Market drivers: Rising prevalence of respiratory diseases such as asthma and COPD globally due to factors such as increasing pollution levels and changing lifestyle is a major market driver. According to WHO, around 400 million people worldwide suffer from asthma alone, and it is one of the most common chronic disease among children.

Market restraints: High development costs associated with Global Inhalable Drugs Market Size  and lack of awareness especially in low and middle income countries limit market growth. Complexities involved in drug delivery through lungs also pose challenges. Further, lack of skilled healthcare professionals to train patients on proper inhalation techniques restraints the market to some extent.

Segment Analysis
The global inhalable drugs market is segmented by formulations- dry powder inhaler, metered dose inhaler, nebulizer. Dry powder inhaler segment is expected to hold largest market share owing to benefits like better portability, longer shelf life and lack of propellants which allows more dose per inhaler. Another major segment is metered dose inhaler which holds significant share and will continue to grow during the forecast period primarily due to increasing adoption for conditions like asthma and COPD. Nebulizer segment is also expected witness decent growth with technological advancements allowing for efficient delivery of drugs for infants and children.

Global Analysis
Regionally, North America is projected to dominate the global inhalable drugs market during the analysis period. Factors such as higher prevalence of respiratory diseases, well established healthcare infrastructure and favorable reimbursement policies are driving the North America market. Europe region is also expected witness significant growth supported by growing aging population base susceptible to respiratory issues. However, Asia Pacific region is poised to emerge as the fastest growing market due to improving access to healthcare, large patient pool and rising medical tourism in countries like India and China. Meanwhile, Middle East and Latin America will exhibit steady demand over the coming years.

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