Chronic obstructive pulmonary disease (COPD) is a progressive lung disease that makes it hard to breathe. Symptoms include breathing difficulty, chronic cough, mucus (sputum) production and wheezing. COPD refers to chronic bronchitis and emphysema, two conditions that block airflow and make it difficult to breathe. Risk factors include tobacco smoking, exposure to air pollutants and genetics. COPD affects the life of millions and is usually irreversible but manageable.
The global Chronic Obstructive Pulmonary Disease Market is estimated to be valued at US$11.5 Billion in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024-2029.
The rising cigarette smoking habits and growing pollution levels have led to increasing prevalence of COPD. This has driven the demand for medications such as inhaled corticosteroids, bronchodilators and vaccines. Additionally, the advent of portable inhalers and e-health solutions for remote monitoring is boosting the market growth.
Key Takeaways
Key players operating in the COPD treatment market are GlaxoSmithKline, AstraZeneca, Boehringer Ingelheim Pharmaceuticals, Inc. and Novartis AG.
The growing awareness regarding COPD and increasing healthcare expenditure in developing nations present significant growth opportunities. The rising adoption of digital health and telemedicine services allows remote monitoring of COPD patients, thereby improving outcomes.
Technological advancements are occurring in the fields of portable inhalers, smartphone apps and sensors for constant monitoring of medications, oxygen levels and lung function. These assist in efficient disease management and help reduce exacerbations.
Market Drivers
Growing geriatric population worldwide who are more susceptible to COPD due to smoking or occupational hazards is a major market driver. According to WHO, over 65s will number over 1.6 billion by 2050.
Moreover, increasing investment by manufacturers in development of safer and more effective drugs with novel mechanisms of action and combination therapies is also boosting the market growth.
Current challenges in the Chronic Obstructive Pulmonary Disease (COPD) industry
Chronic Obstructive Pulmonary Disease also known as COPD is a progressive lung disease that makes it hard to breathe. Some of the current key challenges faced in the COPD industry are lack of awareness, continued tobacco smoking, growing pollution and limited treatment options. A lot more needs to be done to educate people about symptoms and risks of COPD. Smoking continues to be the primary cause of COPD worldwide and lowering smoking rates remains a mammoth task. Rising air pollution from vehicles and industries has worsened COPD cases over time. While some new drugs have been approved, treatment options for later stages of COPD are still limited. Further research is required to develop more effective drugs and therapies.
SWOT Analysis
Strength: Growing awareness about COPD symptoms and risks. Several new drugs have been approved to treat symptoms.
Weakness: No cure currently available for COPD. Continued smoking is hard to curb. Air pollution difficult to control.
Opportunity: Big scope to spread awareness, promote smoke-free policies. Huge market for new treatment drugs and devices.
Threats: Increasing pollution may worsen COPD burden. Limited funding for further research. High treatment costs pose affordability challenges.
The United States accounts for the largest share of the global COPD drug market in terms of value due to large patient population and higher spending capacity. China also has a sizable COPD patient pool and medicine market due to high smoking rates and pollution levels. Western Europe is another major region driven by advanced healthcare facilities and aging demographics in countries like Germany, France and UK. India and Brazil are emerging as the fastest growing regional COPD markets on back of growing pollution, smoking and diagnosis rates coupled with expanding healthcare access.
What Are The Key Data Covered In This Chronic Obstructive Pulmonary Disease Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Chronic Obstructive Pulmonary Disease ‘s growth between 2024 and 2031.
:- Accurate calculation of the size of the Chronic Obstructive Pulmonary Disease and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Chronic Obstructive Pulmonary Disease Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Chronic Obstructive Pulmonary Disease vendors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.