April 22, 2024
Pulmonary Drugs Market

Pulmonary Drugs Market Set to Register High Growth Due to Advancements in Inhaled Therapies

The pulmonary drugs market is witnessing exponential growth owing to the increasing prevalence of respiratory disorders and rising demand for advanced inhaled therapies. Pulmonary drugs are primarily used for the treatment of respiratory diseases like asthma, chronic obstructive pulmonary disease (COPD), respiratory infections, pulmonary hypertension, and cystic fibrosis among others. Key drugs include inhaled corticosteroids, long-acting beta-agonists, antibiotics, anti-inflammatory drugs, monoclonal antibodies, and others. These drugs offer convenience of self-administration via Metered Dose Inhalers (MDIs), Dry Powder Inhalers (DPIs) and nebulizers. The need for pulmonary drugs is increasing globally due to air pollution, smoking, rising geriatric population and growing cases of respiratory illnesses.

The Global pulmonary drugs market is estimated to be valued at US$ 3.93 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the pulmonary drugs market are Wuxi AppTec, Inc., IQVIA Holdings, Inc., Syneos Health, Inc., Eurofins Scientific, Laboratory Corporation of America Holdings (Labcorp), Icon PLC, ALCURA, Parexel International Corporation, PPD, Inc. (Pharmaceutical Product Development), and Charles River Laboratories International, Inc. These companies are focusing on developing novel inhaled drugs with improved efficacy and safety.

The key opportunities in the market include rising R&D investments for biologics and personalized medicines, increasing healthcare expenditure, and growing demand for pulmonary diagnostic tools and monitoring devices. Additionally, 3D printing technologies can facilitate customized drug delivery and printing of individualized inhalers.

Advancements in inhaled therapies include development of smart inhalers and respiratory drug delivery devices equipped with sensors and trackers. Combination therapies, long-acting inhaled treatments and gene therapies also hold promising growth prospects. Furthermore, technologies like artificial intelligence and digital health are playing an increasing role in pulmonary care.

Market Drivers

The increasing prevalence of respiratory diseases due to aging population, environmental pollution and smoking habits is a major driver for the pulmonary drugs market. As per estimates, over 334 million people suffer from asthma worldwide. Thus, growing disease incidence rate is augmenting the demand for pulmonary pharmaceuticals. Other drivers include new product launches, availability of generic drugs, and rising healthcare spending in emerging nations.

Current challenges in Pulmonary Drugs Market
The Pulmonary Drugs Market Demand  is facing various challenges currently. The prevalence of respiratory disorders is rising at an alarming rate globally. The increasing pollution levels due to rapid industrialization and urbanization coupled with growing tobacco consumption and rising older population are major factors contributing to the growing burden of respiratory diseases across the world. However, the development of new drugs involves huge costs and lengthy research and development processes. In addition, the regulatory approvals for new drugs are very stringent, which adds to the clinical development timelines and costs. Moreover, the preferences of patients are shifting towards cheaper generic drugs from expensive branded drugs after patents expiry, which poses pricing challenges for pharmaceutical companies in this market.

SWOT Analysis
Strength: Growing prevalence of respiratory diseases like COPD and asthma worldwide has increased the demand for effective treatment options.

Weakness: High costs associated with drug development and regulatory compliances increases the investment risks.

Opportunity: Emergence of personalized medicine and 3D printing technologies provides opportunities for developing customized drugs.

The United States represents the largest market for pulmonary drugs, accounting for over 30% share of the global market value currently. This is owing to the increasing burden of respiratory disorders, rising healthcare expenditures, and presence of major pharmaceutical companies in the country. However, China is projected to witness the fastest growth during the forecast period owing to rapid economic development, expansion of healthcare infrastructure, and growing pollution levels in the country.

Europe holds the second position in terms of pulmonary drugs market value currently. This is due to aging population, rising healthcare costs, and growing disease burden in the region. However, Asia Pacific region excluding Japan and China is expected to offer lucrative growth opportunities to the players in this market in the coming years. This is attributed to increasing patient awareness, improving access to healthcare facilities, and rising healthcare investments by various governments in the emerging nations.

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