Montelukast API Market: Information by Application (Asthma, Allergic Rhinitis, Bronchospasm, Urticaria, Others) and Region (North America, Europe, Asia-Pacific and the Middle East & Africa) - Global Forecast till 2027
Market Highlights
The Global Montelukast API Market is estimated to be valued at USD 1,430,215.2 thousand by 2023 and is expected to register a CAGR of 3.38% during the forecast period.
The asthma segment is expected to lead the market and register a substantial CAGR to reach USD 700,730.7 thousand by the end of 2023 owing to the rising prevalence of asthma. Montelukast API is much in demand across the globe for the treatment of asthma. However, the allergic rhinitis segment is projected to exhibit the highest CAGR of 3.11% from 2018 to 2023. The rising rate of allergic rhinitis cases is driving the growth of the segment.
North America accounted for the largest market share of 39.25% in 2017, and the regional market is projected to register a CAGR of 3.12% during the forecast period. Asia-Pacific is expected to register the fastest CAGR. The Chinese market is projected to exhibit the highest growth rate of 5.10% during the forecast period from 2018 to 2023.
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 in 2017. 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.
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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 in the global montelukast API market.
Regional Analysis
North America accounted for the largest market share of 39.25% in 2017, and the regional market is projected to register a CAGR of 3.12% during the forecast period. Asia-Pacific is expected to register the fastest CAGR. The Chinese market is projected to exhibit the highest growth rate of 5.10% during the forecast period from 2018 to 2023.
The European market is estimated to exceed USD 396,258 thousand by 2023. 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.
Key Findings of the Study:
- The Global Montelukast API Market is projected to reach over USD 1,430,215.2 thousand by 2023 at 38% CAGR during the review period of 2018 to 2023.
- 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 of 3.89% 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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