Respiratory Disorders Treatment Market to Expand with Significant CAGR by 2025
Respiratory Disorders Treatment Market: Introduction
According to the report, the global respiratory disorders treatment market was valued at US$ 65 Bn in 2018 and is projected to expand at a CAGR of ~6% from 2019 to 2027. The anticipated launch of novel therapies in the global respiratory disorders treatment market such as FibroGen’s FG-3019 and Promedior’s PRM-151 for idiopathic pulmonary fibrosis (IPF) are anticipated to augment the global respiratory disorders treatment market. Increase in incorporation of premium priced therapies such as immune checkpoint inhibitor (ICI) immunotherapies into the lung cancer treatment algorithm, particularly in the first-line setting and cystic fibrosis transmembrane conductance regulator (CFTR) modulator in the cystic fibrosis (CF) market is expected to be one major drivers to the market.
North America dominated the global respiratory disorders treatment market in 2018 and the trend is anticipated to continue during the forecast period. Increase in adoption of combination drugs, availability of target therapies of all major companies in the region, introduction of new drugs such as combination drugs and cystic fibrosis transmembrane conductance regulator (CFTR) modulator, and increase in use of these drugs are projected to drive the market in North America. Asia Pacific is expected to be a highly lucrative market for respiratory disorders treatment during the forecast period. The market in the region is likely to expand at a higher CAGR from 2019 to 2027.
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Rise in Prevalence of Respiratory Diseases and Increase in Awareness about Respiratory Disorders Treatment to Drive Market
Rise in prevalence of respiratory diseases across the globe is a major factor projected to boost the growth of the global respiratory disorders treatment market. The geriatric and pediatric populations are highly susceptible to respiratory diseases due to genetics or some environmental factors including microbial exposure, exposure to passive smoking, and air pollution. This in turn increases the need of respiratory disorder treatment. According to the World Health Organization, presently, 235 million people are suffering from asthma across the globe and 338,000 deaths due to asthma were reported in 2015.
According to the Centers for Disease Control and Prevention (CDC) analysis data, prevalence of asthma was 7.8% in 2015, which increased to 7.9% in 2017 in North America alone. Asthma is one of the common lifelong chronic diseases. However, people are increasingly becoming aware about asthma and its treatment. This fuels the growth of the global respiratory disorders treatment market. The World Asthma Day is an annual event organized by the Global Initiative for Asthma (GINA) to improve asthma awareness and care around the world. The month of May is considered as National Asthma and Allergy Awareness Month to control asthma and educate people to raise awareness and improve the lives of all people.
Combination Drugs to Dominate Market
In terms of drug class, the global respiratory disorders treatment market has been divided into bronchodilators, corticosteroids, combination drugs, antibiotics, target therapy, immunotherapy, CFTR, and others. The combination drugs segment dominated the global respiratory disorders treatment market in 2018 and the trend is likely to continue during the forecast period. This can be attributed to continuous innovation in long-term therapy such as combination therapy, which provides comfort to patients and prevents symptoms.
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Nasal to be Preferable Route of Administration
Based on route of administration, the global respiratory disorders treatment market has been classified into nasal, oral, and injectable. The nasal segment dominated the global respiratory disorders treatment market in 2018. It is projected to be a lucrative segment of the global respiratory disorders treatment market during the forecast period. The growth of the nasal segment is due to nasal drug therapy for respiratory disorder treatment is the preferred route of administration and medication is absorbed directly to epithelium of the lung.
Retail Pharmacies to be Key Distribution Channel
In terms of distribution channel, the global respiratory disorders treatment market has been categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The retail pharmacies segment dominated the global respiratory disorders treatment market in terms of revenue in 2018 and the trend is anticipated to continue during the forecast period. Increase in the number of respiratory therapeutics being dispensed through retail pharmacies and rise in the number of retail pharmacies in developing countries make these pharmacies a major channel of distribution.
North America to Dominate Global Market
Geographically, the global respiratory disorders treatment market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global respiratory disorders treatment market in 2018, followed by Europe. North America accounted for major share of the global respiratory disorders treatment market in 2018, owing to the introduction of new drugs such as Vertex’s cystic fibrosis transmembrane conductance regulator (CFTR) modulator and increase in use of these drugs, and high prevalence of respiratory diseases in countries such as the U.S. The respiratory disorders treatment market in Asia Pacific is likely to expand at a higher CAGR from 2019 to 2027. Significant growth of the respiratory disorders treatment market in the region can be attributed to high prevalence of asthma and COPD and increase in demand for respiratory therapeutics.
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AstraZeneca plc, Boehringer Ingelheim International GmbH, and GlaxoSmithKline plc are the leading players in the global respiratory disorders treatment market that hold majority market share. The global respiratory disorders treatment market is fragmented in terms of number of players. Key players in the global market include Mylan N.V., AstraZeneca plc, Boehringer Ingelheim International GmbH, Vertex Pharmaceuticals Incorporated, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Merck & Co., Inc., Novartis AG, Sanofi, Sunovion Pharmaceuticals, Inc., and Teva Pharmaceutical Industries. New product development through robust R&D and merger & acquisitions are the key strategies adopted by these players to strengthen presence in the global respiratory disorders treatment market.
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