Montelukast API Market Overview
As per Market Research Future (MRFR) analysis, the global montelukast API market is expected to reach USD 1,430,215.2 thousand with a CAGR of 3.38% from 2018 to 2023 (forecast period). The report is an exclusive research report that provides a comprehensive overview of the market. The study explores and provides granulated insights into market drivers and opportunities. It includes detailed information on key players operating in the market, with a focus on market revenue estimates, growth rate, and forecasts for the coming years. The research report on the montelukast API industry offers a significant and in-depth study of market shares of players and dominant market segments for various regions around the globe.
The global montelukast API market size is growing at the fastest pace, with increasing demand and an expanding healthcare sector. The montelukast API is referred to as pharmaceutical molecules that make up the main components of drugs and medicines, either singly or in combination. The montelukast API is an oral leukotriene receptor antagonist that is commonly used in the treatment of asthma. It is used to avoid respiratory issues associated with exercise-induced bronchospasm. It is also used to relieve the symptoms of hay fever and allergic rhinitis. The drug blocks leukotrienes that cause or worsen asthma and related allergies and works by reducing inflammation in the airways.
Montelukast API Market Key Players
The prominent participants in the global montelukast API market are Merck Sharp & Dohme Corp (US), Dr. Reddy’s Laboratories Ltd (India), Mylan N.V. (US), Morepen Laboratories Ltd (India), Teva Pharmaceutical Industries Ltd (Israel), Glenmark (India), Vintage Pharmaceuticals Inc (US), Hikma Pharmaceuticals PLC (UK), Sandoz International GmbH (Germany), Hetero (India) and Aurobindo Pharma (India).
Montelukast API Market Dynamics
The growing prevalence of asthma has significantly boosted the global market for montelukast API. In addition, increasing technological developments create opportunities for business development. Additional factors that underpin consumer demand include growing health care spending, a growing world population, and rising per capita income. Moreover, a dramatic increase in the number of healthcare infrastructures, including hospitals and clinics, is expected to boost the market growth.
However, the availability of substitutes and negative impacts associated with montelukast is expected to restrict the market growth.
Montelukast API Market Segmentation
The global montelukast API market is segmented into application and region
Based on the application, the global market for montelukast API is segmented into asthma, allergic rhinitis, bronchospasm, urticaria, and others. The asthma segment is projected to lead the market and to reach USD 700,730.7 thousand with a significant CAGR by the end of 2023. The montelukast API is very much in demand worldwide for the treatment of asthma. However, the allergic rhinitis segment is estimated to have the highest CAGR of 3.11% between 2018 and 2023. The rising incidence of allergic rhinitis cases is pushing the growth of the segment.
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Regionally, the global montelukast API market is segmented into the Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
North America held the largest market share of 39.25% in 2017, and the regional market is estimated to have a CAGR of 3.12% in the forecast period.
The fastest CAGR is expected to be registered in the Asia Pacific. The Chinese market is expected to have the highest growth rate of 5.10% over the forecast period from 2018 to 2023.
By 2023, the European market is expected to surpass USD 396,258 thousand. The rise in the incidence of asthma, COPD, and allergies is fueling the growth of the montelukast API market in the area. The United Kingdom, followed by France, is the main contributor to the growth of the regional market.