Respiratory Drugs Market To Observe Growth On The Back Of Increasing Research & Development In Medical Industry During 2019-2027
Research Nester released a report titled “Respiratory Drugs Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global respiratory drugs market in terms of market segmentation by drug, by formulation, by disease, by administration, by drug delivery, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
As per the data recorded by the United Nations, the total number of people aged 65 and above in the world was calculated to be 703 million in the year 2019. Moreover, this number was estimated to increase to 1.5 billion by the end of 2050. In addition to this, the report stated that the share of population aged 65 and above accounted for 6% in 1990 and increased to 9% in 2019.
The market for respiratory drugs is anticipated to grow at a CAGR of 6.0% over the forecast period, i.e., 2019-2027. Further, the market is predicted to attain a significant market value of about USD 25,500 million by the end of 2027. Respiratory disorders mainly consist of ailments of the lungs such as asthma, chronic obstructive pulmonary disease (COPD), acute respiratory infections, chronic bronchitis and others. The market is segmented by drug, by formulation, by disease, by administration, by drug delivery, by distribution channel and by region. Based on administration, the market is segmented into standalone drugs and combination drugs. The segment for standalone drugs is anticipated to hold the leading share in the market. On the other hand, the segment for combination drugs is estimated to grow at the highest rate in the coming years as a result of improved efficacy of combination drugs as compared to standalone drugs.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America region is anticipated to hold the largest share over the forecast period. This is predicted to be followed by the market in Asia Pacific region, which is further projected to grow at the highest growth rate over the forecast period. This can be attributed to the rising developments and increasing innovations in the healthcare industry in the Asia Pacific region which account for the development of a higher number of respiratory drugs as compared with other regions.
Increasing Geriatric Population to Boost the Market Growth
This hike in geriatric population globally is predicted to be responsible for the rising cases of various forms of diseases such as the respiratory disorders. This is one of the major growth factors anticipated to drive the growth of respiratory drugs market in the coming years. However, the strict regulatory laws that are associated with the approval of respiratory drugs are estimated to become major growth restricting factors for the respiratory drugs market.
This report also provides the existing competitive scenario of some of the key players of the global respiratory drugs market which includes company profiling of AstraZeneca (LON: AZN), Fibrogen Inc., Novartis International AG (SWX: NOVN), Abbott Laboratories (NYSE: ABT), GlaxoSmithKline plc (LON: GSK), F. Hoffmann-la Roche AG (SWX: RO), Merck & Co. Inc. and Sunovion Pharmaceuticals Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global respiratory drugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.