The pulmonary drugs market caters to pulmonary disorders such as asthma, chronic obstructive pulmonary diseases (COPD) and tuberculosis that relate to airways and other structural regions of the respiratory system. Some of the key products in this market include drugs for asthma such as steroids, short-acting beta-agonists, long-acting beta-agonists and others. Drugs for COPD include bronchodilators, Xanthines, anti-cholinergics and corticosteroids. These drugs provide relief from symptoms such as shortness of breath, coughing and wheezing. The growing prevalence of respiratory diseases due to increasing pollution levels, smoking, genetic factors and lifestyle changes is driving significant demand for pulmonary drugs globally.
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 key players are focusing on new product launches, strategic collaborations and acquisitions to strengthen their market position. For instance, in 2022, PPD, Inc. acquired Chiltern International Limited, a leading clinical research organization (CRO), to expand its full-service clinical development capabilities globally.
The growing global burden of respiratory diseases and rising demand for innovative drugs present significant opportunities in the pulmonary drugs market. Companies are investing heavily in R&D to develop advanced therapies and combination drug formulations. Moreover, increasing access to healthcare in developing regions is expected to further aid the growth of the market. Players are focusing on expanding in emerging markets in Asia Pacific, Latin America, Middle East and Africa through collaborations with local pharmaceutical firms and setting up manufacturing units.
Market Drivers
Increasing Pollution Levels - The primary driver behind the growth of the pulmonary drugs market is the rising pollution levels globally. Factors such as increased vehicular emissions, industrial pollution, dust and smoke have led to growing cases of asthma and COPD. According to some reports, around 9 out of 10 people worldwide breathe air containing high levels of pollutants.
Market Restraints
High Cost of Drugs and Therapies - The high cost of patented pulmonary drugs and therapies poses a major challenge for widespread adoption, especially in developing regions. Moreover, the prices of these drugs often increase annually, making long-term treatment plans difficult to sustain. This could limit the revenues of drug manufacturers.
Segment Analysis
This market is dominated by Pulmonary Drugs Market Demand pulmonary disease (COPD) sub segment, as COPD is the third leading cause of death worldwide. Drugs like roflumilast and aclidinium bromide for COPD treatment have the highest demand. Asthma drugs sub segment is also significant as asthma prevalence has been increasing. Drugs like mometasone, fluticasone propionate for asthma management register strong sales.
Global Analysis
The North America region commands the largest share in this market due to advanced healthcare infrastructure and growing prevalence of respiratory diseases. Factors like rising elderly population, growing pollution and increasing smoking rates drive the market growth in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rapidly developing economies, increasing healthcare spending and large patient population suffering from COPD and asthma.
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