by Pulmonary drugs are pharmaceutical products used in treatment of respiratory conditions such as asthma, chronic obstructive pulmonary disease (COPD), and cystic fibrosis. These drugs address symptoms of respiratory diseases by dilating airflow passages in lungs. Common pulmonary drugs include bronchodilators, corticosteroids, and combination therapies.
The global Pulmonary Drugs Market is estimated to be valued at US$ 3.41 Bn or Mn 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 Dynamics:
The global Pulmonary Drugs market is witnessing significant growth owing to rising prevalence of respiratory diseases worldwide. According to the Global Burden of Disease Study in 2019, nearly 4 million deaths were attributed to COPD and over 1 million deaths were caused due to asthma. Growing atmospheric pollution levels and rising cigarette smoking rates are key factors contributing to high disease prevalence. As per our report, COPD is projected to be the third leading cause of death globally by 2030. This rising disease burden is expected to generate increased demand for pulmonary drugs over the forecast period.
Another driver for the market growth is strong pipeline of novel drug candidates in clinical trials. Many pharmaceutical companies are investing in R&D to develop advanced treatment options for COPD, asthma, and lung cancer. For instance, AstraZeneca’s PT010 triple combination inhaler has shown promising results for COPD treatment in Phase III trials. If approved, PT010 is expected to capture a significant market share. Such robust product pipeline will further fuel market expansion during the forecast period.
SWOT Analysis
Strength: The Pulmonary Drugs Market possesses a robust product pipeline and continued R&D investments from key players. For instance, pharmaceutical giants are conducting clinical trials to develop novel biologics and targeted therapies with better efficacy and safety profiles. Additionally, the growing awareness regarding respiratory diseases has increased diagnosis and treatment rates.
Weakness: However, high costs associated with drug development and regulatory approvals pose significant challenges. Further, social stigma and lack of awareness in developing nations are key barriers to treatment adherence.
Opportunity: Favorable government support and initiatives aimed at increasing accessibility will provide lucrative opportunities. Moreover, the rising asthma and COPD prevalence rates owing to environmental pollution, smoking, etc present an opportunity to target larger patient pools.
Threats: Strict regulations and frequent policy changes could increase compliance complexities. Additionally, patent expiries of blockbuster drugs and introduction of generics erode market shares of existing players. Price controls and reimbursement policies across regions also act as threats.
Key Takeaways
The Global Pulmonary Drugs Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is anticipated to reach US$ 3.41 Billion in 2023 and projected to grow at a CAGR of 8.1% during the stipulated time frame.
Regional analysis: North America currently dominates due to high disease prevalence and availability of advanced healthcare facilities. However, Asia Pacific is poised to showcase fastest growth amid rising environmental pollution levels, growing medical tourism, and evolving regulatory framework in countries such as India and China.
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. These companies are focusing on developing biosimilars and fixed-dose combinations to expand their product portfolios.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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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.
