Respiratory drugs and devices are used to treat respiratory diseases. Major respiratory diseases are asthma, COPD, Bronchitis, and cystic fibrosis. The respiratory drug and device market is anticipated to grow at a CAGR of 7% during the forecast period. As compared to respiratory medical devices, the market of drug is far larger which is driving the overall market.
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North America is leading the drug market globally. It is due to significant market of patented and branded generic drugs in the region. Around 67%-69% of total market is of respiratory drugs in 2018. Companies such as Astrazeneca, Chiesi Farmaceutici, Merck, Novartis, Roche, Teva, are significantly contributing to the drug market. These companies have more than 50% of the total drug market globally.
Factors that are augmenting the market include predominance of chronic respiratory diseases such as asthma, COPD and so on, overgrowing geriatric population, changing lifestyle activities among people and innovations and development of new products. Asthma is one of the major non-communicable diseases globally affect almost each major economy. As per WHO, about 235 million people have asthma related diseases globally. It is most common communicable disease in children however maximum mortalities are observed in elderly population. It is highly prevalent in high-income countries however developing economies share a large part of mortalities.
Another major factor that is expanding respiratory drug and device market size is overgrowing geriatric population in the major economies of the globe. People of this age group are more prone to respiratory diseases such as Asthma and COPD. As per World Bank, in 2010, geriatric population were 7.6% in 2010 which was equal to 524 million and it has been increased to 8.4% in 2016. It is forecast that it will reach 1.5 billion in 2050 with a share of 16% of total population. More notable point is that, developed and technological advance economies have higher percentage of geriatric population as compare to developing economies & global average.
Moreover, as per Centre for Diseases Control and Prevention, about 11.5 million asthma attacks were observed in 2015 including 3 million in children in the US. As per Asthma UK, about 5.4 million people are suffering from asthma in the UK in 2016. Out of 5.4 million people, asthma is prevalent in 4.3 million adults and 1.1 million in children. As per WHO, India is estimated to have about 15-20 million asthma patients in 2017. It is also on high rise in China, as per Asia Asthma Development Board, there were about 36.7 patients of asthma per 100,000 people. There are more than 30 million people living with Asthma in the China. These facts and figures address the demand for respiratory drugs and devices; thereby, expanding the global market size.
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Current Market Trends Covered in the Global Respiratory Drugs and Devices Market Report
• Based on the type, the respiratory drugs are estimated to hold a dominating market share during the forecast period.
• North America is estimated to dominate the global respiratory drugs and devices industry during the forecast period.
Global Respiratory Drugs and Devices Market Segmentation
Global Respiratory Drugs and Devices Market – Segment by Region
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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