Pulmonary Drugs Market to Surpass US$ 56.2 Billion Threshold by 2025
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The Global Pulmonary Drugs Market, by Drug Class (Inhaled Corticosteroids, Long Acting Beta-2 Agonists, Antihistamines, Vasodilators, and Others), by Application (Asthma & COPD, Allergic Rhinitis, Pulmonary Arterial Hypertension, Cystic Fibrosis, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and e-Commerce), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 28,064.5 million in 2016 and is projected to exhibit a CAGR of 8.1% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. The pulmonary drugs market is expected to gain significant traction with patent expiry of branded drugs, which is expected to generate opportunities for the market players and robust number of drug candidates in the pipeline as a result of extensive R&D.
Increasing prevalence of respiratory diseases is expected to propel growth of the market
Increasing prevalence of chronic obstructive pulmonary diseases and other respiratory diseases across the world is one of the leading causes of death and disability. Thus, the prevention, treatment, and control of these diseases is one of the top priorities for governments and players in the healthcare sector. According to the Forum of International Respiratory Societies, in 2016, around 65 million people were suffering from chronic obstructive pulmonary disease worldwide, leading to 3 million deaths. Moreover, around 334 million people suffered from asthma, which is the most common chronic respiratory condition among children as well as adults. A wide range of conditions are included within the ambit of pulmonary diseases that include pneumonia, allergic rhinitis, pulmonary hypertension, and others that are responsible for creating a giant economic burden on the healthcare sectors of most of nations. Pulmonary drugs are focused towards providing medications for all these types of diseases leading to expected market growth in near future. According to the World Health Organization, 2017, Chronic Obstructive Pulmonary Diseases (COPD) is responsible for about 5% of the total deaths worldwide in 2015. Furthermore, according to the Office of Disease Prevention and Health Promotion 2014, 25 million patients in the U.S. had asthma that led to an estimated annual expenditure for asthma turning around to US$ 20.7 billion. Thus, the constant rise in the number patients suffering with respiratory diseases are expected to surge the market growth over the forecast period.
Browse 50 Market Data Tables and 38 Figures spread through 304 Pages and in-depth TOC on “Pulmonary Drugs Market”- Global Forecast to 2025
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The major manufacturers are focused towards development of new and innovative products with extensive R&D on pulmonary drugs. For instance, in 2017, Sanofi SA completed the phase II clinical trials in April 2017 of new drug Dupilumab in association with Regeneron Pharmaceuticals. The drug is indicated for the treatment of uncontrolled asthma in children and is expected to complete its clinical trial studies in January, 2021. Moreover, in 2017, Circassia Pharmaceuticals completed Phase IV clinical trials of Tudorza with a collaborative agreement between Circassia and AstraZeneca Plc. for the treatment of COPD.
The key players adopt the strategies of mergers, definitive agreements, and acquisitions to expand the respiratory drugs product portfolio, thereby increasing market share. For instance, in 2015, AstraZeneca Plc entered into a definitive agreement with Takeda Pharmaceutical Company Limited, under which AstraZeneca acquired the core respiratory business of Takeda to strengthen respiratory therapeutic portfolio. Furthermore, in 2016, Mylan N.V. acquired Meda Pharmaceuticals to enhance geographic reach with significant sales of products worldwide, in which China, South East Asia, and Middle East were the major regional targets for the company.
Key Takeaways of the Pulmonary Drugs Market:
- The global pulmonary drugs market is expected to exhibit a CAGR of 8.1% over the forecast period, owing to the presence of high potential market and increasing prevalence of chronic respiratory diseases in Asia Pacific, Latin America, the Middle East, and Africa
- Among drug class, inhaled corticosteroids segment holds a dominant position attributed to the advantages offered by the drugs that include lower concentration of drug delivery into the patient’s system allowing even distribution as well as lower risk of side effects that are usually exhibited by oral steroid consumption
- Among application, asthma and COPD segment holds a dominant position in the pulmonary drugs market, owing to the rising incidence of the condition worldwide.
- Some of the major players operating in the global pulmonary drugs market include 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.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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