Global Montelukast Sodium Market Report 2024: A USD 2.24 Billion Market by 2034 at a CAGR of 15.7%, Driven by Rising Prevalence of Respiratory Diseases and Enhanced Drug Formulations
Global Montelukast Sodium Market
Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Global Montelukast Sodium Market" report has been added to ResearchAndMarkets.com's offering.
The global montelukast sodium market size was estimated to be USD 0.451 billion in 2023 and is predicted to reach USD 2.24 billion by 2034 with a CAGR of 15.71% during the forecast period 2024-2034.
Increased geriatric population, growing awareness of the benefits of Montelukast sodium, growing R&D investments, a greater emphasis on preventative healthcare, rising prevalence of respiratory diseases, and strategic partnerships and collaborations will significantly boost the market's growth.
The increased prevalence of respiratory ailments including allergic rhinitis and asthma has greatly fueled the market for montelukast sodium. As a leukotriene receptor antagonist, montelukast reduces inflammation and bronchoconstriction to successfully treat asthma symptoms. When used for allergic rhinitis, it relieves symptoms such as itching, sneezing, and congestion of the nose.
By product type, the montelukast sodium amorphous segment accounted for the highest revenue-grossing segment in the global montelukast sodium market in 2023 owing to the superior bioavailability and increased solubility compared to crystalline forms. These innovative formulations have enhanced the drug's efficacy, leading to higher patient compliance and therapeutic outcomes, driving significant market adoption. Additionally, the montelukast sodium crystalline segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased focus on long-term stability and scalability in pharmaceutical manufacturing.
By dosage form, the tablets segment accounted for the highest revenue-grossing segment in the global montelukast sodium market in 2023 owing to the convenience of administration and widespread patient acceptance. Additionally, the oral solutions segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising demand for alternative dosage forms and increased focus on patient-centric drug delivery.
By application, the asthma segment accounted for the highest revenue-grossing segment in the global montelukast sodium market in 2023 owing to the prevailing high prevalence of asthma worldwide and the effectiveness of Montelukast Sodium in managing asthma symptoms. Additionally, the allergic rhinitis segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing awareness, diagnosis, and prevalence of allergic rhinitis, coupled with the efficacy of Montelukast Sodium in managing allergic symptoms.
By distribution channel, the retail pharmacies segment accounted for the highest revenue-grossing segment in the global montelukast sodium market in 2023 owing to the extensive accessibility and ease of medication distribution to a broad patient population. Additionally, the online pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of e-commerce platforms, the convenience of online purchasing, and a growing trend towards digital healthcare solutions.
North America is anticipated to have the highest revenue share during the forecast period owing to the high prevalence of respiratory conditions, well-established healthcare infrastructure, and robust adoption of Montelukast Sodium in the management of asthma and allergic disorders.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rising awareness of respiratory diseases, increasing healthcare infrastructure development, and a growing patient population. For instance, the European Medicines Agency (EMA) started reviewing the safety profile of montelukast sodium in December 2023 in response to reports of possible neuropsychiatric adverse effects.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
Base Year: 2023
Forecast Period: 2024-2034
Study Coverage
Market Forecast by Product Type, Dosage Form, Application, and Distribution channel
Market Forecast for 5 Regions and 17+ Countries
North America (U.S. and Canada)
Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
MEA (South Africa, GCC, Rest of MEA)
Company Profiles of the Top 10+ Major Market Players
Merck & Co. Inc.
Pfizer Inc.
Teva Pharmaceutical Industries Ltd.
Mylan N.V.
Aurobindo Pharma Limited
Dr. Reddy's Laboratories Ltd.
Cipla Limited
Sandoz International GmbH (Novartis)
Jubilant Life Sciences Ltd.
Glenmark Pharmaceuticals Ltd.
Lupin Limited
Sun Pharmaceutical Industries Ltd.
Apotex Inc.
Torrent Pharmaceuticals Ltd.
Zydus Cadila.
Key Attributes:
Report Attribute | Details |
No. of Pages | 200 |
Forecast Period | 2023 - 2034 |
Estimated Market Value (USD) in 2023 | $0.45 Billion |
Forecasted Market Value (USD) by 2034 | $2.24 Billion |
Compound Annual Growth Rate | 15.7% |
Regions Covered | Global |
Report Segmentation:
By Product Type
Montelukast Sodium Amorphous
Montelukast Sodium Crystalline
By Dosage Form
Tablets
Oral Solutions
By Application
Asthma
Allergic Rhinitis
Urticaria
Other Applications
By Distribution Channel
Retail Pharmacies
Hospital Pharmacies
Online Pharmacies
For more information about this report visit https://www.researchandmarkets.com/r/vkjbwd
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