Montelukast API Market Size

Montelukast API Market Growth Projections and Opportunities

The global market for montelukast API, a medication used for conditions like asthma, was valued at USD 1,177,860.0 thousand in 2017 and is expected to reach USD 1,430,215.2 thousand by 2023, growing at a rate of 3.38%. In terms of volume, the market was 7,061.89 tons in 2017 and is projected to reach 8,197.05 tons by 2023. The main reason for this growth is the increasing number of people with asthma worldwide. Asthma is a health issue in many countries due to poor air quality caused by factors like industrial waste and vehicle emissions. Technological advancements in studying respiratory diseases and ongoing research for new products are also contributing to market growth. However, the availability of substitutes and potential side effects of montelukast API might slow down the market's growth.

The market is divided based on the application of montelukast API, and asthma accounts for the largest share at 48.91% in 2017. This is because montelukast API is commonly used as a long-term medication for asthma. The asthma segment is expected to reach USD 700,730.7 thousand by 2023. Allergic rhinitis is the second-largest segment, making up 23.72% of the market share in 2017 with a value of USD 279,408.5 thousand. In terms of regions, North America holds 39.25% of the market share, mainly because there are many asthma patients in the region, likely due to exposure to environmental factors like allergens, air pollution, and diet.

In simpler terms, the global market for montelukast API, a medicine commonly used for conditions like asthma, is seeing growth mainly because more people around the world are dealing with asthma. Asthma is a health problem in many countries due to factors like poor air quality caused by industrial waste and vehicle emissions. The market is also benefiting from advancements in technology for studying respiratory diseases and ongoing research to develop new products. However, there are challenges, such as the availability of alternative medications and potential side effects of montelukast API, which might slow down the market's growth. The market is categorized based on where the medicine is used, and a significant portion is for treating asthma, which is expected to continue growing. Another notable segment is for allergic rhinitis. In terms of regions, North America has a considerable share of the market, mainly because there are many asthma patients in the region, likely due to exposure to environmental factors like allergens, air pollution, and diet.