Chronic Respiratory Diseases Treatment Market
Number of pages: 100 | Report Format: PDF | Published date: May 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 167.73 billion |
|
Revenue Forecast in 2031 |
US$ 705.20 billion |
|
CAGR |
17.30% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Indication, Drug Class, Distribution Channel, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global chronic respiratory diseases treatment market was valued at US$ 167.73 billion in 2022 and is expected to register a revenue CAGR of 17.30% to reach US$ 705.20 billion by 2031.
Chronic Respiratory Diseases Treatment Market Fundamentals
Chronic respiratory diseases (CRDs) impact the respiratory system, which includes the airways, lungs, and related tissues. These illnesses affect millions of individuals globally and place a high cost on global health. CRDs significantly stress healthcare systems, requiring more funding for management, diagnosis, and treatment. These illnesses come with high costs for drugs, hospital stays, and long-term care. People with CRDs frequently have considerable limits in everyday activities, diminished physical stamina, and a worse quality of life. Coughing, shortness of breath, and other symptoms can negatively influence a person's ability to perform and general health. Additionally, a sizable portion of fatalities worldwide are caused by chronic respiratory illnesses. Asthma-related fatalities are a major issue, especially in low-income countries with inadequate access to healthcare, as COPD is specifically linked to a high mortality rate.
The research study on the chronic respiratory diseases treatment market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth chronic respiratory diseases treatment market forecast to the industry stakeholders.
Chronic Respiratory Diseases Treatment Market Dynamics
The market continues to grow since asthma and COPD are becoming more prevalent. A significant global health issue, chronic obstructive pulmonary disease (COPD) affects a vast population. The demand for COPD care is also growing as the disease burden grows. COPD might be brought on by tobacco use. Adult smoking addiction has become more prevalent all over the world. Workplace pollution and indoor air pollution are additional risk factors. The World Health Organization (WHO) claims that exposure to cigarette smoke is the main cause of COPD. The organization estimates that 3.23 million deaths will be caused by chronic obstructive pulmonary disease (COPD), making it the third greatest cause of mortality worldwide. Nearly 90% of COPD-related fatalities in people under the age of 70 occur in low- and middle-income countries (LMIC).
Additionally, in November 2021, the chronic obstructive pulmonary disease (COPD) community will come together to promote a better understanding of chronic obstructive pulmonary disease (COPD), a progressive lung disease that affects millions of people in the U.S., according to data published by the National Heart, Lung, and Blood Institute. Raising awareness of chronic obstructive pulmonary disease (COPD) and its symptoms is critical since early detection and treatment of the condition can enhance the quality of life.
Chronic Respiratory Diseases Treatment Market Ecosystem
Chronic Respiratory Diseases Treatment Market, by Indication
Chronic Respiratory Diseases Treatment Market, by Drug Class
Chronic Respiratory Diseases Treatment Market, by Distribution Channel
Chronic Respiratory Diseases Treatment Market by Indication
The chronic obstructive pulmonary diseases segment accounted for significant growth during the forecast period. The growth of the chronic obstructive pulmonary disease treatment segment is anticipated to be fueled by leading market players engaging in more research and development to raise consumer awareness and launch new products. A phase IIb clinical research evaluating nebulized ensifentrine (RPL554) in conjunction with a long-acting bronchodilator to treat moderate to severe chronic obstructive pulmonary disease, for instance, was started by the pharmaceutical company Verona Pharma in May 2019. Additionally, the pharmaceutical manufacturer Novartis AG introduced Ultibro Breezhaler and Seebri Breezhaler in China in March 2019 to treat chronic obstructive pulmonary disease (COPD). Further, pharmaceutical manufacturer Verona Pharma reported in June 2022 that patient enrollment for their randomized ENHANCE-1 study had been completed with more than 800 participants. Ensifentrine's efficacy as a maintenance therapy for chronic obstructive pulmonary disease will be examined in the trial. With top-line results anticipated by the end of 2022 and further data from ENHANCE-2 due in the third quarter of 2022, it is a crucial milestone for the phase III ENHANCE study.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as indication, drug class, distribution channel, and region etc. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential chronic respiratory diseases treatment market growth opportunities.
Chronic Respiratory Diseases Treatment Market by Region
The largest market share, with a revenue CAGR of almost 37%, was in North America. The prevalence of respiratory disorders, sophisticated healthcare systems, top pharmaceutical corporations, and a supportive regulatory framework all contribute to the region's progress. With an estimated 16 million adult patients, COPD is one of the main causes of mortality and disability in the US. The high incidence of the disease is driving the region's need for COPD therapy. A strong healthcare system supporting diagnosing, treating, and managing respiratory disorders is also present in North America. A broad network of hospitals, clinics, and pharmacies in the area make treatments accessible, which helps the industry expand.
Based on the regions, the global chronic respiratory diseases treatment market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding chronic respiratory diseases treatment market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Chronic Respiratory Diseases Treatment Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the chronic respiratory diseases treatment industry trends.
Chronic Respiratory Diseases Treatment Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Long-term disorders known as chronic respiratory diseases (CRDs) impact the respiratory system, including the airways, lungs, and related tissues. These illnesses affect millions of individuals globally and place a heavy cost on global health.
The total chronic respiratory diseases treatment market size worldwide in 2022 will be US$ 167.73 billion.
North America region will have the largest chronic respiratory diseases treatment market size during the forecast period from 2023 to 2031.
The revenue CAGR in the global chronic respiratory diseases treatment market is expected to be 17.30%.
The resultant market size of the chronic respiratory diseases treatment market in 2031 will be US$ 705.20 billion.
The high cost of treatment is the key challenge hampering the growth of the global market.
The rising prevalence of chronic respiratory diseases and lifestyle changes such as increased smoking rates and decreased physical activity levels are the prime factors driving the market growth.
Some of the key market players in the global market include AstraZeneca plc, Hoffmann-La Roche Ltd, and Merck & Co., Inc.
The COPD segment has the highest global chronic respiratory diseases treatment market share.
*Insights on financial performance are subject to the availability of information in the public domain