Global Pulmonary Drugs Market is expected to witness a CAGR of 5.4% during the forecast period. Certain factors that are driving the market growth include the rising prevalence of pulmonary diseases and the growing geriatric population.
Pulmonary diseases affect the airways and other parts of the lungs for a long duration of the period. Respiratory symptoms are among the major causes of consultation with doctors and physicians in primary health care centers.
Some of the major preventable chronic respiratory disorders are asthma, chronic obstructive pulmonary disease (COPD), allergic rhinitis, sleep apnea, and tuberculosis (principally, multi-drug resistant tuberculosis). Pulmonary diseases affect more than 1 billion people, globally, as per the Global Asthma Report, 2018. Asthma is one of the largest contributors to this figure, affecting children, adults, and elderly people. There is a high prevalence of severe asthma in the emerging markets, such as MEA and Latin America, compared to the mid-range of prevalence in North America, Europe, and Asia-Pacific countries.
Another reason for the increased prevalence of respiratory diseases is the excessive environmental pollution in metropolitan cities and industrials lands. In addition, second hand smoke exposure also leads to serious respiratory diseases.
Key Market Trends
Treatment for Chronic Obstructive Pulmonary Disease is Expected to Grow with High CAGR over the Forecast Period
Pulmonary drugs like bronchodilators are very common for COPD treatment and symptoms. Bronchodilators are medications that usually come in inhalers. These medications relax the muscles around your airways. This can help relieve coughing and shortness of breath and make breathing easier. Depending on the severity of your disease, one may need a short-acting bronchodilator before activities, a long-acting bronchodilator that you use every day or both.
Moreover, the incidence cases of COPD have also increased over the years. As per a 2020 report published in the BioMed Respiratory Research Journal, the global number of COPD cases increased by 49.8% from nearly 200 million in 1990 to 299.4 million in 2017. As pulmonary drugs are vital for COPD, the increasing incidence of COPD is expected to increase the demand for therapy drugs, which is expected to help the market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
The increasing prevalence of respiratory diseases is the major factor expected to drive the overall growth of the market over the forecast period. Also, there is a rise in per capita health expenditure in the region, which is expected to increase over the forecast period, owing to the decrease in the unemployment rate. The cases of COPD are likely to increase in the United States, owing to the higher smoking prevalence and the aging population in the country.
As per a 2019 report by the Asthma and Allergy Foundation of America, more than 11.4 million people with asthma, including more than 3 million children, reported having one or more asthma episodes or attacks in 2017. As per the report, asthma is the leading chronic disease in children. Currently, there are about 6.2 million children under the age of 18 with asthma. In 2017, 1 in 12 children had asthma. Hence all these factors coupled with high expenditure on healthcare are expected to increase care for these diseases, which will help the market growth.
The global Pulmonary Drugs market is highly competitive and consists of a number of major players. Companies like AstraZeneca, Boehringer Ingelheim, F. Hoffmann-La Roche Ltd., GlaxoSmithKline, Grifols, Merck & Co., Pfizer, Regeneron Pharmaceuticals, Sumitomo Dainippon Pharma, Teva Pharmaceuticals, among others, hold the substantial market share in the Pulmonary Drugs market.
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