by They can deliver drugs directly to the lungs, allowing for a much higher concentration of the drug at the site of action and a faster onset of action compared to oral drugs. Common types of inhalable drugs include metered-dose inhalers, dry powder inhalers, and nebulizers. The ease of self-administration of inhalable drugs is driving greater patient adoption and compliance for the maintenance therapy of respiratory diseases. Moreover, they reduce the risk of systemic side effects associated with injections and oral drugs. The growing prevalence of asthma and COPD worldwide due to increasing air pollution and the aging population has resulted in a rising demand for inhalable drugs.
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.
The growing awareness regarding the efficacy of inhalable drugs in respiratory diseases management along with the availability of generic drugs is fueling the demand for inhalable drugs. Moreover, the increasing respiratory disease prevalence worldwide due to rising environmental pollution and aging population is further driving the inhalable drugs market growth.
Geographically, North America dominates the Global Inhalable Drugs Market Size owing to the developed healthcare infrastructure, high adoption of inhalable drugs, and presence of major players in the region. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period with rising healthcare expenditures, large patient pool and increasing awareness. Manufacturers are also focusing on expanding in emerging markets through strategic collaborations.
Market Key Trends
There is an increased focus on the development of novel and advanced inhalable drug delivery systems in order to enhance efficacy and patient compliance. Combination therapies that integrate multiple drugs into a single device are also gaining traction in the market. Moreover, manufacturers are working on customized inhalers for specific disease conditions through digital technologies and sensor integration. The adoption of digital health solutions and smartphone-connected inhalers is further expected to revolutionize inhalable drug delivery. Sustainable pricing strategies by market players thanks to the availability of generic alternatives is also supporting the market growth.
Porter’s Analysis
Threat of new entrants: High capital requirements and stringent regulations poses a barrier for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the market providing substitutable products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power given the availability of alternative product options and switching costs for buyers are low.
Threat of new substitutes: Threat of new substitutes is moderate as there are always new drug delivery technologies and therapeutics being developed and introduced.
Competitive rivalry: High as the players compete on the basis of pricing, product quality and launches.
Geographical Regions
North America region holds the largest share of the global inhalable drugs market owing to high healthcare expenditure and presence of major established players in countries like US and Canada.
Asia Pacific region is expected grow at the fastest rate during the forecast period attributed to factors such increasing disposable income, rising awareness regarding respiratory diseases, improving healthcare infrastructure and growing populations.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
