by Pulmonary Drugs help relieve symptoms, improve lung function, and prevent progression of diseases like asthma and COPD. Products like Inhalers, Nebulizers, and Tablets deliver medicine directly to airways and lungs for fast relief. The global Pulmonary Drugs Market is estimated to be valued at US$ 55 Billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of respiratory diseases across the globe is driving the pulmonary drugs market. According to the World Health Organization (WHO), chronic obstructive pulmonary disease (COPD) affected over 329 million people globally in 2020. COPD causes airflow blockage and breathing-related problems and is usually caused by long-term exposure to inhaled irritants like cigarette smoke. The increasing global burden of COPD and other respiratory disorders like asthma is prompting drug makers to increase research and development activities for more efficacious pulmonary drugs. This is expected to translate into robust demand over the forecast period. Additionally, the development of advanced inhalers and nebulizers for more effective delivery of drugs to the target site is another key trend in the pulmonary drugs market.
SWOT Analysis
Strength: Pulmonary drugs address respiratory conditions like asthma and COPD effectively. They provide quick relief from symptoms.
Weakness: High development and regulatory costs involved in developing new pulmonary drugs. Existing drugs face patent expiry pressures.
Opportunity: Rising pollution levels and changing lifestyles leading to increased cases of respiratory diseases. Growing elderly population also drives market opportunities.
Threats: Side effects and risks of drug resistance associated with long term use of pulmonary drugs. Patent expiries of blockbuster drugs increase generic competition.
Key Takeaways
The Global Pulmonary Drugs Market Demand is expected to witness high growth during the forecast period of 2024 to 2031.
Regional analysis indicates North America currently dominates due to high disease prevalence and healthcare spending. However, Asia Pacific is expected to grow at the fastest pace due to rising pollution, growing geriatric population and increasing adoption of western lifestyles.
Key players operating in the pulmonary drugs market are GlaxoSmithKline Plc, AstraZeneca Plc, Boehringer Ingelheim GmbH, Novartis AG, and Teva Pharmaceutical. They are focused on developing innovative therapies to treat respiratory diseases more effectively. Partnerships and mergers & acquisitions remain key growth strategies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
