May 21, 2024
Pulmonary Drugs Market

The Global Pulmonary Drugs Market Propelled by Rising Prevalence of Respiratory Diseases

Pulmonary drugs play a pivotal role in treating various respiratory conditions such as asthma, chronic obstructive pulmonary disease (COPD), and lung cancer. Surging cases of respiratory illnesses across the globe have boosted the demand for pulmonary drugs in recent years. Asthma primarily affects children and can cause symptoms such as coughing, wheezing, chest tightness, and shortness of breath. Similarly, COPD is characterized by long-term breathing problems and poor airflow. It encompasses chronic bronchitis and emphysema and has become a major public health concern worldwide. Further, lung cancer claims millions of lives each year and necessitates therapeutic intervention. Pulmonary drugs offer relief from respiratory symptoms and help manage chronic respiratory disorders. They are available in various dosage forms including inhalers, nebulizers, and oral tablets to ensure patient compliance and convenience. The global Pulmonary Drugs Market is estimated to be valued at US$ 52.8 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 Key Trends:
Increasing prevalence of asthma and COPD are expected to boost market growth over the forecast period. As per the latest Global Burden of Disease Study, published in The Lancet in 2020, COPD affected over 174.5 million people globally in 2017. The study also found that asthma affected around 262 million people worldwide the same year. Rising air pollution levels, smoking, growing elderly population are some factors contributing to the growing COPD and asthma burden. Development and launch of novel drugs for COPD and asthma is another key trend shaping the pulmonary drugs market. Many pharmaceutical companies are investing extensively in research and development of advanced medication with improved efficacy and less side effects. For instance, in September 2021, AstraZeneca received U.S FDA approval for its Biologics License Application for PT027 or Tezepelumab-ekko, a first-in-class human monoclonal antibody, for the add-on maintenance treatment of asthma.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as research and development requires huge capital investments along with clinical trials and regulatory approvals.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established manufacturers. Buyers can negotiate on price owing to availability of alternative treatment options.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have the threat of forward integration by manufacturers.

Threat of new substitutes: The threat of new substitutes is high due to continuous innovation and advancements in treatment options.

Competitive rivalry: The rivalry is high among leading players to gain major market share through product differentiation and innovative pipeline drugs.

Key Takeaways
The Global Pulmonary Drugs Market Demand is expected to witness high growth.

Regional analysis: North America is expected to dominate the global pulmonary drugs market during the forecast period. This is attributed to growing cases of respiratory diseases, rise in geriatric population, presence of developed healthcare infrastructure and favorable reimbursement policies in the region.

Key players: Key players operating in the pulmonary drugs market are GSK, Merck, Boehringer Ingelheim, AstraZeneca, Novartis, Roche, Teva Pharmaceutical Industries Ltd., Chiesi Farmaceutici, Circassia, and Mylan.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it