The Global "Pulmonary Drugs Market" is expected to reach at a CAGR of 4.8% during the forecast period (2022-2029).
Pulmonary drugs are used to treat a variety of illnesses from minor ones such as a common cold to long-term disorders such as asthma. These drugs are available in different forms such as oral liquids, oral tablets, injections, or inhalations.
The global pulmonary drugs market is primarily driven increasing cases of respiratory infections around the world, growing population and rising adoption of sedentary lifestyle will further create growth opportunities for the market.
Rising incidences of chronic respiratory diseases will drive the market growth
The pulmonary drugs market has primarily driven the increasing incidence of chronic respiratory diseases, tobacco smoking, and government and non-government initiatives. According to the World Health Organization, 2016, tobacco smoking is the primary cause of COPD and leads to approximately 90% of COPD cases. Other factors like the increase in disposable income, rise in investments for R&D and increasing healthcare spending are opportunities driving the global pulmonary drugs market.
As per a 2020 report printed in the BioMed Respiratory Research Journal, the global number of COPD cases grew by 49.8%, from nearly 200 million in 1990 to 299.4 million in 2017. As pulmonary drugs are vital for COPD, the rising incidence of COPD is anticipated to increase the demand for treatment drugs, which is anticipated to help the market growth.
The entrance of innovative and effective drugs in the market and substantial investments in developing respiratory drug delivery systems are expected to propel the market.
The surge in smokers around the world is driving the market growth
The surge in smokers worldwide is also expected to fuel demand for innovative drugs, which will, in turn, accelerate the growth of global respiratory drugs. As per WHO, the tobacco epidemic is one of the biggest public health threats the world has ever faced, killing more than 8 million people a year worldwide. More than 7 million of those deaths result from direct tobacco use, while around 1.2 million results from non-smokers being exposed to second-hand smoke.
The availability of counterfeit drugs is likely to hamper market growth
However, the availability of counterfeit drugs, patent expiry of drugs, and increasing manufactures of generic medicines in the market hinder the market progress. Expensive clinical trials and the commercialization of new drugs are some of the pulmonary drug market challenges.
COVID-19 Impact Analysis
COVID-19 can affect the respiratory system in various ways and across a spectrum of levels of disease severity, depending on a person’s immune system, age, and comorbidities. Symptoms can range from mild, such as cough, shortness of breath, and fevers, to acute disease, including respiratory failure, shock, and multi-organ system failure.
It is vital that patients who have underlying lung disease can undoubtedly have worsening conditions with contraction or exposure to COVID-19. With this, COVID-19 can cause the overall worsening of these conditions, such as pulmonary disease. Thus it will positevly impact the growth of the market in the forecast period.
Asthma & COPD segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The increasing prevalence of respiratory diseases due to the growing aging population and increasing pathogens in the environment has been the critical factor driving asthma and chronic obstructive pulmonary disease (COPD). Asthma & COPD are chronic respiratory infections that are genetically received or caused due to various environmental factors. These diseases are assumed to be non-curable but may be regulated to a great extent with proper on-time treatment. Degrading air quality near the metropolitan areas has led to a raised incidence of asthma, especially in the low-income population in the emerging markets of China, India, and Brazil.
Expected treatment methodologies such as once-a-day combination products have generated new opportunities for market growth. Additionally, pharmaceutical companies have been producing new bio-based medicines combined with biotechnology which promises immense growth opportunities and sustainable development for the asthma & COPD market over the next decade.
For instance, in January 2019, the FDA approved the first generic Advair Diskus (fluticasone propionate and salmeterol inhalation powder) for the twice-daily treatment of asthma in patients aged four years and older in patients with chronic obstructive pulmonary disease (COPD). Mylan obtained approval to market its generic inhaler in three strengths.
In addirtion, in April 2017, Circassia and AstraZeneca established a commercial collaboration in the United States under which Circassia has exclusive US commercialization rights to DUAKLIR PRESSAIR, and AstraZeneca is responsible for the product’s development and regulatory submission.
North America region holds the largest market share in the global pulmonary drugs market
North America is the dominant share in the global pulmonary drugs market and can be attributed to the growing number of respiratory diseases in the region. Moreover, its broad base of the patient population, high awareness regarding the treatment of pulmonary diseases, established healthcare infrastructure and higher investment in R&D activities contribute to the growth of North America’s share. According to the Centers for Disease Control and Prevention (CDC), 2018, the number of adults aged 18 and over who currently have asthma in the U.S. are 19.9 million.
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 pulmonary drugs market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include AstraZeneca, Circassia Pharmaceuticals Inc, F. Hoffmann-La Roche Ltd., GlaxoSmithKline, Grifols, Merck & Co., Pfizer, Regeneron Pharmaceuticals, Shanghai Sine Promod Pharmaceutical Co, Nuance Pharma Limited among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the pulmonary drugs market globally.
Circassia Pharmaceuticals Inc
Overview: Circassia Group PLC is a biotechnology company that develops a range of therapies for asthma, chronic obstructive pulmonary disease, and allergy. Geographically, it derives a majority of revenue from the US and also has a presence in the EU, Asia Pacific, and the Rest of the world.
Product Portfolio: The Company has a single operating segment: NIOX. The NIOX segment relates to the portfolio of products used to improve asthma diagnosis and management by measuring fractional exhaled nitric oxide (FeNO).
Key Development: In April 2019, Circassia Pharmaceuticals Inc. announced that the US Food and Drug Administration has approved DUAKLIR PRESSAIR (aclidinium bromide and formoterol fumarate) for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD).
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