The Respiratory Drugs Market to aggregate to $50.1 billion by 2024
Witnessing a CAGR of 5.9% during the forecast period 2018-2024, the market growth will be driven by an increasing aging population, growing prevalence of respiratory diseases and high tobacco smoking
Bangalore, India, April 23, 2018:
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Respiratory Drugs Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” in March 2018.
Respiratory medicine is that branch of medical science which deals with diagnosis, prevention, and treatment of diseases affecting the respiratory system. Health conditions include acute respiratory distress syndrome, sarcoidosis of the lungs, asthma, chronic obstructive pulmonary disease, lung cancer, occupational lung disease, pulmonary hypertension, tuberculosis, cystic fibrosis, interstitial lung disease, and lung transplants. According to Infoholic Research, the intensity of competition in the pulmonary medicine market is high with few participants dominating the market. The high investments made in the development of respiratory drug delivery systems have favored the growth of this market, which will further be propelled with the entry of innovative and effective drugs.
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Inhaled corticosteroids (ICS), anticholinergics, antihistamines, long-acting beta2-agonists (LABA), vasodilators, Short-Acting Beta2-Agonists (SABA), and combination drugs are the major respiratory drugs classes available in the market. Currently, combination drugs are the most prominent class of drugs that prevail in the market, with the top brands facing no real competition from generic alternatives. The emergence of inexpensive, state-of-the-art and effective drug delivery devices is expected to provide stimulation to the market growth. According to Infoholic Research, the Global Respiratory Drugs market is expected to grow at a CAGR of 5.9% during the forecast period 2018-2023, to touch an aggregate revenue of $50.1 billion by 2024.
The respiratory drugs market is analyzed based on two segments – application types, and regions. The regions covered in the report are the North America, Europe, Asia-Pacific, and Rest of the World (ROW). In the North American region, the US is the leading country that is dominating the market. Europe is the second prominent region and held more than 26.8% of the market share in 2017. However, in Asia-Pacific, India, Japan and China are the most attractive countries that provides immense opportunities for the market players. Whereas, the ROW is set to be emerging in the next 5–6 years.
Respiratory drugs find its applications in asthma, COPD, Cystic Fibrosis, Allergic Rhinitis and others. Currently, asthma holds the major market share. However, cystic fibrosis is anticipated to become the fastest growing segment in this market due to increased research & development and drug approval processes.
Novartis AG, GlaxoSmithKline plc, Astra Zeneca PLC., F. Hoffmann-La Roche Ltd, and Vertex Pharmaceuticals Inc. are the few prominent participants operating in this market. Mylan, Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Limited, Gilead Sciences, Inc, Bayer AG, Pfizer Inc., Bristol-Myers Squibb, Merck & Co., Sanofi, and Mallinckrodt Plc are some of the other few drug manufacturers in the global market.
“Business partnerships, merger & acquisitions, and a multi-faceted pipeline are the major strategies that the market players adopt. In March 2017, AstraZeneca and SenzaGen collaborated to develop genomic methods for respiratory allergens. In December 2016, Novartis out-licensed its three COPD products Utibron Neohaler, Seebri Neohaler and Arcapta Neohaler to Sunovion Pharmaceuticals. In March 2017, Sanofi invested $147 million in AstraZeneca’s drug for preventing respiratory syncytial virus (RSV) infections. This gave equal share in costs and profits to both the companies.
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In 2017, GSK became the leader in this market, accounting for 25.6% of the market revenue. Vertex Pharma is one the major companies that had the fastest growth rate in recent years due to its novel portfolio for Cystic Fibrosis and potential molecules in the clinical pipeline,” stated Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report also aims to cover the below points:
- An in-depth analysis of the key business opportunities in countries and verticals
- The complete details about the various types of respiratory drug applications overview
- The complete analysis of top 15 market players
An industry outlook including current and future market trends, drivers, restraints and emerging technologies