Montelukast API Market Highlights
Amidst the vast array of medications used in the treatment of asthma, Montelukast stands out as a versatile and widely prescribed option within the Montelukast API Market. As a Leukotriene Receptor Antagonist, Montelukast offers several advantages over traditional asthma therapies, including oral administration and once-daily dosing. This makes it a convenient choice for patients seeking long-term asthma control. Within the Montelukast API Market, the availability of high-quality Montelukast API enables pharmaceutical companies to produce a range of asthma medications, including tablets, chewable tablets, and oral granules, catering to diverse patient needs. As a cornerstone of asthma management, Montelukast continues to play a crucial role in improving the quality of life for individuals living with asthma, ensuring they have access to safe, effective, and convenient medication options.
The Montelukast API Market insights report has estimated the industry at USD 0.8 billion in 2022. During the projection period (2023-2032), the montelukast API market segment is anticipated to increase from USD 0.9 billion in 2023 to USD 2.30 billion by 2032, registering a compound annual growth rate (CAGR) of 12.50%.
Segment Analysis
The global montelukast API market has been segmented on the basis of applications, and region. On the basis of the applications, the market has been divided into asthma, allergic rhinitis, bronchospasm, urticarial and others. The asthma segment held the majority market share. Allergic rhinitis segment is expected to be the fastest-growing, followed by the asthma segment. Rising prevalence of allergic rhinitis is driving the growth of the segment.
Regional Analysis
North America accounted for the largest market share, and the regional market is projected to register a rich CAGR during the forecast period. Asia-Pacific is expected to register the fastest CAGR. The Chinese market is projected to exhibit the highest growth rate during the forecast period from 2023 to 2032.
The European market is estimated to exceed a good amount of revenue by 2032. Increasing incidence of asthma, COPD, and allergies are driving the growth of the Montelukast API market in the region. The UK is the major contributor to the growth of the regional market, followed by France.
Market Players
Market Research Future (MRFR) recognizes Merck Sharp & Dohme Corp (US), Dr. Reddy’s Laboratories Ltd (India), Morepen Laboratories Ltd (India), Mylan N.V. (US), Teva Pharmaceutical Industries Ltd (Israel), Hikma Pharmaceuticals PLC (UK), Glenmark (India), Sandoz International GmbH (Germany), Vintage Pharmaceuticals Inc (US), Hetero (India) and Aurobindo Pharma (India) as the key players mentioned in the montelukast API market outlook report.
Key Findings of the Study:
- The Montelukast API Market is anticipated to reach at 12.50% CAGR during the forecast period 2023-2032.
- North America accounted for the largest market share with the US being the major contributor to the growth of the market.
- The allergic rhinitis segment is projected to register the highest CAGR during the forecast period owing to the rising rate of allergic rhinitis cases.
- Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies.
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