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.
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.
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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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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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