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COVID-19 Creating Growth Opportunities for Respiratory Drugs Market; Market to Cross USD 25,500 million by the End of 2027 Due to Soaring Burden of Chronic Respiratory Diseases Worldwide
Research Nester added a detailed report on 'Global Respiratory Drugs Market' in its repository of market intelligence reports that include different market segments and their comprehensive evaluation. The report also covers detailed analysis covering growth drivers, challenges and opportunities along with pointers adopted by major players to stay ahead of their competitors.
In a fact sheet provided by the World Health Organization (W.H.O.), among the 10 leading causes for mortality amounting 55% of the 55.4 million deaths globally in 2019, the chronic obstructive pulmonary disease (COPD) ranked as the 3 leading cause of death. Be it infectious or chronic, the respiratory disorders are among the leading causes of death and disability around the world. Some of the lung problems include asthma, COPD, cystic fibrosis, pneumonia, lung cancer, acute respiratory distress syndrome (ARDS), chronic and acute bronchitis, and lung cancer among other lung diseases. Sedentary lifestyle, diet, allergens, indoor and outdoor air pollutants and tobacco smoke are some of the major risk factors pertaining to the chronic respiratory diseases. For instance, in other statistics by W.H.O., tobacco is responsible for 8 million deaths on an annual basis, out of which, more than 7 million are caused by direct tobacco usage, whereas, about 1.2 million deaths are caused by second-hand smoke. On the back of these factors, the global respiratory drugs market is anticipated to witness significant growth and is estimated to expand at around 6% over the forecast period, i.e., 2019-2027. The market is projected to cross market value of USD 25,500 million by the end of 2027.
"The Final Report will cover the impact analysis of COVID-19 on this industry."
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Globally, the respiratory drugs market is segmented on the basis of regions into North America, Europe, Latin America, Asia Pacific and Middle East and Africa. With 40% of the market share in 2019, the respiratory drugs market in North America held the highest stance in the overall market and is estimated to hold this position throughout the forecast period. This growth is closely followed by the market in Asia Pacific, that is estimated to touch USD 9000 Million by the end of 2027. Tobacco smoking (including both active and passive) and other indoor and outdoor air pollutants are among the major risk factors for chronic respiratory diseases. In 2018, China was the leading producer of tobacco (around 2 million metric tons), whereas, India ranked as the 3 largest tobacco producing country around the world. According to W.H.O., tobacco accounts for 9.5% of all deaths (estimated 1 million) every year in India. These are some of the factors that are driving the growth of the market in this region.
However, there is high risk of failure and the time required to develop new medicine comprising discovery, trials, approvals for registration, and consumption is usually high. Moreover, stringent regulatory laws and requirement of high investment for research and development activities pertaining to respiratory drugs is estimated to act as barriers to the growth of the global respiratory drugs market.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Based on drugs, the respiratory drugs market is segmented into anti-asthmatics & COPD drugs, idiopathic pulmonary fibrosis drugs and others. Among these segments, the anti-asthmatics and COPD drugs segment is estimated to attain highest market value throughout the forecast period. Presently, there is no cure for asthma or COPD, however, these diseases can be treated where symptoms can be controlled with improved quality life. Chronic respiratory diseases are responsible for around 8% of all deaths in the United States. According to the analysis between the years 2013-2017, provided by Centers for Disease Control and Prevention (CDC), around 2.4 million among 106 million workers (non-smokers, mostly that are exposed to various kinds of lung irritants) were diagnosed with COPD, where higher prevalence was reported among workers aged greater-than or equal to65 years. However, cigarette smoking is the leading cause of COPD and accounts for more than 4,80,000 deaths in the United States on an annual basis. Similarly, among adults aged 18 or above, around 19,223 (in thousands) had asthma in the United States as per the Summary Health Statistics: National Health Interview Survey, 2018. The highest number of cases were registered among people aged between 18-44 years, followed by people aged 45-64 years.
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The global respiratory drugs market is also segmented on the basis of formulation, disease, administration, drug delivery, and distribution channel.
Global Respiratory Drugs Market, Segmentation By Formulation
-- Dry Powder
-- Tablets & Capsules
-- Syrups & Solutions
Global Respiratory Drugs Market, Segmentation By Disease
-- Idiopathic Pulmonary Fibrosis
Global Respiratory Drugs Market, Segmentation By Administration
-- Standalone Drugs
-- Combination Drugs
Global Respiratory Drugs Market, Segmentation By Drug Delivery
Global Respiratory Drugs Market, Segmentation By Distribution Channel
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Some of the prominent industry leaders mentioned in our report that are associated with the global respiratory drugs market are AstraZeneca, FibroGen Inc., Novartis AG, Abbott, GlaxoSmithKline plc, Pfizer Inc., F. Hoffmann-La Roche, Boehringer Ingelheim International GmbH, Merck & Co. Inc. and Sunovion Pharmaceuticals Inc.
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