Budesonide Market Aims Bigger with Technological Innovations by 2024

Budesonide belongs to a type of drug called corticosteroids. It is used to control, prevent the symptoms caused by asthma and certain bowel conditions. This medication reduces irritation in the lungs and swelling of the airways in the lungs; however, it is not prescribed to control sudden asthma attacks. Although Budesonide does not have any major side effects, it sometimes causes dry or irritated throat, runny nose, nose bleed, etc. In addition, patients who have eye diseases, high blood pressure, thyroid, osteoporosis, mental abnormalities, such as anxiety, depression, psychosis, etc. are not recommended this medication. According to an article published by the Queensland Health, 2010, it is estimated that the average cost of Budesonide to a patient for a course of three months is around US$ 355.0 (administering first month at 9mg/day dose of Budesonide, second month at 6mg/day dose, and third month at 3mg/day dose).

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The global budesonide market is primarily driven by the increasing prevalence of asthma across the world, rise in diagnosis and treatment rate of asthma, growth in health care infrastructure, and favorable re-imbursement policies. However, stringent regulatory landscape and intellectual property rights are anticipated to cease the growth of the global Budesonide market during the forecast period. Nevertheless, expiry of patented drugs, emergence of generic companies, increasing R&D investment, and technological progress in the medical industry are likely to provide growth opportunities to the global budesonide market during the forecast period.

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In terms of availability, the global Budesonide market can be segmented into inhalers, pills, nasal sprays, rectal forms, and others. In the treatment of asthma and certain bowel diseases, Budesonide has shown prominent application in anti-doping test for professional athletes, according to a study published by the “Acta Poloniae Pharmaceutica and Drug Research” in 2016. Therefore, the global Budesonide market can be classified into refectory celiac diseases and others (anti-dope testing for professional athletes) segments, based on application. In terms of distribution channel, the global Budesonide market can be categorized into hospital pharmacies, retail pharmacies and drug stores, and others (online sales).. However, the risk of counterfeit Budesonide drugs through online sales channel is likely to restrain the growth of the segment in the near future.

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Geographically, the global budesonide market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to a study published by the Centers for Disease Control and Prevention (CDC), around 8.3% of the adults in the U.S suffered from asthma in 2016. Around 10% of the adults in Canada suffered from the disease in the same year, based on a study conducted by the Government of Canada. The Budesonide market in North America accounted for the dominant market share in 2017, owing to significant prevalence of asthma, well-established health care infrastructure, favorable reimbursement policies,. The prevalence of asthma in Europe varies widely, it was high in Sweden (around 20%) in 2017. Prevalence of asthma is low, at 0.3%, in Russia and in the countries close to the Mediterranean region. The Budesonide market in Europe held the second leading market share in 2016, and is expected to grow at a significant rate during the forecast period due to high prevalence of asthma in Western Europe, high diagnosis and treatment rate of asthma, robust reimbursement scenario, and technological progress of the pharmaceutical industry in the region. The Budesonide market in Asia Pacific held the third leading market share in 2017; however, it is anticipated to expand at a significant rate during the forecast period due to large patient pool and emergence of generic companies in the region. Underdeveloped health care infrastructure and low rate of diagnosis and treatment of asthma and bowel diseases are likely to hamper the growth of the Budesonide market in Latin America and Middle East & Africa in the near future.

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Key companies operating in the global budesonide market are AstraZeneca, Natco Pharma, Teva, Lupin, Cipla, Ranboxy Laboratories, Sun Pharmaceuticals, Kopran Pharmaceuticals Ltd., Zydus Cadila, and others.

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