Segmentation By Drug (Anti-Asthmatics & COPD Drugs and Idiopathic Pulmonary Fibrosis Drugs); By Formulation (Dry Powder, Tablets & Capsules, Sprays and Syrups & Solutions); By Disease (Asthma, Idiopathic Pulmonary Fibrosis and Others); By Administration (Standalone Drugs and Combination Drugs); By Drug Delivery (Nasal, Oral and Injection); By Distribution Channel (Online and Offline) – Industry Demand Analysis & Opportunity Outlook 2027
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By Drug
Based on the type of drug, the market for respiratory drugs is segmented into anti-asthmatics & COPD drugs, cough & cold preparations, pulmonary hypertension drugs and idiopathic pulmonary fibrosis drugs. Out of these, the segment for anti-asthmatics and COPD drugs is predicted to hold the leading share in the market and grow at the highest rate of 5.6% over the forecast period.
By Formulation
On the basis of formulation, the market is segmented into dry powder, tablets & capsules, sprays and syrups & solutions. The segment for dry powder is predicted to lead the market with the market accounting for around USD 7,500 million in 2019, which is predicted to significantly increase in the coming years.
By Disease
The respiratory drugs market is segmented on the basis of disease into asthma, chronic obstructive pulmonary disease, cystic fibrosis, pulmonary hypertension, allergic rhinitis, idiopathic pulmonary fibrosis and others. The segment for asthma is predicted to attain the largest market value of about USD 8,500 million by the end of 2027 and grow at the highest CAGR over the forecast period. A report by the Centers for Disease Control and Prevention (CDC) stated that 1 among every 13 people is estimated to suffer from asthma and adult women are more prone to this condition as compared to adult men. This is attributed to result in the growth of this segment.
By Administration
On the basis of administration, the market is segmented into standalone drugs and combination drugs. The segment for standalone drugs is anticipated to continue to hold the leading share in the market on account of increasing drugs in this category being developed and approved by the regulatory authorities. On the other hand, the segment for combination drugs is estimated to grow at the highest rate in the coming years as a result of improved efficacy of combination drugs as compared to standalone drugs.
By Drug Delivery
The market is segmented on the basis of drug delivery into nasal, oral and injection. Out of these, the segment for nasal drugs is predicted to hold the leading share in the market over the next few years and is estimated to further witness the highest growth rate with a CAGR of 5% during the forecast period.
By Distribution Channel
On the basis of distribution channel, the market is segmented into online and offline channels, out of which, the offline segment is further sub-segmented into hospital pharmacies and retail pharmacies. The segment for offline distribution channel is predicted to lead the market share with largest market value throughout the upcoming years. On the other hand, the segment for online distribution channel is anticipated to grow at the highest CAGR of 6.5% over the forecast period as a result of rising demand for online pharmacies as they are more convenient than offline pharmacies.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The leading market share was held by the respiratory drugs market in North America, with a share of 40% in 2019. The market in this region is further anticipated to continue holding the largest share over the forecast period. This is estimated to be closely followed by the market in Asia Pacific region along with the highest growth rate over the forecast period. This can be attributed to the rising developments and increasing innovations in the healthcare industry in the Asia Pacific region which account for the development of a higher number of respiratory drugs as compared with other regions. Moreover, the rising cases of respiratory disorders in the region are estimated to increase the demand for improved and effective medications in the region.
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).
Growth Indicators
As per the data recorded by the United Nations, the total number of people aged 65 and above in the world was calculated to be 703 million in the year 2019. Moreover, this number was estimated to increase to 1.5 billion by the end of 2050. In addition to this, the report stated that the share of population aged 65 and above accounted for 6% in 1990 and increased to 9% in 2019.
This increase in geriatric population is predicted to be responsible for the rising cases of diseases such as the respiratory disorders. This is one of the major growth factors anticipated to drive the growth of respiratory drugs market in the coming years. Some other factors responsible for the market growth include advancements in technology in the industry resulting in development of improved drugs, rising cases of lung disorders as a result of increased smoking among a large majority of the population as well as unhealthy lifestyles of the population globally.
Barriers
The strict regulatory laws that are associated with the approval of respiratory drugs are estimated to become major growth restricting factors for the respiratory drugs market. Moreover, the drug development procedure is highly time-consuming which is predicted to become another barrier for the market growth.
Some of the affluent industry leaders in the global respiratory drugs market are AstraZeneca, Fibrogen Inc., Novartis International AG, Abbott Laboratories, GlaxoSmithKline plc, F. Hoffmann-la Roche AG, Merck & Co. Inc. and Sunovion Pharmaceuticals Inc.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Rising cases of respiratory disorders, increasing geriatric population, technological advancements in the healthcare industry and increasing innovations in drug development are major growth driving factors for the market.
Ans: The market is anticipated to attain a CAGR of 6% over the forecast period, i.e. 2019-2027.
Ans: Asia Pacific will provide more business opportunities on account of rising elderly population and increasing demand for respiratory drugs in the region.
Ans: The major players in the market are AstraZeneca, Fibrogen Inc., Novartis International AG, Abbott Laboratories, GlaxoSmithKline plc, F. Hoffmann-la Roche AG, Merck & Co. Inc. and Sunovion Pharmaceuticals Inc.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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