The market for pharmaceuticals and therapies used to control and treat respiratory disorders such as asthma, chronic obstructive pulmonary disease (COPD), cystic fibrosis, and pulmonary fibrosis is referred to as the lung disease therapeutics market. Respiratory disorders are a major source of morbidity and mortality globally, affecting millions of individuals each year.
The growing worldwide burden of respiratory illnesses, increased awareness and diagnosis of these ailments, and the development of novel and creative therapies are driving the market for lung disease medicines. Factors such as shifting demographics, technological advancements, and rising healthcare spending in emerging nations all have an impact on the industry.
The Lungs Disease Therapeutics Market is anticipated to reach US$ 106.9 Billion by the end of 2030 expanding at a CAGR of 3.9% from 2022-2030 (forecast period).
The market for lung disease therapies is very competitive, with many pharmaceutical and biotechnology firms developing and selling medicines in this region. AstraZeneca, GlaxoSmithKline, Boehringer Ingelheim, Novartis, and Roche are among the market’s major participants. As the prevalence of respiratory disorders is rising, the market for lung disease therapies is likely to expand and innovate in the next few years.
Respiratory illnesses are a serious public health problem across the world, producing substantial morbidity, death, and economic impact. The World Health Organization (WHO) estimates that respiratory disorders account for more than 10% of worldwide fatalities, with COPD alone accounting for 3 million deaths each year. The incidence of respiratory disorders are also rising, with causes such as air pollution, smoking, ageing populations, and lifestyle changes all adding to the growing burden of these conditions.
Bronchodilators, inhaled corticosteroids, combination treatments, biologics, and antibiotics are among the therapy options available in the lung’s disease therapeutics market. Several reasons are driving the market, including the increased frequency of respiratory disorders, the development of novel and innovative treatments, and the growing desire for customised and targeted medicines.
The market for lungs disease medicines is likely to increase and evolve as new treatments and technologies are developing to meet the rising global burden of respiratory illnesses.
Lungs Disease Therapeutics Market Amid COVID-19 Pandemic:
The COVID-19 pandemic has had a substantial effect on the market for respiratory illness medicines. The pandemic has resulted in a surge in demand for respiratory therapies, particularly for those suffering from severe COVID-19 symptoms.
The pandemic has also hastened the adoption of digital health technology in the management and treatment of respiratory disorders, with remote monitoring and telemedicine becoming indispensable tools for healthcare practitioners.
On the other side, the pandemic has disrupted the supply chain for respiratory treatments, particularly in the early phases of the outbreak when some pharmaceuticals and medical supplies were in limited supply.
Overall, the COVID-19 pandemic has had a mixed influence on the pulmonary disease medicines industry, with both good and negative impacts. The ongoing global attempts to contain and mitigate the pandemic, on the other hand, are projected to shape the market in the coming years.
Factors responsible for the growth in the Lungs Disease Therapeutics Market:
The following are some of the important reasons driving the growth of the lung disease therapies market:
- Increasing incidence of respiratory illnesses: A significant driver of the market is the rising prevalence of respiratory disorders such as asthma, COPD, and lung cancer. According to the World Health Organization, respiratory disorders cause more than 10% of all fatalities globally.
- Growing awareness and early diagnosis: As individuals become more aware of respiratory ailments and receive early diagnosis, more people seek treatment for these conditions. This is increasing demand for a wide range of therapies, including medicines, medical devices, and biologics.
- Technological advancements: such as digital health and tailored medicine, are changing the way respiratory disorders are monitored and treated. These technologies are improving patient outcomes and generating market innovation.
- Rising healthcare spending: Rising healthcare spending, especially in emerging nations, is boosting demand for respiratory illness therapies. Demand for respiratory treatments is predicted to rise as healthcare infrastructure improves and more individuals get access to healthcare services.
- Expanding geriatric population: As older persons are more likely to suffer respiratory disorders, the market is being driven by the growing geriatric population. As the world’s population ages, so will the demand for respiratory medicines.
Emerging Markets for Lungs Disease Therapeutics Market:
The market for lungs disease therapies is predicted to increase significantly in growing regions such as Asia-Pacific, Latin America, the Middle East, and Africa. These regions have big and expanding populations, rising incomes, and improved access to healthcare, all of which drive demand for respiratory illness treatments.
The rising frequency of respiratory disorders such as COPD and asthma, along with an ageing population, is boosting demand for better treatment alternatives in Asia-Pacific. The region is also rapidly urbanising and industrialising, which is increasing air pollution and worsening respiratory health difficulties.
Due to various variables, the Asia-Pacific region is one of the fastest-growing markets for lung disease medicines, including:
- High incidence of respiratory disorders: Respiratory ailments such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer are common in the region. This is because to issues including air pollution, smoking, and an ageing population.
- Big and quickly expanding population: The Asia-Pacific region has a large and rapidly growing population, which will raise demand for healthcare services and respiratory illness treatments.
- Raising healthcare spending: Many nations in the region, particularly China and India, are increasing their healthcare spending in order to increase their populations’ access to healthcare services and treatments.
- Middle-class growth: The region’s growing middle class is increasing demand for better healthcare services and treatments, notably those for respiratory disorders.
- Healthcare infrastructure advancements: Many nations in the region are investing in strengthening their healthcare infrastructure, such as hospitals and clinics, which is projected to enhance access to respiratory illness treatments.
Overall, these factors are projected to fuel expansion in the Asia-Pacific lung disease treatment market in the approaching years.
Competitive analyses in the lungs illness therapeutics market reveal a highly fragmented industry with various small and big competitors. To enhance their market position and geographical reach, the market’s top players are focused on strategic initiatives such as mergers and acquisitions, partnerships, and collaborations.
AstraZeneca plc, Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Novartis AG, Teva Pharmaceutical Industries Ltd, and others are among the market’s main participants.
- Collaborations and alliances: The development of biologics and combination treatments for the treatment of respiratory illnesses has received increased attention. This has resulted in an increase in the number of pharmaceutical company partnerships and collaborations to combine their resources and expertise in developing these sophisticated medicines. GSK announced a partnership with Veracyte in January 2022 to develop a genetic test for individuals with asthma and other respiratory disorders, with the goal of enhancing diagnostic and treatment options.
- Product Introductions and Innovations: AstraZeneca will introduce Breztri Aerosphere, a novel inhaler for COPD patients that contains three active components to enhance lung function and minimise exacerbations, in October 2021.
- Expansion: Boehringer Ingelheim announced plans to invest $1.3 billion in respiratory illness research and development over the next five years in February 2022, with a focus on novel medicines for COPD and idiopathic pulmonary fibrosis.
- Acquisitions and mergers: Novartis finalised the acquisition of The Medicines Business, a biopharmaceutical company focusing on researching therapies for cardiovascular and respiratory disorders, in December 2021.
Overall, the market for lungs disease therapies is projected to remain fiercely competitive, with manufacturers competing on product efficacy, safety, and cost. In addition, the industry is projected to see further consolidation as larger firms seek to acquire smaller businesses in order to expand their product range and market reach.