Pulmonary Drugs Market is Estimated to Witness High Growth Owing to Opportunity of Rising Prevalence

Author : Purvaja Jadhao | Published On : 24 Jan 2024

Pulmonary drugs are medicines used to treat respiratory diseases like asthma, chronic obstructive pulmonary disease (COPD), pulmonary hypertension and other lung disorders. These drugs are available in various dosage forms such as tablets, capsules, syrups and inhalers. The rising incidence of respiratory diseases due to air pollution, smoking and lifestyle changes has increased the demand for effective pulmonary drugs. The global Pulmonary Drugs Market is estimated to be valued at US$ 52 Billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rising prevalence of respiratory diseases is estimated to drive the growth of the Pulmonary Drugs Market during the forecast period. As per the World Health Organization (WHO), COPD is projected to become the third leading cause of death globally by 2030. Moreover, asthma currently affects approximately 339 million people worldwide. Growing geriatric population is also susceptible to develop age-related chronic respiratory illnesses. With limited therapeutic options available, the demand for novel pulmonary drugs for improved treatment of asthma, COPD and other lung disorders is increasing. This presents lucrative opportunities for players in the Pulmonary Drugs Market to develop more efficacious drug formulations to capture a larger market share.

Porter’s Analysis
Threat of new entrants: The pulmonary drugs market has high costs related to R&D, clinical trials, and regulatory approvals which make it difficult for new companies to enter the market.

Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of drugs and lack of alternatives. However, large hospitals and pharmacy chains can negotiate on price and contracts.

Bargaining power of suppliers: A few large multinational companies dominate the supply market. Suppliers thus have significant influence over prices of raw materials and production costs.

Threat of new substitutes: Threat of substitutes is low as pulmonary diseases often require long-term treatment and alternatives provide limited benefits. However, alternative therapies continue to emerge.

Competitive rivalry: The market is consolidated with top players occupying major share. Fierce competition exists regarding new product innovation and portfolio expansion into other therapeutic areas.

SWOT Analysis
Strength: Strong product pipeline and R&D focus on pulmonary disorders. Large geographical presence and strong brand name.

Weakness: High dependence on few blockbuster drugs exposes companies to patent cliffs. Side effects of few drugs limits scope.

Opportunity: Rising pollution and sedentary lifestyle driving cases of respiratory illnesses. Emerging markets with large patient pool spur growth.

Threats: Price control regulations and drug cost containment measures impact profitability. Generic competition eats into sales of established off-patent drugs.

Key Takeaways

The Global Pulmonary Drugs Market Demand is expected to witness high growth during the forecast period of 2024 to 2031. Growth will be fueled by increasing pollution levels, aging population, and lifestyle changes raising the risk of chronic respiratory disorders.

Regional analysis: North America dominates currently due to high healthcare spending and aggressive clinical research. However, Asia Pacific is poised to grow at the fastest pace due to improving access to healthcare and increasing smoking population in countries like China and India.

Key players: Key players operating in the pulmonary drugs market are GlaxoSmithKline, Boehringer Ingelheim, AstraZeneca, Novartis, Merck, Roche, Teva Pharmaceutical, and Sunovion Pharmaceuticals. GlaxoSmithKline dominates the inhaled corticosteroids segment while Boehringer Ingelheim leads the COPD drugs market.

For more details on the report, Read- https://www.ukwebwire.com/pulmonary-drugs-market-growth-demand-and-overview/

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