In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSChronic respiratory diseases are diseases of the upper respiratory tract (nose and nasal passages, paranasal sinuses, the pharynx, and the portion of the larynx above the vocal folds), lower respiratory tract (portion of the larynx below the vocal folds, trachea, bronchi and bronchioles) and the other structures of the lung. Asthma and chronic obstructive pulmonary disease (COPD) are two of the most common chronic respiratory diseases. Symptoms of such diseases include breathlessness, chronic cough, wheezing and others. The treatment for each disease vary and the ideal solution for the same is to reduce and avoid direct contact with the risk factors such as air pollution, tobacco, smoking and others.
The chronic respiratory diseases treatment market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The primary factor for the growth of the market can be attributed to the increasing cases of respiratory disease worldwide. According to NCD alliance, 235 million people suffer from asthma worldwide. To cope with the large pool of patients companies are continuously working on innovating drugs to prevent or cure these diseases.
The chronic respiratory diseases treatment market is further segmented by disease type, drug class, route of administration, distribution channel and region. Disease type segment is further segmented into asthma, COPD, allergic rhinitis, pulmonary arterial hypertension, cystic fibrosis, and Others. The increasing pool of patients of Asthma coupled with its high prevalence is expected to drive the market. Moreover, the popularity of inhalational type of drugs is rising on the back of its fast action and quick relief comparing to the conventional dosage forms. Thereby, the growth in these segments is expected to drive the chronic respiratory diseases market as well.
The high prevalence of diseases such as Asthma and COPD has increased the demand for drugs in hospitals and diagnostic centres. Moreover, with the increasing popularity of online pharmacies the supply chain in the field of drug delivery is expected to improve tremendously. On the back of these factors the global chronic respiratory diseases market is expected to grow notably over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Since the starting of 2020, we have witnessed an exponential growth in the number of cases of COVID-19 worldwide. In majority of the cases, patients show symptoms similar to that of respiratory diseases. Thereby, it has increased the demand for respiratory drugs. Increased demand coupled with the necessity of developing a vaccine with drive the chronic respiratory disease treatment market in upcoming few years.
Most of the developing countries where rapid industrialization is happening, are witnessing an increase in the level of air pollution which is one of the primary risk factor for chronic respiratory diseases such as COPD and asthma. As per the Global Asthma report, 2018, more than 1 billion people are affected by pulmonary diseases. High level of pollution contributes to the increasing number of respiratory disease patients which can further lead to growth of chronic respiratory diseases market.
Most of the developing nations do not have good healthcare facilities and they lack in infrastructure and COVID-19 has clearly exposed this limitation. Treatment of any disease starts only when the disease is diagnosed but the lack of testing infrastructure makes it extremely difficult to diagnose diseases among countries with high population. This limitation may hamper the market growth for respiratory diseases.
Most of the respiratory disease drugs have side effects and hence people hesitate in using these drugs. So there is a challenge in-front of drug manufacturing companies to innovate and prepare drug which have either no side effects or they have only a few non-severe side effects.
Our in-depth analysis of the global chronic respiratory disease treatment market includes the following segments:
On the basis of regional analysis, the global chronic respiratory disease treatmentmarket is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Currently, North America region holds the maximum market share on the back of increased awareness among the people about the respiratory diseases and the supporting government policies. The chronic respiratory diseases market is anticipated to grow significantly in Asia Pacific region during the forecast period owing to the increasing pool of the patients suffering from the disease and the rise in the air pollutants in the atmosphere.
The chronic respiratory disease treatment market is further classified on the basis of region as follows:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
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