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 NEWSOctober, 2020: Astellas Pharma Inc. and Iota Biosciences, Inc. announced a merger agreement, following which, Astellas will acquire Iota’s unique bioelectronics technology.
April, 2019: AstraZeneca and BenevolentAI entered into a long-term collaboration to use artificial intelligence (AI) and machine learning for the discovery and development of new treatments for chronic kidney disease (CKD) and idiopathic pulmonary fibrosis (IPF).
The global dextromethorphan market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Dextromethorphan is a cough suppressant drug, often used by asthma patients to curb the extreme cough. The growth of the market can be attributed to the increasing cases of asthma, bronchitis, and other respiratory disorders, especially amongst the elderly population. According to the data by the World Health Organization (WHO), 262 million people were diagnosed with asthma in 2019. Chronic Obstructive Pulmonary Disease (COPD) or chronic bronchitis caused 3.23 million deaths and asthma caused 461,000 deaths globally. Factors, such as, exposure to polluted air, dust and chemical fumes, are responsible for the increasing cases of asthma across the world. Moreover, growing demand for a proper treatment for the cough amongst the patients, backed by the easier availability of advanced medications, are anticipated to boost the market growth. In addition to this, the increasing geriatric population is projected to propel the market growth. According to the data by the World Bank, 723,484,054 people were aged 64 years or above across the globe, in 2020.
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The market is segmented by application into cold, acute and chronic bronchitis, bronchial asthma, sore throat, tuberculosis, and others, out of which, the acute and chronic bronchitis segment is anticipated to hold a substantial share in the global dextromethorphan market over the forecast period. This can be accounted to the increasing prevalence of bronchitis especially amongst the population living low- and middle-income countries. As per a data sourced from WHO, 80% of the deaths caused by COPD occur in low- and middle-income countries.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global dextromethorphan market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing cases of asthma, bronchitis, and cough along with the rising geriatric population in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing cases of bronchitis and bronchial asthma in the region. According to the data by Center for Disease Control and Prevention (CDC), 46.3 individuals out of every 100,000 population die due to chronic lower respiratory diseases in the U.S. Furthermore, as per a research paper by the National Library of Medicine, it is estimated that 5% of the population reports an episode of acute bronchitis every year, accounting for more than 10 million hospital visits.
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The global dextromethorphan market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
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, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global dextromethorphan market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of severe cough and other diseases is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The major players in the market are FibroGen, Inc., Novartis AG, Abbott Laboratories, GlaxoSmithKline plc, Merck & Co., Inc., Sunovion Pharmaceuticals Inc., Aurobindo Pharma Limited, and Zydus Pharmaceuticals Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end-user, and by region.
The acute and chronic bronchitis segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
Circulation of generic drugs is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period on the back of increasing prevalence of asthma.
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