April 21, 2024
Pulmonary Drugs Market

Pulmonary Drugs Market Witness High Growth Due TO Rising Incidences OF Respiratory Diseases

Pulmonary drugs are those medications that are used for the treatment of respiratory diseases. Some of the common pulmonary drugs include bronchodilators, anti-inflammatories, antiasthmatics, and antihistamines. These drugs work by dilating the airways in the lungs to facilitate breathing. Pulmonary drugs have wide applications in treating chronic obstructive pulmonary diseases (COPD), asthma, pulmonary hypertension, respiratory infections, and other breathing related disorders. Factors such as rising elderly population, growing pollution levels, and increasing cigarette smoking are driving the incidences of various respiratory diseases globally. This has boosted the demand for efficient pulmonary drugs for disease management.

The global pulmonary drugs market is estimated to be valued at US$ 3.93 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period from 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 players are extensively conducting clinical trials to develop safer and more effective drugs for respiratory disorders.

The market provides significant growth opportunities due to rising R&D investments by key pharmaceutical companies. Companies are exploring advanced therapies including stem-cell therapies and regenerative medicines to treat lung conditions. Furthermore, the use of digital health technologies offers opportunities to monitor chronic respiratory patients remotely.

Geographically, North America dominated the global pulmonary drugs market in 2024 due to high healthcare expenditures and respiratory disease burden in the region. However, Asia Pacific is expected to witness fastest growth during the forecast period owing to growing environmental pollution, increasing healthcare infrastructure, and expanding patient pool in countries like China and India. Key market players are also strengthening their presence in emerging Asian countries through collaborations and product launches.

Market drivers

High prevalence of respiratory diseases is a major factor driving the demand for pulmonary drugs. As per the World Health Organization (WHO), respiratory diseases accounted for over 4 million deaths in 2019. Growing global geriatric population and increasing indoor and outdoor air pollution levels have upsurged the incidences of respiratory conditions including COPD and asthma worldwide. Expanding patient base coupled with lack of permanent cure or treatment for chronic respiratory disorders boosts the pulmonary drugs consumption substantially. Rising healthcare awareness regarding early disease diagnosis and management through effective medication bolsters the market growth.

PEST Analysis

Political: Pulmonary drug regulations may impact the market positively or negatively. Changes in approval process and pricing control can influence market dynamics.

Economic: Rising healthcare spending, growing disposable incomes, and increasing incidence of respiratory diseases are key economic drivers augmenting the demand for pulmonary drugs.

Social: Growing health consciousness, better access to healthcare facilities, and rising life expectancy are some factors spurring the social demand. Smoking cessation programs can also impact the market.

Technological: Advancements in drug delivery systems, molecule engineering, and biomarker development are facilitating the development of more effective pulmonary drugs with improved safety profiles. Artificial intelligence and digital tools are finding increasing usage.

Geographical Concentration

North America currently leads the Pulmonary Drugs Market Demand  , attributed to the regional presence of major pharmaceutical players, high healthcare spending, and growing prevalence of respiratory disorders. Favorable reimbursement policies and regulatory frameworks provide growth impetus in the region.

Fastest Growing Region

Asia Pacific is poised to emerge as the fastest growing regional market over the forecast period supported by rapid economic development, increasing healthcare investments, rising living standards, and growing geriatric population harboring higher disease susceptibility. Increased international focus of leading drug makers on the Asian markets further strengthens growth prospects.

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