Respiratory Tract Infection Treatment Market Is Projected to Be Around US$ 62.31 Billion With Healthy CAGR of 6.5% by 2026, Coherent Market Insights
SEATTLE, April 09, 2021, (PHARMIWEB) — Respiratory diseases such as bronchitis, asthma, allergic rhinitis, pneumonia, and sinusitis can significantly curtail the physical activities of the individual. The symptoms associated with both mild and severe indication of these respiratory conditions include coughing, wheezing, chest pain, respiratory distress, and shortness of breath, congestion, and even death in severe cases. These conditions lead to substantial morbidity and cause large financial burden to the society.
Therefore, the development of new drugs (having less adverse effects) for treatment of respiratory tract infection is a major concern for manufacturers, as several generic drugs are available in the market.
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The global respiratory tract infection treatment market was valued at US$ 35.64 Bn in 2017, and is expected to witness a CAGR of 6.5% over the forecast period (2018 – 2026).
Figure 1. Global Respiratory Tract Infection Treatment Market Share Analysis (%), By Product Type
Source: Coherent Market Insights Analysis (2018)
Increasing prevalence of respiratory diseases is expected to drive growth of the respiratory tract infection treatment market
Increasing prevalence of chronic respiratory diseases such as asthma, chronic pulmonary lung disease, pulmonary hypertension, and occupational lung disease are major factors augmenting growth of the respiratory tract infection market.
For instance, according to the Biomed Central Respiratory Research 2016, asthma and chronic obstructive pulmonary disease (COPD) are common chronic obstructive lung disorders characterized by variable airflow limitation and airway hyper responsiveness, affecting over 25 million people in the U.S.
Various organizations, institutions, and agencies are working towards improving the diagnosis and medical care needed to reduce the global burden of respiratory diseases. For instance, the Global Alliance against Chronic Respiratory Diseases (GARD) was formed with the support from the World Health Organization (WHO) to control chronic respiratory diseases. The main objective of GARD is to develop simple and affordable strategies for chronic respiratory diseases (CRD) and to encourage economies to implement health promotion and CRD prevention policies.
The increasing number of pipeline drugs which are expected to be launched over the forecast period is also boost the growth of the respiratory tract infection treatment. Some of the drugs in the pipeline include Relenza (GSK), MK7264 (Merck & Co.), Presatovir (Gilead), AZD7594, and PT010 (AstraZeneca).
However, presence of various generic manufacturers and low cost of various drugs including antibiotics may hinder growth of the respiratory tract infection treatment market to some extent during the forecast period.
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Respiratory Tract Infection Treatment Market- Regional Analysis
On the basis of region, the global respiratory tract infection treatment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold a dominant position in the global respiratory tract infection treatment market over the forecast period owing to an increasing number of hospitalizations and emergency visits for acute or life threatening medical problems.
According to a study by the Society of Critical Care Medicine in 2016, over 5.7 million patients are admitted annually to intensive care units (ICUs) in the U.S. for support of airway, breathing or circulation, and comprehensive management of injury.
Also, according to the Centers for Disease Control and Prevention (CDC), 2017, around 1.7 million emergency department visits for chronic and unspecified bronchitis were registered in the U.S. hospital facilities.
Furthermore, several pharmaceutical and biotechnology companies are focusing on expanding their business in Asia Pacific to maximize their R&D activities, as this region provides better access to patients for clinical trials, with low cost operational efficiencies. Increasing government investments in research and development, patient awareness, improved health care infrastructure and facilities, high disposable income, and prevalence of an unhealthy lifestyle are also expected to foster growth of the respiratory tract infection treatment market in the Asia Pacific region.
Figure 2: Global Respiratory Tract Infection Treatment Market Share (%), By Region
Source: Coherent Market Insights Analysis (2018)
Respiratory Tract Infection Treatment Market- Competitive Landscape
Increasing approval of new drugs by the Food and Drug Administration (FDA) is also expected to propel the overall market growth over the forecast period. For instance, in November 2017, the U.S. FDA approved Fasenra (Benralizumab) manufactured by AstraZeneca, a respiratory biologic for patients aged 12 years and older who are suffering from asthma, and an eosinophilic phenotype.
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Key players operating in the global respiratory tract infection treatment market include Abbott Laboratories, AstraZeneca, Plc., Abbvie Inc., Boehringer Ingelheim GmbH, Cipla Pharmaceutical Company, GlaxoSmithKline plc., Pfizer Inc., Merck & Co., Novartis AG, F. Hoffman La Roche Ltd, Sanofi, and Teva Pharmaceutical Industries Ltd.About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.
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