The players in the global pulmonary drugs market are striving hard to concentrate on building their pipelines in a bid to develop effective medicines. Players are taking all the efforts to come up with medicines that give quick results. Meeting the unmet demands of the patient population across the globe is one of the areas on which players must focus so as to gain market shares and stay ahead in terms of competition level, finds Transparency Market Research (TMR) in its new research report on the pulmonary drugs market. The top five players in the industry are Boehringer Ingelheim GmbH, GlaxoSmithKline Plc., Astra Zeneca, Merck & Co., Inc., and Teva Pharmaceutical Industries Ltd. However as per the report, these players are likely to lose their shares in the market on account of patent expirations of various drugs in the years to come.
This 196 page report gives readers a comprehensive overview of the pulmonary drugs market. Browse through 36 data tables and 71 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/pulmonary-drugs-market.html
According to the research report, the global pulmonary drugs market is expected to rise from US$ 48,039.7 mn in 2015 to US$ 28,082.1 mn by 2024. The drop in the CAGR is likely to be -6.3% between 2016 and 2024. By drug class, the combination drugs segment is estimated to continue to lead in the market during the period from 2016 to 2024. On the basis of geography, Asia Pacific is most likely to be the lucrative regional segment contributing the most to the revenue of pulmonary drugs market. Asia Pacific is estimated to account for 23.1% of the global pulmonary drugs market between 2016 and 2024.
Rise in Asthma and COPD Incidences Continue to Drive Sales of Pulmonary Drugs
The global demand for pulmonary drugs is increasing as the number of patients suffering from chronic respiratory diseases is increasing steadily. As per the Forum of International Respiratory Societies (FIRS), around 200 mn deaths occur on account of chronic obstructive pulmonary disease (COPD). FIRS also stated that about 235 mn people are dying on account of asthma. The number of smokers across the globe has risen and this has resulted in the escalation of respiratory diseases among the people, fueling the demand for pulmonary drugs.
As per the statistics of WHO, every year 6 mn deaths occur on account of tobacco consumption and around 600,000 people are being exposed to passive smoking and thus suffering from asthma. All these factors are boosting the market for pulmonary drugs. Rise in the investments for research and development to come up with effective drugs is also favoring the growth of this market. Developing nations have a large population base whose needs are unmet, and this is expected to provide a huge opportunity for players in the years to come.
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Patent Expiration to Hit Pulmonary Drugs Market Hard
The growth of this market is expected to be severely challenged by the patent expiration of important drugs in the coming years. This will obviously impact the market negatively and lead to a decline in the growth of the market. “Emergence of various generic drugs will also threaten the growth of the pulmonary drugs market in the coming years,” says a TMR analyst. Moreover, the strict regulatory process for drug approval will slow down and restrict the growth of this market further. To add to it the availability of counterfeit drugs will hamper the growth of the market.
This review is based on Transparency Market Research’s report, titled “Pulmonary Drugs Market (Drug Class – Inhaled Corticosteroids (ICS), Long-Acting Beta2-Agonists (LABA), Antihistamines, Vasodilators, Short-Acting Beta2-Agonists (SABA), Anticholinergics, Combination Drugs, MAbs, Enzymes, Antibiotics, and Antileukotrienes; Application – Asthma & COPD, Allergic Rhinitis, Pulmonary Arterial Hypertension, and Cystic Fibrosis; Distribution Channel – Hospital Pharmacies, Retail Pharmacies, Drug Stores, and E-commerce) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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