Budesonide Market,Size, Share, Growth, and Global Industry Analysis, By Type (Injectable Suspension, Aerosols, Inhalation Powder, and Tablet and Capsule.), By Application (Respiratory Disease Treatment, Nose Disease Treatment, Inflammatory Bowel Disease Treatment, and Others), Regional Insights, and Forecast From 2023 To 2030

Updated On: 11 September 2023

Budesonide Market Report Overview

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The global budesonide market size was USD 8.20 billion in 2021 and is projected to touch USD 10.25 billion by 2028, exhibiting a CAGR of 3.2% during the forecast period.

Budesonide is a steroid medication sold under the Pulmicort name. It is available as an injectable suspension, pill, and inhaler. The inhaler is used for the long-term management of chronic obstructive pulmonary disease or asthma. The injectable are used for nasal polyps and allergic rhinitis. The pills are used in the delayed-release form or used for inflammatory bowel disease, including ulcerative colitis, Crohn’s disease, and microscopic colitis. It is a type of medication used majorly for the prevention of symptoms of asthma. 

The first patent for budesonide was issued in 1973. Asthma medications first saw commercial usage in 1981. It is listed as an essential medicine by the World Health Organization (WHO). Generic versions of several types of the drug are offered. Generic form of this tablet was identified as being a part of Teva's price-fixing plan in 2019 in the U.S., with more than 2 million prescriptions written in 2020. It was the 207th most often prescribed drug in the country. It is consumed by a nebulizer for balancing the prophylactic treatment and maintenance. 

COVID-19 Impact: Pandemic Boosted Market Growth by Increasing Health Concerns

The global COVID-19 pandemic has been unprecedented and staggering, with budesonide experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to budesonide market growth and demand returning to pre-pandemic levels once the pandemic is over.

The abrupt COVID-19 pandemic has brought the entire planet to a stop. The load on hospitals and medical staff has intensified as the entire world battles this pandemic. The University of Oxford published a report in April 2020 titled "It shortens recovery time in non-hospitalized patients with COVID-19," which stated that early treatment with inhaled drugs reduces recovery time in COVID-19 patients at higher risk of encountering more severe illness by a median of three days. Meanwhile, inhaled budesonide is a safe, reasonably priced, and easily accessible corticosteroid that is frequently used. 

LATEST TRENDS

"Changing Climatic Conditions to Boost the Market Growth"

The change in environment and climate leads to seasonal asthma, which has become a major cause of respiratory ailments. Budesonide is also used to prevent symptoms of shortness of breath and wheezing. It belongs to a drug class named corticosteroids. It directly works on the lungs, making it easier for the patient to breathe by reducing the swelling and irritation of the airways. It is an appropriate course of medication called corticosteroids. The rising rate of air pollution is increasing the prevalence of asthma among the population, which leads to the rising demand for the product in the global market. Children and the elder population are sensitive to climate change, which is affecting their health with various chronic diseases. These factors are anticipated to gain major traction in the global market.

RESTRAINING FACTORS

"Side Effects Associated With the Consumption of the Medicine to Hamper Growth"

The constant consumption of medicines may lead to some side effects on the health of the patient. The patient may experience sore throat, nausea, vomiting, hoarseness, stomach pain, coughing, sneezing, runny nose, nosebleed, and others. These side effects associated with the consumption of tablets or inhalers may affect the budesonide market growth in the forecast period.

Budesonide Market Segmentation

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• By Type Analysis

By type, the market is segmented into inhalation powder, aerosols, injectable suspension, and tablets and capsules.

• By Application Analysis

Based on application, the market is classified into nose disease treatment, inflammatory bowel disease treatment, respiratory disease treatment, and others.

DRIVING FACTORS

"Rising Launches in Generic Versions of the Product to Foster Product Demand"

The constantly rising number of generic versions of budesonide inhales is expected to be a major driver for budesonide market growth. Companies revealed that they received final approvals for the new abbreviated drugs. It is used to treat normal respiratory diseases, and thus, companies are developing various derivatives of the key medicine. It is one of the most generic names of prescription drugs sold under the names of Pulmicort, Pulmicort respules, uceris, Entocortec, Rhinocort, and Pulmicort flexhaler. It is also used to treat asthma and COPD, one of the most common diseases in the market. These factors are anticipated to gain major growth in the market. Adults and children aged six and older take powder form of the medicine for oral inhalation. Children between 12 months and eight years old can also use budesonide suspension for oral inhalation. It is available in two forms: powder for oral inhalation with an inhaler and suspension for oral inhalation with a specialized jet nebulizer. Shortness of breath and asthma attacks can both be avoided with the consumption of this drug.

"Advancements in the Treatment of Respiratory and Lung Diseases to Aid Market Growth"

The market is forecasted to experience significant growth owing to various advancements in the treatment of respiratory and lung diseases. The presence of a seamless healthcare industry emphasizes developing various new technologies and mechanisms to control diseases. An inhaler helps in alleviating asthma attacks. Additionally, each inhaler provides 60-120 inhalations based on their size. It is also used in treating various allergic rhinitis and skin disorders. They are easily available in the form of inhalers, which is forecasted to surge growth in the budesonide market.

Budesonide Market Regional Insights

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"North America to Dominate the Market Due To the Rising Prevalence of Asthma "

North America is forecasted to hold about 36% of the overall budesonide market share owing to the growing prevalence of asthma and the well-developed healthcare industry. The rising regulatory approvals of inhaler is also expected to surge growth in the region. 

Asia Pacific is expected to hold a significant part of the budesonide market share by virtue of the rising population coupled with the rising pollution issue in emerging countries such as India, China, and Japan. 

Europe is most likely to show sizable growth in the market by the accelerating number of national and international guidelines for asthma management and other chronic obstructive pulmonary diseases.

KEY INDUSTRY PLAYERS

"Key Players Working to Produce Cutting-Edge Technology to Expand Their Market"

Businesses are developing the latest technology to provide simpler ways to broaden their product offerings. Businesses also use cutting-edge methods and procedures to develop new technology. Key players are constantly emphasizing on the development of advanced products to gain traction in the market. Key companies are increasing their investments in developing efficient medicine coupled with favorable trade policies for the transportation of products. Key players are striving to develop and launch various derivatives of tablets to gain traction in the global market. Companies are creating diversification in product portfolios to prove themselves better than the other players existing in the global market. The key companies are focusing on gaining collaborations and mergers in the global market to gain growth in the market. 

List of Market Players Profiled

• AstraZeneca (U.K.)
• Teva (Israel)
• Mylan (U.S.)
• Sandoz (Switzerland)
• Cosmo Pharmaceuticals (Ireland)
• Salix (U.S.)
• Chiesi Farmaceutici (Italy)
• Orion Corporation (Finland)
• Cipla (India)
• Symposia Biopharma (Taiwan)
• Lunan Better Pharma (China)
• Shanghai Sine Promod (China)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.