The global 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.
Pulmonary drugs are beneficial for the treatment of respiratory diseases like asthma, cystic fibrosis, chronic obstructive pulmonary disease and other lung disorders. These drugs help in improving lung function, alleviate symptoms and control airway inflammation.
Market Key Trends:
One of the key trends witnessed in the pulmonary drugs market is the growing preference for nebulized delivery of drugs over conventional methods. Nebulizers offer several advantages like direct delivery of drugs to the lungs, lower drug dosage requirement and better lung deposition. They have emerged as an effective alternative for patients unable to use pressurized metered dose inhalers or dry powder inhalers. Several new drug-device combination products are being launched incorporating nebulized delivery systems.
Market key trends:
The global pulmonary drugs market has been witnessing high growth owing to the increasing prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Rising environmental pollution levels, growing geriatric population, and changing lifestyle habits resulting in smoking have been key drivers for the growth of the market. Furthermore, the development and launch of novel biologics and formulations for improved treatment of respiratory disorders is expected to drive the market during the forecast period.
Strength: Wide range of drugs available for treatment of pulmonary diseases. Growing awareness regarding respiratory illnesses.
Weakness: High costs associated with development of novel treatment regimens. Side effects of few drugs discourage compliance.
Opportunity: Rising pollution and urbanization in developing nations present an opportunity. Untapped rural markets yet to adopt pulmonary drugs.
Threats: Patent expiry of blockbuster drugs. Slow regulatory approval process delays market entry.
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 across both developed and developing nations.
The regional analysis indicates that North America dominated the market in 2023, owing to growing elderly population, favorable reimbursement policies, and strong presence of key players in the region. However, Asia Pacific is anticipated to witness fastest growth during the forecast period due to rising pollution levels, growing healthcare expenditure, and favourable government support.
Key players operating in the pulmonary drugs market are 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. The market is highly competitive with these players introducing generic versions for drugs losing patents and focusing on development of innovative delivery systems.