The global lung disease therapeutics market is likely to garner a market value of USD 83,398.60 million in 2023 and is expected to accumulate a market value of USD 152,369.26 million by registering a CAGR of 6.2% in the forecast period.
Growth of the lung disease therapeutics market can be attributed to increasing air pollution and the rising prevalence of COPD. The market for lung disease therapeutics registered a CAGR of 3.9% in the historical period 2018 to 2022.
Lungs are the complex human organ that brings in oxygen and expels carbon dioxide by expanding and relaxing continuously. Lung disease is one of the most common medical conditions globally. Lung disease is very severe and is highly responsible for increasing mortality around the globe. Lung disease leads to uneasiness and complications in respiration.
Some key lung diseases are COPD, asthma, bronchopulmonary dysplasia, and pulmonary fibrosis. Basically, there are two types of treatment for lung disease viz drug treatment and oxygen therapy. Drug treatment is most preferred by physicians as well as patients owing to its instant effect. Oxygen therapy is provided to COPD patients through ventilators and concentrators for long-term care.
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The rising prevalence of COPD and asthma are the primary factors driving the market growth. The change in lifestyle of people and increase in numbers of smokers globally is likely to propel the growth of lung disease therapeutics sector. Besides, the rising geriatric population suffering from various lung diseases spur the growth of the market.
Furthermore, advancement in technology and increasing research and development leads to availability of more efficient drug therapeutics which is likely to boost the market growth.
The market is expected to show exponential growth over the forecast period. The lung disease therapeutics industry is classified on the basis of disease type, treatment type and distribution channel. By disease type, COPD segment is expected to dominate the market value of lung disease therapeutics sector.
Drug treatment is expected to be the most lucrative segment for lung disease therapeutics business by treatment type. Among all distribution channels, retail pharmacies are expected to show faster growth than other segments.
| Attributes | Details |
|---|---|
| Lung Disease Therapeutics Market CAGR (2023 to 2033) | 6.2% |
| Lung Disease Therapeutics Market Size (2023) | USD 83,398.60 million |
| Lung Disease Therapeutics Market Size (2033) | USD 152,369.26 million |
The Cost Associated with the Treatment of Lung Diseases Impede the Growth of the Market
Although the lung disease therapeutics market has numerous end-uses, there are numerous obstacles that likely pose a challenge to market growth. The high cost of drugs for the treatment of lung disease is likely to restrain the growth of this market to some extent.
Some side effects after consumption of anti-inflammatory drugs also hinder the growth of the lung disease therapeutics sector. All these factors are expected to derail the progress of the market.
| Countries | Market share (2022) |
|---|---|
| United States | 32.2% |
| Germany | 5.9% |
| Japan | 3.7% |
North America is expected to have the maximum market share of the lung disease therapeutics market due to the high number of people suffering from COPD and asthma in the United States After North America. In addition, technologically advanced healthcare facilities are contributing to the growth of the market.
Moreover, increasing awareness regarding early therapeutics for lung disease is contributing to the growth of the market. Thus, North America possessed 35.3% market share in 2022.
In addition, with the advent of new treatment therapies such as targeted drug therapy, stereotactic are aiding the growth of the market. According to the American Lung Association, COPD is the third most common cause of death in the country.
Rising healthcare infrastructure and favorable medical insurance are responsible for the high growth of the market in Western Europe. Rising pollution and climate change in the European region lead to robust market growth.
Moreover, government initiatives to spread awareness regarding regular lung check-ups is escalating the demand for lung disease therapeutics. Thus, Europe held a 28.7% market share in 2022. The region's market is being driven by an increase in the prevalence of chronic disease and Asthma is the most common issue among children.
A number of technological advancements in respiratory diagnostic testing have paved the way for the market's expansion, including the use of artificial intelligence and the Internet of things (IoT), among other things.
| Countries | Details |
|---|---|
| China | 9.2% |
| India | 7.5% |
The Asia Pacific is expected to remain at the forefront by generating the leading lung diseases therapeutics market share in the upcoming years. The presence of numerous leading companies in the region is anticipated to drive the regional market. The rising aging population prone to lung diseases across developing countries, such as India and China is likely to propel the demand for lung disease therapeutics in the Asia Pacific.
The high penetration rate of state-of-the-art devices and the presence of a well-established healthcare system across the Asia Pacific are a couple of other factors that foster the market. For instance, In August 2022- Sanofi and Innovent Biologics announced a collaboration to bring innovative medicines to patients in China with difficult-to-treat cancers.
Innovent is a leading biopharmaceutical company with strong clinical development capabilities and a broad commercial footprint in China.
Key start-up players in lung disease therapeutics are Omnispirant, Atriva Therapeutics, Altavant Sciences, Exvastat and ReAlta Life Sciences.
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Examples of some of the market participants in the lung disease therapeutics sector identified across the value chain include GlaxoSmithKline, Boehringer Ingelheim, AstraZeneca, Novartis, Sanofi, Roche, Teva Pharmaceuticals, Astellas Pharma, Asmacure Ltée, Dr. Reddy’s Laboratories Ltd.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as GlaxoSmithKline, Boehringer Ingelheim, AstraZeneca, Novartis, and Sanofi account for considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.
The global market size is to reach USD 152,369.26 million by 2033.
North America is projected to emerge as a lucrative market.
The growth potential of the global market is 6.2% in 2023.
The rising numerous obstacles is likely to limit market growth.
China is likely to secure a significant CAGR of 9.2% in 2023.
| Estimated Market Size (2024E) | USD 37.5 billion |
|---|---|
| Projected Market Value (2034F) | USD 112.8 billion |
| Value-based CAGR (2024 to 2034) | 11.7% |
| Estimated Market Size (2024E) | USD 1.4 billion |
|---|---|
| Projected Market Value (2034F) | USD 2.5 billion |
| Value-based CAGR (2024 to 2034) | 5.7% |
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Lung Disease Therapeutics Market
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