Market Trends of Montelukast Sodium Industry
Asthma Segment is Expected to be Hold Significant Share in the Montelukast Sodium Market
Montelukast has proven to be particularly effective in exercise-induced asthma and in asthma associated with allergic rhinitis. Other phenotypes where montelukast is effective include asthma in obese patients, asthma in smokers, aspirin-induced asthma, and viral-induced wheezing episodes. Montelukast, as monotherapy or in combination with other drugs, mainly inhaled corticosteroids (ICS), versus different comparator drugs, has contributed to the positioning of montelukast in the different levels of asthma treatment.
According to the American College of Allergy, Asthma, and Immunology data published in July 2021, the most frequent chronic condition affecting children is asthma, which causes 13.8 million missed school days annually. Consequently, it is anticipated that as the incidence and prevalence of asthma rise, so will the need for montelukast sodium, driving the market's rapid expansion.
The rise in the number of initiatives undertaken by government and non-government organizations is increasing overall revenue. For instance, the CDC's National Asthma Control Program (NACP) provides funds for educating asthma-affected patients. Such initiatives are likely to increase awareness about asthma, which will increase the adoption of drugs in the treatment of asthma, leading to segment growth.
The benefits of using Montelukast sodium in the treatment of asthma, urticaria, and the rising incidence of asthma contribute to the segment's growth.
North America Holds Significant Share in the Market and Expected to Grow in Forecast Period
North America is expected to dominate the overall market due to factors such as the presence of key players, the high prevalence of asthma and other respiratory diseases, and the established healthcare infrastructure, which are some of the key factors responsible for its large share of the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth.
The country's growing patient base and rising disposable income support the region's market expansion. Additionally, as per the data from the Asthma and Allergy Foundation of America published in April 2021, about 25 million Americans suffer from asthma each year. One in thirteen Americans, or 8% of adults and 7% of children, fall into this category. As a result, the market studied is expected to witness significant growth in the coming years.
Further, growth in the geriatric population is expected to propel the growth of the market. For instance, according to the article Hub Canada in December 2022, the elderly population in Canada has already increased by 84%, from 3.99 million in 2002 to 7.34 million in 2022. The number of Canadians 65 and older is expected to increase by another 49% over the following 20 years, reaching 10.93 million in 2042.
Thus, all the aforementioned factors are expected to boost the market growth in the North American region over the forecast period.
