SEATTLE, March 15, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global budesonide inhaler market was valued at US$ 5.25 billion in 2017, and is projected to exhibit a CAGR of 5.8% during the forecast period (2018 – 2026).
Key Trends and Analysis of the Budesonide Inhaler Market:
The budesonide inhaler market is expected to witness significant growth over the forecast period. This is owing to increasing launches of generic versions of budesonide to treat asthma and Chronic Obstructive Pulmonary Disease (COPD). Budesonide inhalers can aid in efficient treatment of asthma symptoms. AstraZeneca was the first company to market budesonide back in 2009. The most recent generic version of budesonide inhalation suspension was launched by Lupin in November 2018. It is available in 0.5/2ml single dose ampules and is approved by the U.S. Food and Drug Administration. It is used in treatment of asthma in children 12 months to 8 years of age.
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Increasing incidences and prevalence of asthma is expected to contribute to growth of budesonide inhaler market over the forecast period. According to the Global Asthma Report 2018, asthma causes around 1000 deaths every day and affects around 339 million people worldwide. According to the Centers for Disease Control and Prevention (CDC) 2018 report, asthma is the leading chronic disease in children. There are around 6 million children under the age of 18 living with asthma.
Furthermore, key players in the market are focused on developing new drug combinations for pediatric population. For instance, in January 2017, AstraZeneca announced that the U.S. FDA approved Symbicort (budesonide/formoterol fumarate dihydrate) Inhalation Aerosol for the treatment of asthma in pediatric patients aged 6 to 12 years. Budesonide/formoterol is already approved in the US to treat asthma in patients 12 years and older and for the maintenance treatment of airflow obstruction in Chronic Obstructive Pulmonary Disease (COPD) in adults.
Key players in the market are also focused geographic expansion and launch of generic versions of budesonide inhalers. For instance, in November 2017, Cipla Ltd. received final approval for its Abbreviated New Drug Application (ANDA) for Budesonide Inhalation Suspension, 0.25mg/2mL, 0.5mg/2mL, and 1mg/2mL from the U.S. FDA to market a generic version of AstraZeneca's Pulmicort Respules. It is indicated for the maintenance treatment of asthma and as prophylactic therapy in children 12 months to 8 years of age.
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Key Market Takeaways:
- The global budesonide inhaler market is projected to witness CAGR of 5.8% during the forecast period (2018 – 2026), owing to increasing incidences of asthma and COPD. According to the Centers for Disease Control and Prevention (CDC), over 26 million people in the U.S. have asthma irrespective of age, gender and race.
- Among region, Asia Pacific is expected to show significant growth in the budesonide inhaler market, owing to presence of major companies of budesonide inhalers in the emerging economies like China, India, and Japan such as Cipla Limited, Lupin Limited, Takeda Pharmaceutical Company Ltd., Manus Aktteva Biopharma LLP, Lunan Better Pharmaceutical, Synmosa Biopharma Corporation, and Shanghai Sine Pharmaceutical Laboratories Co. Ltd.
- Major players operating in the budesonide inhaler market include, Pfizer Inc., Cipla Limited, Lupin Limited, Cosmo Pharmaceuticals, Takeda Pharmaceutical Company Ltd., Manus Aktteva Biopharma LLP, Abbott Laboratories, Lunan Better Pharmaceutical, Novartis International AG (Sandoz), Mylan N.V., Skyepharma, AstraZeneca Plc., Chiesi Farmaceutici S.p.A, Orion Corporation, Santarus Inc., Synmosa Biopharma Corporation, and Shanghai Sine Pharmaceutical Laboratories Co. Ltd.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.