by The Pulmonary Drugs Market is a large and growing market, as lung diseases such as asthma, chronic obstructive pulmonary disease (COPD), and respiratory tract infections are increasing globally. Pulmonary drugs are used for treating various lung disorders by delivering the drugs directly to lungs via oral inhalation. Some key drugs for treating pulmonary disorders include bronchodilators, corticosteroids, leukotriene modifiers, and others.
Market Overview:
Pulmonary drugs are medications used for treating various respiratory diseases that affect the lungs and respiratory tract. These drugs are delivered directly to the lungs via inhalers or nebulizers for faster action. Pulmonary drugs are effective in chronic conditions like asthma and COPD for controlling symptoms and preventing exacerbations. The rising incidence of lung diseases worldwide is driving the demand for pulmonary drugs.
Market key trends:
The Pulmonary Drugs Market is projected to witness high growth owing to growing geriatric population. Older adults are more prone to developing chronic lung diseases like COPD due to aging lungs and a lifetime of insults from smoking, air pollution, and other toxins. According to WHO, 65 years and older age group is fastest growing segment of the world’s population. By 2050, 16% of the world’s population will be over 65 years of age. The increasing elderly population will spike the prevalence of lung disorders and boost the pulmonary drug consumption over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new players entering the pulmonary drugs market is moderate as it is a complex therapeutic area requiring extensive R&D capabilities. However, opportunities exist for companies developing specialty drugs targeting specific indications.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of numerous established players. However, buyers have considerable influence over pricing due to availability of generics and therapeutic alternatives.
Bargaining power of suppliers: Suppliers of raw materials and contract manufacturing have low-to-moderate bargaining power due to availability of substitutes. However, suppliers of novel molecules and delivery technologies exert some influence.
Threat of new substitutes: Threat from new therapeutic options and delivery methods is high. Development of alternate treatments present challenges.
Competitive rivalry: Intense due to large presence of multinational pharmaceutical companies and generic manufacturers.
SWOT Analysis
Strengths: Strong R&D focus of leading players. Large patient pool offers market potential.
Weaknesses: Substantial capital requirements. Delayed drug development and approvals. Regulations and compliance requirements add to costs.
Opportunities: Significant scope in emerging markets. Novel targeted therapies for chronic diseases. Growth in drug-device combination products.
Threats: Patent cliffs of blockbuster drugs. Price controls and uncertain reimbursement policies across regions. Increased generic competition.
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. The market size for 2023 is estimated at US$ 3.41 Bn.
Regional analysis: North America dominates the market currently due to presence of major players and focus on R&D. However, Asia Pacific is expected to grow the fastest during the forecast period supported by expanding healthcare infrastructure and patient access in China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
