by Pulmonary drugs refer to medications used for treating respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), pulmonary fibrosis, and others. These medicines provide immediate relief from the symptoms and help open constricted airways. The global Pulmonary Drugs Market is gaining significant traction owing to the rising prevalence of respiratory illnesses worldwide.
The global Pulmonary Drugs Market is estimated to be valued at US$ 3.41 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of respiratory diseases is one of the major factors propelling the growth of the pulmonary drugs market. As per the WHO, around 251 million cases of COPD were reported globally in 2016. The growing geriatric population is more susceptible to respiratory disorders owing to weakening of the immune system with old age. Moreover, rising pollution levels, changing lifestyle, and growing smoking habits are contributing to the increasing incidence of respiratory illnesses. various initiatives taken by governments and health organizations to raise awareness regarding respiratory illness are also boosting the demand for pulmonary drugs for effective treatment of such diseases.
SWOT Analysis
Strength: Pulmonary drugs have a large patient pool due to the high prevalence of respiratory diseases. Drugs for conditions like asthma, COPD, and cystic fibrosis have well-established treatment guidelines.
Weakness: Development of new drugs requires lengthy clinical trials and holds risks of failure. Regulations are stringent around drug approval. Pulmonary drug delivery remains challenging.
Opportunity: Rising pollution and lifestyle changes are increasing respiratory disorders in emerging markets. Combination therapies and specialty drugs present opportunities. Technological advances can improve delivery methods.
Threats: Patent expiries of blockbuster drugs lead to revenue losses. Lower-cost generics capture market share on patent expiration. Alternative treatment options pose competition.
Key Takeaways
The global Pulmonary Drugs Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. The regional market which holds the largest share is North America due to high disease prevalence and healthcare spending. Europe is the second largest regional market for pulmonary drugs currently.
Regional analysis:
North America dominates the market currently due to high healthcare expenditure and incidence of respiratory diseases. Europe holds the second largest market share due to availability of reimbursement and advanced healthcare facilities. The Asia Pacific region is expected to grow at the fastest pace due to rising pollution, increasing healthcare spending and growing patient awareness.
Key players:
Key players operating in the pulmonary drugs market are Sanofi SA, Meda Pharmaceuticals, Circassia Pharmaceuticals Plc., AstraZenca Plc., GlaxoSmithKline Plc., Mallinckrodt Pharmaceuticals Plc., Cheisi farmaceutici S.p.A., Zambon Company S.p.A., Alaxia SAS, and Merck Sharp & Dohme Limited. Sanofi and GlaxoSmithKline collectively hold a major market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
