The global inhalable drug market is anticipated to grow at a CAGR of 3.7% during the forecast period (2020-2026). The rising geriatric population that is more prone to respiratory diseases, augmentation in the predominance of respiratory and non-respiratory diseases, along with the rapidly changing lifestyles of the people creates demand for inhalable drugs and hence drives the growth of the market. The trend of smoking, drinking alcohol, and ill eating activity are increasing among the people which is a major risk for the development of various pulmonary diseases. As per the COPD Foundation of the US, the top three causes of COPD are environmental factors, smoking, and genetic factor. COPD is mostly occurred in people of age above 40 and having a history of smoking. 

Non-respiratory diseases such as diabetes, Parkinson’s diseases, among many others are also becoming increasingly prevalent among the geriatric population. Owing to this, manufacturers are focused on the development of inhalable drugs for adult people as it is hard to swallow for them. For instance, in December 2018, the US FDA approved the INBRIJA drug, manufactured by Acorda Therapeutics as an inhalable prescription medicine for adults suffering from Parkinson’s disease. Thus, such aforementioned factors are likely to positively influence the growth of the market over the forecast period.

Segmental Outlook

The global inhalable drug market has been segmented on the basis of the application and route of administration. Based on the application, the market is bifurcated into respiratory disease and non-respiratory diseases. The respiratory disease segment is likely to hold a significant share over the forecast period. Based on the route of administration, the market is segmented into the nasal inhalable drug and mouth inhalable drugs. The mouth segment is likely to contribute a significant share over the forecast period.

Respiratory Disease Segment Holds a Major Share in the Global Inhalable Drugs Market

Amongst the application segment of the market, the respiratory segment is likely to hold a major share in the overall inhalable drug market. Respiratory diseases include diseases such as asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, pneumonia, and lung cancer. The key aspect that drives the segmental growth of the market is the increased prevalence of these diseases amongst the population. As per the global asthma report 2018 released by the Global Asthma Network, there are more than 339 million people who suffer from asthma. Besides, there is also a substantial prevalence of asthma amongst the children. This, substantially creates a wide scope for the market growth, as the inhalers are considered as the primary as well as an effective treatment for asthma among the patients. 

Regional Outlook

The global inhalable drug market is geographically segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The North American region is likely to contribute a significant share over the forecast period owing to the presence of the key manufacturers in the region. The key players are continuously contributing to the growth of the market through several launches and innovations. Besides, the rising prevalence of chronic respiratory and non- respiratory diseases, increasing geriatric population, and technological advancement are the major factors augmenting the growth of the market in North America. Further, the Asia-Pacific region is estimated to grow significantly during the forecast period. The regional growth of the market is attributed to the increasing geriatric population specially in Japan.

Global Inhalable Drugs Market, by Region 2019 (%)

Market Players Outlook

Some of the prominent players operating in the global inhalable drugs market and are covered in the report include Boehringer Ingelheim International GmbH, Pfizer Inc., Novartis International AG, AstraZeneca Plc, GlaxoSmithKline Plc, Johnson & Johnson Services Inc., Bausch Health Companies Inc., TFF Pharmaceuticals, Inc., and others. 

These players are adopting several organic and inorganic growth strategies such as product launches & developments, partnerships, agreements, and acquisitions to strengthen their product portfolios and maintain a competitive position in the global inhalable drugs market. For instance, in November 2019, TTF Pharmaceuticals announced the commencement of Phase 1 clinical trial of Voriconazole Inhalation Powder for the treatment of people suffering from Invasive Pulmonary Aspergillosis (IPA). 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global inhalable drugs market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.