Statistics Report: Global Chronic Respiratory Diseases Treatment Market Size & Share to Surpass USD 300 Billion by 2028, Predicts Zion Market Research | Industry Trends, Growth, Value, Segmentation Analysis & Forecast by ZMR
NEW YORK, July 26, 2022 /PRNewswire/ -- As per Zion Market Research study, The global chronic respiratory diseases treatment market size was worth around USD 143 billion in 2021 and is predicted to grow to around USD 300 billion by 2028 with a compound annual growth rate (CAGR) of roughly 17.5% between 2022 and 2028.
Chronic Respiratory Diseases Treatment Market: Overview
Chronic respiratory diseases (CRDs) are medical conditions that affect structures of the lungs including airways. The most common CRDs are asthma, pulmonary hypertension, and chronic obstructive pulmonary disease (COPD). The disease is caused by factors like air pollution, chain-smoking, occupational hazards like working with chemicals or around dust, and lower but frequent respiratory infections during young age. Even though chronic respiratory diseases cannot be cured, with the help of medical advancements, various effective medical treatments are available that can help patients live normal lives by properly navigating through the diseases. These treatments help clear the air passages thus managing breathlessness.
The global market cap size is affected by two of the most common forms of CRDs namely asthma and COPD since both of these medical conditions affect the lungs' airways. Asthma involves frequent breathlessness or wheezing attacks occurring due to the narrowing of the airway. The attacks may vary in severity and frequency and each patient has to be carefully treated. The symptoms may increase during physically strenuous activities or nighttime. Children are most prone to asthma. COPD affects only adults and the symptoms may worsen with age and are characterized by chronic cough, breathlessness, and sputum production.
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Key Industry Insights & Findings of the Chronic Respiratory Diseases Treatment Market Reports:
- As per the analysis shared by our research analyst, the Chronic Respiratory Diseases Treatment Market is expected to grow annually at a CAGR of around 17.5 % (2022-2028).
- Through the primary research, it was established that the Chronic Respiratory Diseases Treatment Market was valued at approximately USD 143 Billion in 2021 and is projected to reach roughly USD 300 Billion by 2028.
- The global chronic respiratory diseases treatment market cap size may be dominated by North America during the next few years owing to favorable medical reimbursements policies in regions like the USA and Canada.
- The rising awareness amongst the general population about CRDs and their treatment is expected to aid regional growth. The rising trend of the emergence of domestic players may also assist in regional expansion.
- The level of air pollution in these regions is increasing every year due to infrastructural growth propelling the number of patients suffering from respiratory disorders thus aiding the regional market growth.
- As per World Health Organization (WHO) statistics, there are currently more than 292 million people who suffer from asthma, the most common form of chronic respiratory disease. In 2019, the number of patients was 260 million and caused over 4.5 lakhs deaths.
Zion Market Research published the latest report titled "Global Chronic Respiratory Diseases Treatment Market By Drug Classification (Generic Drugs and Branded Drugs), By Type (Cough & Cold Preparations, Anti-Asthmatics, and COPD Drugs), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies, and Drug Stores), By Mode Of Purchase (Over-The-Counter Drugs and Prescription-Based Drugs), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Chronic Respiratory Diseases Treatment Market: Growth Drivers
- Growing number of chronic respiratory diseases treatment to propel global market growth.
The global chronic respiratory diseases treatment market size may grow owing to the increasing number of patients suffering from CRD across the globe. As per World Health Organization (WHO) statistics, there are currently more than 292 million people who suffer from asthma, the most common form of chronic respiratory disease. In 2019, the number of patients was 260 million and caused over 4.5 lakhs deaths. About 44.3% of asthmatic children below 18 years of age reported having frequent asthma-related attacks in 2019. The number is increasing every year and may propel the global market growth during the forecast period.
As per reports submitted by the Centers for Diseases Control and Prevention, COPD is one of the top 5 leading causes of death in the USA. These diseases are rising owing to increased air pollution, rising smoking habits, and other changing lifestyle trends. The poor air quality is a result of growth in mining activities, urbanization & modernization of cities, increased use of fuel for vehicles & transportation purposes, wildfires, dust, mold spores, and pollen. The growing population is a major contributor to the rise in air impurities resulting in harmful effects on human health and causing multiple respiratory disorders. The global market growth may benefit from these aspects during the forecast period.
Chronic Respiratory Diseases Treatment Market: Restraints
- Absence of medical plans to completely treat CDRs to restrain global market expansion.
Even with all the technological advancements, no cure can eliminate chronic respiratory diseases. There are medical devices to help patients live by handling the symptoms of respiratory disorders, however, the healthcare sector does not have a medical plan to treat the disorders completely. The patients have to be dependent on the medicines or devices throughout their lifetime thus restricting the global market cap size.
The global market growth may also suffer owing to the side effects that CRD treating drugs have on the patient. These side effects may include dizziness, runny nose, scratchy throat, tremors, or upset stomach resulting in hesitancy amongst patients to adopt medicines for treating CRDs.
