The intensity of competition in the global pulmonary drugs market is exceptionally high with the presence of few dominant players. However, Transparency Market Research observes that the leading players are expected to lose their share in the overall market as patents for several drugs are poised to expire in the coming years. The top five players in the market are GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, Astra Zeneca, Teva Pharmaceutical Industries Ltd., and Merck & Co., Inc. “The companies will focus on building their pipelines and developing effective and result-oriented medicines to meet the unmet demands of the patients across the globe,” states the lead author of the research report.
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Asia Pacific to Lead Global Market due to Phenomenal Unmet Medical Needs
According to the research report, the global pulmonary drugs market is expected to be worth US$ 28,082.1 mn by the end of 2024 as compared to US$ 48,039.7 mn in 2015. Analysts calculate that the global market will plummet at a CAGR of -6.3% during the forecast period of 2016 and 2024. The market will thrive as the demand for combination drugs is anticipated to remain on the rise during the forecast period. The report estimates that the combination drugs segment will reach a valuation of US$5,217.5 mn by the end of 2024. On the other hand, in terms of geography, Asia Pacific will emerge as the leading region in the global market due to a huge pool of unmet medical demands. By the end of 2024, the Asia Pacific pulmonary drugs market is estimated to account for a share of 23.1% in the global market.
High Prevalence of Respiratory Disorders due to Smoking Improves Uptake of Pulmonary Drugs
Despite the projected decline, the demand for pulmonary drugs will continue to build as the population is reeling under the high prevalence of chronic respiratory disorders. The Forum of International Respiratory Societies (FIRS) states that the about 200 million meet their fatal end due to chronic obstructive pulmonary disease (COPD) and about 235 million due to asthma. These statistics have been the primary growth drivers for the overall pulmonary drugs market in the past few years. The rising number of smokers across the globe have also triggered the demand for pulmonary drugs as they are usually at the receiving end of respiratory disorders. The World Health Organization states that consumption of tobacco leads to six million deaths every year while 600, 000 are exposed to second-hand smoke, which is known to cause asthma. Thus the changes in lifestyle are anticipated to play a crucial role in the development of global market.
The global pulmonary drugs market is also benefitting from the increasing disposable incomes and the rising awareness about treating pulmonary ailments. The increasing investments made in research and development of pulmonary drug delivery systems have also favored market growth in recent times. The growing pool of unmet demands due to population explosion in several developing countries and the entry of innovative and effective drugs in the market is also anticipated to boost the uptake of these drugs in the coming few years.
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Availability of Counterfeit Drugs Hampers Market Growth
Analysts anticipate that the negative growth of the global pulmonary drugs market will be attributable to the patent cliffs in the coming years that will hamper the revenues of several leading players. This issue will be further addled by the entry of generic drugs in the global market. The strict regulatory process of getting these drugs approved from various authorities is also expected to dampen the spirit of the market during the forecast period. Furthermore, the wide availability of counterfeit drugs is also acting a significant impediment to the overall market.
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