The obstructive laryngitis treatment market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing number of cases of viral infections, growing prevalence of allergies in people and rising pollution in the world. Furthermore, escalating exposure to smoking and tobacco products is also expected to boost market growth in the upcoming years. According to the Our World in Data organization, in 2017, air pollution contributed to 9% deaths. 147.42 million diseases were caused by indoor and outdoor pollution that year. In addition to these, as more and more people are prone to leading a lifestyle that is detrimental to their health owing to changing lifestyle preferences, the incidences of weakened immunity among people are also increasing. This is another factor projected to offer lucrative opportunities to the market in the near future.
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The market is segmented by medication into glucocorticoid, dexamethasone and epinephrine, out of which, the glucocorticoid segment is anticipated to hold the largest share in the obstructive laryngitis treatment market on account of the effectiveness of these steroids in fighting inflammation, enhancing metabolism, creating immune response and constriction of blood vessels. Along with these, as the intake of glucocorticoid provides significant relief within almost 2 hours of administration, the growth of this market segment is assessed to propel over the forecast period. Additionally, on the basis of drug distribution channel, the segment for hospital pharmacy is expected to occupy the largest market share, which can be credited to the ease of devising individualized medication plans and ability to consult other health professionals in the healthcare facility itself.
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 obstructive laryngitis treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is estimated to gather the largest share and witness noteworthy growth over the forecast period on the back of growing prevalence of obstructive laryngitis, high budgets allocated for healthcare and well-established medical facilities in the region. On an average, obstructive laryngitis accounts for almost 8% hospitalizations in children below the age of 5 years in the United States. Apart from these, strong presence of market players in the United States is also predicted to drive market growth in the region. Moreover, the market in Europe is also anticipated to occupy a large amount of market share in terms of revenue, owing to the increasing number of research and development activities in the medical sector and rising investments of market players for drug development in the region.
The obstructive laryngitis treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the obstructive laryngitis treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are growing occurrence of viral infections and increasing pollution across the world.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Lack of trained professionals in emerging economies is estimated to hamper the market growth.
North America will provide more business opportunities to the market on the back of growing prevalence of obstructive laryngitis and high healthcare expenditure.
The major players in the market are GlaxoSmithKline plc, Reckitt Benckiser Group plc, Sun Pharmaceutical Industries Ltd, Bayer AG, and others.
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 medication, drug distribution channel, and by region.
The glucocorticoid segment is anticipated to hold largest market size and is estimated to grow at a significant CAGR over the forecast period and display growth opportunities.
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