Montelukast API Market Insight
The Montelukast API Market 2020 is planning to prepare for surge its investment in funds as it seeks to hit a 3.38% hike in the face of the economic slowdown caused by the Coronavirus fatal disease. Market Research Future focuses on the Montelukast API Market study and estimates to gain USD 1,430,215.2 thousand by the end of 2023, accumulates the figures. The growth period is calculated to be between 2018 to 2023.
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Montelukast API Market Impacting Factors
Montelukast sodium is used to avert difficulty breathing, wheezing, coughing, and chest tightness caused by asthma in adults and children under 12 months of age and older. With the upward prevalence of asthma globally, the usage of montelukast sodium also surges.
Significant factors motivating the growth of this market are mounting respiratory diseases coupled with the upward geriatric population. The rising R&D investments in developing novel drugs and the advancements in technology will create lucrative opportunities for key market players in the forecast period.
MRFR also indicates that the significant factor attributing to the growth of the Montelukast API Market is the boost in the prevalence of diseases, such as exercise-induced bronchospasm, asthma, primary dysmenorrhea, allergic rhinitis, and urticaria.
The World Health Organization states that around 235 million people are living with asthma. Beyond 80% of asthma correlated deaths occur in low-and lower-middle-income countries. As the number of patients surges, the demand for Montelukast sodium also rises. These factors have also noticed to be influential to the market’s growth.
On the contrary, the factor of side effects related to Montelukast sodium such as stomach pain, heartburn, upset stomach, nausea, and diarrhoea are posing to impede the market growth in the forecast period.
Montelukast API Market Segmental Review
The asthma segment will lead the market and register a substantial CAGR to reach USD 700,730.7 thousand by the end of 2023. Montelukast API is high in demand globally for the treatment of asthma. However, the allergic rhinitis segment is also projected to demonstrate the highest CAGR of 3.11% from 2018 to 2023. The growing rate of allergic rhinitis cases is motivating the growth of the segment.
Montelukast API Market Regional Aspect
North America might lead the entire market, owing to the factors, such as the incidence of critical players, established healthcare infrastructure, and a high prevalence of asthma and other respiratory diseases. These are some key factors accountable for its hefty share in the market. Furthermore, beneficial government initiatives and a rise in the number of research partnerships are some of the drivers expected to surge the market growth. The United States has the maximum share owing to supportive healthcare policies, a towering number of patients, and a developed healthcare market.
Centres for Disease Control claimed that in 2017, approximately 8.1% of the population of the United States currently suffered from asthma. As per the statistics, the escalating patient pool and increasing disposable revenue in this country boost the market growth of the region.
The Europe market is conventional to surpass USD 396,258 thousand by 2023. Upward incidence of asthma, COPD, and allergies are motivating to the growth of the Montelukast API market in the region. The prime contributor to the development of the regional market in the UK, which is followed by France. Pharmaceutical Companies, Montelukast API Manufacturers, Contract Manufacturing Organizations, and Contract Research Organizations are projected, spectators.
Montelukast API Market Top Players
The top players in the Global Montelukast API Market are Hetero (India), Morepen Laboratories Ltd (India), Dr Reddy’s Laboratories Ltd (India), Merck Sharp & Dohme Corp (US), Teva Pharmaceutical Industries Ltd (Israel), Mylan N.V. (US), Glenmark (India), Hikma Pharmaceuticals PLC (UK), Vintage Pharmaceuticals Inc (US), Sandoz International GmbH (Germany), and Aurobindo Pharma (India).
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