RESPIRATORY DRUG DELIVERY FORMULATION MARKET ANALYSIS

Respiratory Drug Delivery Formulation MarketSize and Trends

Respiratory Drug Delivery Formulation Market- Dynamics

As per the Global Asthma Network, 2014, asthma affects nearly 334 million people worldwide, thus increase in prevalence and incidence of respiratory diseases has led to increase in demand for the respiratory drug delivery formulations. Pharmaceutical manufacturers are focused on increasing access to affordable medications to provide novel options to patients and pharmacists, thereby addressing the limited availability of respiratory drug delivery formulations, which in turn is expected to augment market growth. For instance, in August, 2017, Teva Pharmaceuticals announced that the U.S. FDA approved its QVAR RediHaler inhalation aerosol used for the maintenance treatment of asthma as a prophylactic therapy in patients aged 4 years and older. Furthermore, in December 2018, Teva Pharmaceuticals received U.S. FDA approval for its ProAir Digihaler device, a digital inhaler that uses sensors to connect to mobile app. It is indicated for the treatment of bronchospasm in people with reversible obstructive airway disease.

Moreover, rising prevalence of various infectious diseases, including respiratory tract infections, is expected to drive growth of the respiratory drug delivery formulation market in the near future. For instance, according to a study published in the Lancet Global Health Journal, in 2016, an estimated 55.3 million cases of chronic obstructive pulmonary disease were observed in India.

Moreover, rising number of initiatives taken by government and non-government organizations is boosting the market growth. For instance, Center of Disease Control and Prevention (CDC’s) National Asthma Control Program (NACP) provides funds to educate the asthma affected patients. Such initiatives are led to spread awareness related to asthma, which, in turn, is expected to increase adoption of pulmonary drug delivery devices for treating asthma and chronic obstructive pulmonary diseases. However, stringent regulatory guidelines, patent expiration of drugs, and issues related to stability of drugs are expected to restrain growth of the market.