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The Respiratory Drugs Market size is estimated to grow by USD 30.23 billion at a CAGR of 6.38% between 2022 and 2027.
There is an increasing demand for sustainable and safe respiratory drugs across the world. One of the leading causes of death across the globe is respiratory disease with asthma being the most prevalent disease and affects people of all ages. Even though there are numerous therapies, a majority of the population across the globe is living with poorly controlled respiratory diseases and have a low quality of life. As a result, there is an increase in investments for the innovation of respiratory drugs globally which is positively impacting the market.
Technavio has segmented the market into Distribution Channels, Types, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The hospital pharmacies segment is estimated to witness significant growth during the forecast period. Several hospital pharmacies collaborate with many suppliers and pharmaceutical companies to procure the necessary respiratory drugs. After procurement, these drugs are then stored in the pharmacy inventory. The main purpose of inventory management systems is that it helps to track stock levels and ensure that a sufficient supply of respiratory medications is available.
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The hospital pharmacies segment was the largest segment and was valued at USD 33.90 billion in 2017. One of the major aspects of healthcare is accurate documentation such that several hospital pharmacies maintain records of the medications dispensed to each patient. As a result, it helps in monitoring the patient's treatment progress and ensures accountability. Additionally, this segment is also involved in tracking the patient's response to the prescribed respiratory drugs. Furthermore, this segment often educates patients on how to effectively use respiratory medications. As a result, this guidance significantly contributes to better patient adherence and more effective drug distribution. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
Some of the key respiratory drugs that have increased focus on asthma include SYMBICORT, PULMICORT, Relvar Ellipta/Breo Ellipta, ARUNITY ELLIPTA, NUCALA, Seretide/Advair, and XOLAIR. There is an increasing prevalence of asthma across the globe. There is a huge market potential for asthma as prominent companies such as AstraZeneca and Novartis are planning to launch new drugs in the coming years. In addition, there are significant ongoing developments in this segment which is positively impact the market. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Some of the prominent products launched by market players which are operating in this market include BEVESPI AEROSPHERE, DELIRESP/DAXAS, and SYMBICORT by AstraZeneca; Flixotide/FLOVENT, INCRUSE ELLIPTA, and RELVAR/BREO ELLIPTA by GlaxoSmithKline; and Onbrez Breezhaler and Seebri Breezhaler by Novartis. Factors such as the increasing presence of several drugs in the market, the approval of new drugs including TRELEGY ELLIPTA and Duaklir Genuair, and the progress in the development of new drugs such as AZD9412 for COPD is expected to significantly contribute to the growth of this segment. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global respiratory drugs market in North America is the aging demographic, which increases the prevalence of respiratory diseases. There is an increasing demand for more respiratory medications and healthcare services for the growing elderly population in the region, especially in the US and Canada.
For instance, as per the American College of Allergy, Asthma and Immunology, as of 2023, 8.3% of Americans have asthma. 20.4 million of these 26.5 million are adults, and 6.1 million are kids. The prevalence of asthma is higher in children (9.4%) than in adults (7.7%), and it is higher in females (9.2%) than in males (7.0%). In addition, poor air quality fuels the demand for effective respiratory drugs to manage symptoms and enhance patients' quality of life. Hence, such factors are expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global respiratory drugs market witnessed a significant slowdown as various non-urgent treatments were either given in a limited capacity or completely closed as per guidelines as well and some scheduled treatments were either delayed or postponedin North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of business activities and the re-opening of offline retail pharmacies. Such factors are expected to drive the market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers respiratory drugs namely Pulmocare designed for people with chronic obstructive pulmonary disease, cystic fibrosis, or respiratory failure.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving the respiratory drugs market growth is the rising prevalence of respiratory diseases. There is an increasing prevalence of respiratory diseases across the globe which has significantly contributed to the growth of the global respiratory drugs market. The strong demand for innovative solutions that can improve disease management and enhance patients' quality of life is fuelled by conditions such as asthma and chronic obstructive pulmonary disease (COPD).
Moreover, respiratory diseases comprise a wide range of conditions impacting the lungs and airways, such as chronic obstructive pulmonary disease (COPD), asthma, pneumonia, bronchitis, and more. In addition, there is a high chance of respiratory diseases due to poor air quality, often due to environmental pollution, especially due to environmental pollution. Hence, such factors are expected to positively impact the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the respiratory drugs market growth is the emergence of telehealth and remote monitoring. There was an increasing adoption of telehealth services during the COVID-19 pandemic which has revolutionized healthcare delivery. The main features of telehealth are that it facilitates remote consultations, diagnosis, treatment, and monitoring for respiratory patients, enhancing access to care.
Moreover, it also enables respiratory patients to consult pulmonologists and other specialists virtually. There is an increasing adoption of telehealth by healthcare providers to diagnose and assess respiratory conditions remotely, using video consultations, patient histories, and shared medical data. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Concerns associated with screening and diagnosis are one of the key challenges hindering the respiratory drugs market growth. There is an increasing prevalence of respiratory diseases, both acute and chronic which is significantly impacting the population across the globe even though there are significant advancements in understanding the complex pathophysiology of respiratory disease and the availability of medical therapies. One of the main reasons is the challenges related to screening and diagnosing respiratory diseases, such as pulmonary arterial hypertension (PAH).
Moreover, due to the inaccurate diagnosis, it is highly unlikely the patient will receive appropriate treatment. One of the major challenges that must be overcome is the delayed diagnosis of PAH. The main factor which is leading to delayed diagnosis is the symptoms of PAH including fatigue, weakness, and breathlessness, which overlap with symptoms of other disorders such as COPD and asthma. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Respiratory Drugs Market Customer Landscape
The respiratory drugs market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Respiratory Drugs Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.38% |
Market growth 2023-2027 |
USD 30.23 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.51 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 50% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AbbVie Inc., Aerogen Pharma Ltd., AstraZeneca Plc, Aurobindo Pharma Ltd., Boehringer Ingelheim International GmbH, Celon Pharma SA, Cipla Ltd., F. Hoffmann La Roche Ltd., GlaxoSmithKline Plc, Laboratory Corp. of America Holdings, Lupin Ltd., Medisol Lifescience Pvt. Ltd., Merck and Co. Inc., Novartis AG, Sumitomo Pharma Co. Ltd., Teva Pharmaceutical Industries Ltd., Vertex Pharmaceuticals Inc., Wellona Pharma, and Glenmark Pharmaceuticals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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