The pulmonary drugs market is expected to witness unprecedented growth in the near future, thanks to large number of approvals from the FDA.
The pulmonary drugs market is expected to witness unprecedented growth in the near future, thanks to large number of approvals from the FDA. The FDA approved a large number of pulmonary drugs for major illnesses like small-cell lung cancer, tuberculosis, and pneumonia over the past few years. Additionally, newly approved drugs also treat newly found diseases like obstructive sleep apnea. These approvals are in line with the recent trend of FDA to streamline approvals for faster support to the pharmaceutical industry. Hence, the large number of approvals, growing areas for commercialization, and advanced approval process support are expected to drive significant growth for the pulmonary drugs market in the near future.
Medical Professionals to Prefer Combination Drugs among All Others
Based on drug classes, the global market for pulmonary drugs is classified into combination drugs, anticholinergics, short acting beta2-agonists, vasodilators, antihistamines, long-acting beta2-agonists, and inhaled corticosteroids, and others such as antileukotrienes, antibiotics, enzymes, and monoclonal antibodies. Among these, the segment of combination drugs held the leading share of 27.4% in 2015 closely followed by inhaled corticosteroids with a share of 16.7% in the same year in the global pulmonary drugs market. The sales of combination drugs is likely to remain high throughout the forecast period as they are considered to be comparatively safer than the other drugs. Moreover, the advent of triple combination drugs is further projected to propel the growth of the global pulmonary drugs market over the course of the forecast period.
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Commercialisation Remains Key Challenge in Pulmonary Drugs Market
While the newly approved drugs promise to take the pulmonary drugs market to new heights, the commercialisation of some of the newer drugs remains a challenge. For example, the FDA recently approved Pretomanid, a drug developed by the TB Alliance. This drug is expected to reach several individuals who are TB-drug resistant and form a very small population. Earlier, the mainstream drugs were limited in their reach and either resulted in side-reaction or in non-responsiveness. The newly formed drug is likely to meet several challenges faced by patients. However, thanks to a growing investment in generic drugs by major players in the pharmaceutical industry, rising demand for generic drugs in the emerging world, and long-established distribution channels. These trends are expected to result in growth for the pulmonary drugs market in the near future.
Rising Cases of COPD to Boost Growth in the Pulmonary Drugs Market
COPD or chronic obstructive pulmonary disease is a leading cause of breathing difficulties among 16 million Americans. Moreover, rising environmental and lifestyle factors are expected to lead to a significant rise in this number in the near future. Additionally, the FDA approved a drug for chronic obstructive pulmonary disease for the long term maintenance of the disease recently. This is expected to create several new opportunities in the pulmonary drugs market in the near future and boost growth in the near future.
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Advent of Middle-income Classes to Catapult Demand in Asia Pacific
Based on geography, the global market for pulmonary drugs has been classified into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. In 2015, North America led the global pulmonary drugs market with a share of 41% with Europe closely following with a share of 32.4% in the same year. The growing use of pulmonary drugs in these regions can be attributed to the advanced healthcare infrastructure coupled with high awareness regarding treatment of pulmonary diseases. However, the rise of middle-income classes and their growing expenditure on healthcare is expected to lift Asia Pacific as a prominent region in the global market.
Some of the leading players in the market are Actelion Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., Bayer AG, Novartis AG, AstraZeneca plc, and Sunovion Pharmaceuticals Inc.
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