Inhalation and nasal spray generic drugs are subject to regulation of countries where they are dispensed. Factors such as low cost of manufacturing, lesser drug time approval, and potential quality and performance characteristics are few of the factors driving the inhalation and nasal spray generic drugs market.
Based on drug class, the inhalation and nasal spray generic drugs market has been categorized into five segments: corticosteroids, bronchodilators, antihistamines, combinations, and decongestant sprays. The combinations segment dominated the inhalation and nasal spray generic drugs market, accounting for a share of 38.8% in 2014 due to better compliance and increased efficiency. The segment is also expected to register the fastest growth during the forecast period.
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Based on application, the inhalation and nasal spray generic drugs market has been segmented into four types based on medical application: asthma, COPD, allergic rhinitis, and others (cystic fibrosis, influenza, etc.) The asthma segment held the largest market share of 55.3% in 2014. The asthma segment is projected to expand at the fastest CAGR during the forecast period. Major factors driving the asthma segment are increasing pollution and excessive use of tobacco among the population. Furthermore, various respiratory infections are instigating severe lung damages, consequently leading to asthma, thereby boosting the growth of the asthma segment during the forecast period from 2015 to 2023.
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Geographically, North America dominated the inhalation and nasal spray generic drugs market in 2014, accounting for a share of 38.5% due to factors such as rising prevalence of asthma, COPD and other fatal respiratory disorders, and increasing number of government initiatives. Additionally, growing preference of the population for affordable generic drugs is another factor supporting market growth in this region. Asia Pacific is projected to be the most lucrative market for inhalation and nasal spray generic drugs and is expected to expand at the highest growth rate of 6.3% from 2015 to 2023. Factors propelling the growth of the inhalation and nasal spray generic drugs market in Asia Pacific are presence of large population base, rising disposable income among the population, and increasing health care awareness among the people pertaining to inexpensive generic drugs.
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Teva Pharmaceutical Industries Ltd. dominated the inhalation and nasal spray generic drugs market in 2014 with a market share of 15.8%. Major factors attributed to its dominance are broad product portfolio and widespread market presence. Sandoz International GmbH (Novartis AG) was the second largest player offering a wide range of inhalation and nasal spray generic drugs. Other players in the inhalation and nasal spray generic drugs market include Allergan plc, Mylan N.V., Nephron Pharmaceuticals Corporation, Ranbaxy Laboratories Ltd., Cipla Ltd., Roxane Laboratories, Inc., and Beximco Pharmaceuticals.
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