WILMINGTON, DE / ACCESSWIRE / February 6, 2023 / Transparency Market Research Inc. - According to a TMR study, the global lung disease therapeutics market is projected to grow at a CAGR of 3.7% during the forecast period from 2022 to 2031.
Lung disease therapeutics refers to a range of treatments and drugs that are used to manage different lung diseases in patients. Demand for these therapeutics is high among patients suffering from both acute and chronic respiratory disorders.
Launch of new therapeutics is anticipated to help leading players to generate revenue and gain a competitive edge over other players. Additionally, prominent players are collaborating with other players to expand presence and increase revenue shares in thelung disease therapeutic market.
In August 2022, Astrazeneca India signed a collaborative agreement with Alveofit to offer handheld spirometers enabled with IoT technology in hospitals across India.
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Key Findings of Market Study
- Growing Prevalence of Asthma: Based on disease type, the global market has been divided into asthma, lung cancer, chronic obstructive pulmonary disease (COPD), and other lung diseases. The asthma segment accounted for dominant share in 2021. Increase in patient population suffering from asthma and rise in need for different types of medication, such as beta-agonists, inhaled corticosteroids, and leukotriene modifiers, to manage asthma, are driving the segment.
- Increase in Demand for Corticosteroids: In terms of drug type, the global market has been classified into corticosteroids, mucolytics, antimicrobial medications, bronchodilator medications, and others. The corticosteroids segment accounted for significant market share in 2021. Rise in demand among patients suffering from asthma and COPD to decrease inflammation in airways and help improve breathing is driving the segment. Corticosteroids have shown high effectiveness in helping patients recover from different lung disorders, which is likely to fuel product demand during the forecast period.
- Rise in Patient Preference to Purchase Medication from Hospital Pharmacies: Based on distribution channel, the global market has been split into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment accounted for leading market share in 2021. Increase in patient preference for purchasing lung disease medication from hospital pharmacies is augmenting the segment. Additionally, availability of specialized medication at hospital pharmacies to treat lung disorders is driving the segment.
Lung Disease Therapeutics Market - Key Drivers
- Rise in prevalence of lung cancer is driving the global lung disease therapeutics market
- Increase in adoption of early detection methods and screening is anticipated to expand market size during the forecast period
- Surge in COPD incidences across the world is projected to drive industry growth in the next few years
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Lung Disease Therapeutics Market - Regional Landscape
North America accounted for dominant market share in 2021. Increase in prevalence of lung diseases, such as asthma and COPD, and presence of developed healthcare infrastructure in countries, such as the U.S. and Canada, are bolstering market development in the region.
Lung Disease Therapeutics Market - Key Players
The global market is competitive, with the presence of several international and local players. Entry of new players is anticipated to intensify the competition during the forecast period.
Leading players are investing in R&D to manufacture improved therapeutic products. Increase in demand for improved therapeutic products among patients is likely to drive industry growth during the forecast period.
Prominent players operating in the lung disease therapeutics market are Astrazeneca, GSK, Fibrogen, Teva Pharmaceuticals, and Liminal Biosciences.
The global market has been segmented as follows:
- Disease Type
- Asthma
- Lung Cancer
- Chronic Obstructive Pulmonary Disease (COPD)
- Other Lung Diseases
- Drug Class
- Corticosteroids
- Mucolytics
- Antimicrobial Medications
- Bronchodilator Medications
- Others
- Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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