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The respiratory tract infection treatment market comprises drugs used for treating infections affecting the sinuses, throat, airways, and lungs. Some of the major drugs types used are antibiotics, NSAIDs, cough suppressants, nasal decongestants, and others. Antibiotics are the most prescribed medication for respiratory tract infections as they can help fight bacterial infection such as bronchitis, sinusitis, pneumonia etc. NSAIDs help reduce fever and body aches associated with respiratory infections. Cough suppressants and nasal decongestants provide relief from symptoms such as cough and blocked nose.
The global respiratory tract infection treatment market is estimated to be valued at US$ 103.19 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising Geriatric Population: As per WHO, the number of people aged 60 years and older is estimated to grow from 900 million globally in 2015 to around 2 billion by 2050. The elderly population is more prone to respiratory tract infections due to decreased immunity as well as prevalence of chronic diseases. This presents a large patient pool targetable by drug manufacturers. Another market driver identified in the heading is increased prevalence of respiratory diseases; respiratory diseases pose a major health burden worldwide and are a leading cause of mortality and morbidity. For instance, according to WHO, acute respiratory infections are the fifth leading cause of death in low-income countries and remain a major killer of children under 5 years of age. Growing burden of respiratory diseases will foster demand for treatment drugs.
Segment Analysis
The global respiratory tract infection treatment market is dominated by the antibiotics segment which holds around 35% share of the total market. Antibiotics are the most widely used treatment for respiratory tract infections as they help destroy or inhibit the growth of bacteria. Within the antibiotics segment, the penicillin sub-segment is the dominant one due to its wide application in treating several respiratory diseases like pneumonia, sinusitis, bronchitis etc.
PEST Analysis
Political: Government initiatives to spread awareness about respiratory diseases and their treatment is enabling patients to timely diagnose and seek medical help. Various regulations regarding the quality and testing of respiratory drugs are ensuring patient safety.
Economic: Rising healthcare spending coupled with growing elderly population that is more vulnerable to respiratory tract infections is fueling market growth. However, pricing pressure on pharma companies and patent expiries of blockbuster drugs may restrain the market to a certain extent.
Social: Changing lifestyles involving less physical activity, rising stress levels and increased pollution are increasing the prevalence of respiratory illnesses in the society. Growing health consciousness is also driving people to focus more on prevention and early treatment.
Technological: Technological advancements are aiding drug development and delivery with advanced formulations like dry powder inhalers and metered dose inhalers for better treatment compliance and management of respiratory diseases. E-health tools are also improving connectivity between patients and healthcare providers.
Key Takeaways
Global Respiratory Tract Infection Treatment Market Size is expected to witness high growth over the forecast period due to the growing geriatric population which is highly prone to respiratory diseases. The global respiratory tract infection treatment market is estimated to be valued at US$ 103.19 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Regionally, North America holds the largest share of around 35% of the total market due to developed healthcare infrastructure and high affordability for advanced treatment options in the region. Europe accounts for the second largest share due to rising adoption of e-health tools and favorable government support for research & development.
Key players operating in the respiratory tract infection treatment market are Abbott Laboratories, AstraZeneca, Plc, Abbvie Inc., Boehringer Ingelheim GmbH, Cipla Pharmaceutical Company, GlaxoSmithKline plc, Pfizer Inc., Merck & Co., Novartis AG, F. Hoffman La Roche Ltd, Sanofi, and Teva Pharmaceutical Industries Ltd. These players are adopting organic and inorganic growth strategies like collaborations, acquisitions and new product launches to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