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Chronic Respiratory Diseases Treatment Market: Opportunities
- Advancement in customized drugs to provide lucrative growth opportunities in the global market
The global market is witnessing a rising trend of pharmaceutical companies offering customized treatment plans for chronic respiratory diseases. These plans are also known as precision medicine and are manufactured keeping the individual patient characteristics or symptoms in view. Since every patient suffering from CRD patients may have a different severity level or frequency of the symptoms, their medicinal requirements also differ accordingly. Companies like PTC Therapeutics, GSK, and AstraZeneca have invested in the development of drugs to treat respiratory mutations.
Chronic Respiratory Diseases Treatment Market: Challenges
- Patent expiration to cause challenges in global market growth
The pharmaceutical companies invest a large number of monetary & non-monetary resources during the drug development phase. During the time, the companies have the patents for the drug, they are solely responsible for its production and manufacturing. However, once the patent expires, generic medicine manufacturers end up utilizing the formula and manufacturing their version of the medicines resulting in heavy losses to the original pharmaceutical manufacturer and creating a challenging situation for the growth of the global market cap.
Global Chronic Respiratory Diseases Treatment Market: Segmentation
- The global chronic respiratory diseases treatment market is segmented based on drug classification, type, distribution channel, mode of purchase, and region
By drug classification, the global market segments are generic drugs and branded drugs. Both the drug types are claimed to be effective in treating the virus since the underlying active ingredient is the same, and both forms of the drug have to undergo the same Food and Drug Administration approval process. However, as per FDA, generic drugs cost 80 to 85% less than their branded counterparts.
By type, the global market segments are cough & cold preparations, anti-asthmatics, and COPD drugs. The growing number of asthmatic patients has propelled the growth of the anti-asthmatics segments. As per the Asthma & Allergy Foundation of America, over 25 million of the US population suffer from asthma which is the equivalent of 1 in every 13 citizens.
By distribution channel, the global market segments are retail pharmacies, hospital pharmacies, and drug stores. The global market was dominated by hospital pharmacies in the last few years. Since hospital pharmacies generate 30 to 40% of the total hospital revenue, patients are encouraged to purchase from them.
By mode of purchase, over-the-counter drugs, and prescription-based drugs are the two main segments. Since respiratory disease treatment medication can have severe side effects, their sale is generally propelled by prescription-based drugs. Prescription-based drugs generate revenues in USD trillions whereas OTC drugs generate revenues in USD billions.
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List of Key Players in Chronic Respiratory Diseases Treatment Market:
- AstraZeneca plc
- Merck & Co.Inc.
- Boehringer Ingelheim Pharmaceuticals Inc
- GlaxoSmithKline plc
- Teva Pharmaceutical Ltd.
- Mylan N.V.
- Sumitomo Dainippon Pharma Co.Ltd.
Key questions answered in this report:
- What are the growth rate forecast and market size for Chronic Respiratory Diseases Treatment Market?
- What are the key driving factors propelling the Chronic Respiratory Diseases Treatment Market forward?
- What are the most important companies in the Chronic Respiratory Diseases Treatment Market Industry?
- What segments does the Chronic Respiratory Diseases Treatment Market cover?
- How can I receive a free copy of the Chronic Respiratory Diseases Treatment Market sample report and company profiles?
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Recent Developments
- In October 2020, Zydus Cadila launched a new product for the Indian market of COPD patients. The product is called Forglyn pMDI and is claimed to be India's first pressurized Metered Dose Inhaler which is priced at Rs 495 per pack and is made in India. With this new product, the company aims to bring next-generation respiratory-related therapies.
- In September 2021, Global Allergy and Airways Patient Platform (GAAPP), The European Respiratory Society (ERS), Amgen, and AstraZeneca launched the International Respiratory Coalition, a new partnership to transform respiratory healthcare post-Covid-19. The new partnership will provide the necessary support to healthcare systems and governments to recover from the impacts of Covid-19 in the respiratory sector.
Regional Dominance:
- North America to lead global market growth during the projection period
The global chronic respiratory diseases treatment market cap size may be dominated by North America during the next few years owing to favorable medical reimbursements policies in regions like the USA and Canada. The rising awareness amongst the general population about CRDs and their treatment is expected to aid regional growth. The rising trend of the emergence of domestic players may also assist in regional expansion.
Asia-Pacific is expected to register high CAGR due to the growing population and medical cases in regions like China, India, and South Korea. The level of air pollution in these regions is increasing every year due to infrastructural growth propelling the number of patients suffering from respiratory disorders thus aiding the regional market growth. Asia-Pacific is witnessing high investment from foreign companies in the pharmaceutical sector because of the presence of favorable government policies along with skilled and effective labor.
Global Chronic Respiratory Diseases Treatment Market is segmented as follows:
Chronic Respiratory Diseases Treatment Market: By Drug Classification Outlook (2022-2028)
- Generic Drugs
- Branded Drugs
Chronic Respiratory Diseases Treatment Market: By Type Outlook (2022-2028)
- Cough & Cold Preparations
- Anti-Asthmatics
- COPD Drugs
Chronic Respiratory Diseases Treatment Market: By Distribution Channel Outlook (2022-2028)
- Retail Pharmacies
- Hospital Pharmacies
- Drug Stores
Chronic Respiratory Diseases Treatment Market: By Mode of Purchase Outlook (2022-2028)
- Over-The-Counter Drugs
- Prescription-Based Drugs
Chronic Respiratory Diseases Treatment Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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