Pulmonary Drugs Market

Pulmonary Drugs Market Estimated to Witness High Growth Owing to Rising Prevalence of Respiratory Diseases

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The pulmonary drugs market is estimated to be valued at US$ 3.41 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Pulmonary drugs are pharmaceutical products used for the treatment of respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and acute respiratory infections. These drugs majorly include bronchodilators, corticosteroids, leukotriene modifiers, theophylline, and others. Pulmonary drugs are administered through various routes such as oral, inhaled, intravenous, and subcutaneous based on disease conditions.

Market Dynamics:
The growth of the pulmonary drugs market is majorly driven by the rising prevalence of respiratory diseases across the globe. For instance, according to the World Health Organization (WHO), COPD is projected to become the third leading cause of death worldwide by 2030. Moreover, increasing healthcare expenditure in emerging economies to better manage respiratory diseases is also contributing to the market growth. Furthermore, the rising adoption of innovative pulmonary drug delivery systems such as nebulizers, metered-dose inhalers, and dry powder inhalers by pharmaceutical companies has fuelled the product demand in the market. However, the high cost associated with pulmonary drugs limits their access in underdeveloped regions, thus restraining the market growth.

SWOT Analysis
Strength: The pulmonary drugs market has a large customer base owing to the rising prevalence of respiratory diseases globally. The established distribution channels of key players ensures wide accessibility and availability of drugs. Further, continuous innovations and new drug approvals are expanding the product portfolio in this market.
Weakness: High costs associated with research and development of new drugs inhibits many small players. Side effects of certain drugs reduce patient compliance.
Opportunity: Increasing healthcare spending in developing nations presents lucrative growth prospects. Moreover, the lack of effective alternatives makes pulmonary drugs an attractive option for treatment.
Threats: Entry of generic drugs erodes brand loyalty and affects revenue streams of existing brands. Rising environmental pollution is an important concern fueling respiratory ailments.

Key Takeaways
Global Pulmonary Drugs Market Size is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing prevalence of respiratory diseases such as asthma and COPD. As per estimates, global market size for pulmonary drugs is US$ 3.41 Bn for 2023.
Regional analysis
North America currently dominates the global market owing to supportive regulatory environment and strategic focus of leading innovator companies. Asia Pacific is emerging as the fastest growing regional market for pulmonary drugs driven by large patient pool and improving access to healthcare in countries like China and India.
Key players
Key players operating in the pulmonary drugs market include Sanofi SA, Meda Pharmaceuticals, Circassia Pharmaceuticals Plc., AstraZenca Plc., GlaxoSmithKline Plc., Mallinckrodt Pharmaceuticals Plc., Cheisi farmaceutici S.p.A., Zambon Company S.p.A., Alaxia SAS, and Merck Sharp & Dohme Limited. These firms are engaged in new product launches and growth strategies to gain competitive edge.

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