Request FREE sample PDF
Pharmacy benefit management market
Report Overview
-
Request a Free Sample to learn more about this report
The global respiratory tract infection therapeutic market size was USD 33534.13 million in 2021. As per our research, the market is expected to reach USD 53207.21 million by 2027, exhibiting a CAGR of 8.0% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the respiratory tract infection therapeutic market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Respiratory diseases such as bronchitis, asthma, allergic rhinitis, pneumonia and sinusitis can seriously impair a person's physical functioning. Symptoms associated with both mild and severe diseases of these respiratory tracts include cough, wheezing, chest pain, difficulty breathing, and shortness of breath, congestion and, in severe cases, even death. These conditions cause significant morbidity and high costs to society. Therapeutic ventilators play a key role in the treatment of respiratory diseases by providing much-needed relief and improving patients' quality of life.
These devices include a variety of tools, including inhalers, nebulizers, positive pressure machines, and oxygen concentrators. In addition, the advent of medically advanced ventilators has revolutionized the treatment of respiratory diseases to improve respiratory function and overall well-being. Infections that affect the respiratory tract (below the level of the larynx), such as the trachea and alveoli, are called lower respiratory infections (LRTIs). LRTI can be classified in several different ways. Although pneumonia is an example of a serious infection that damages the alveoli, serious infections affecting the respiratory tract include acute bronchitis, bronchiolitis and the common cold.
The prevalence of respiratory diseases among people has increased the demand for advanced respiratory diagnostic procedures in the market. The wrong lifestyles followed by people around the world, including tobacco and smoking, have greatly weakened people's respiratory health. Demand for advanced healthcare services in urban areas has also significantly increased the market size. However, many people suffer from respiratory diseases and remain undiagnosed due to the lack of advanced health services. Therefore, major market players are investing in the development of new technologies that provide faster results after a diagnostic test.
COVID-19 Impact: Rapid recovery and adaptation from small disruptions in supply chain and drug development to drive market growth
The COVID-19 pandemic has reduced the growth of this market in 2020 in several ways. The pandemic directly affected production and demand, disrupting the supply chain and logistics of pharmaceutical products. The number of successful clinical trials and R&D activity in therapeutic areas such as diabetes, hypertension and others declined as the field shifted its focus to prioritize infectious diseases, respiratory diseases and vaccines. The COVID-19 pandemic has proven beneficial to the demand for therapeutic ventilators. The increasing spread of infections through respiratory droplets and the increasing impact on the respiratory system has led to the proliferation of respiratory medical devices. In addition, improvements and new product launches to meet growing demand have boosted market expansion. For example, the US Food and Drug Administration has approved the emergency use of Vesper, a device created by Prisma Health that can support up to four patients on ventilators.
Latest Trends
"Rising demand for the diagnosis of respiratory diseases leading market extension"
As the elderly population has grown worldwide, the demand for the diagnosis of respiratory diseases will increase in the coming years. In addition, continuous research and development in this field has resulted in various diagnostic tests and procedures that will positively affect the growth of the market in the coming years. Therefore, innovative diagnostic methods offer good opportunities for market development during the forecast period. R&D's increasing investments in various technical breakthroughs in therapeutic breathing devices are accelerating the development of the market. With advanced respiratory devices, patients can use practical and user-friendly devices to treat various respiratory diseases. In addition, demand for portable and compact therapeutic ventilators is increasing because they are fast, inexpensive, and can be used outdoors without medical supervision.
Segmentation
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into Antibiotics, Non-Steroidal Anti-Inflammatory Drug (NSAIDS), Cough Suppressant, Nasal Decongestant. Antibiotics are anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. Hospital Pharmacies will be the dominating segment.
Driving Factors
"Increasing prevalence of chronic respiratory diseases is driving the growth of the market "
Chronic respiratory diseases such as asthma, chronic pulmonary fibrosis, pulmonary hypertension and occupational lung diseases drive the respiratory infections market. For example, asthma and chronic obstructive pulmonary disease are common chronic obstructive pulmonary diseases characterized by variable airflow limitation and airway hyperresponsiveness. These are some factors driving the respiratory tract infection therapeutic market growth. The increase in respiratory diseases, technological advances in drug development and the easy availability of generic drugs will push the expansion of the treatment field of upper respiratory tract infections in the coming years. In addition to vaccination, influenza can also be prevented by antiviral chemoprophylaxis, which is also considered an adjunct to vaccination in certain cases. It is also used when vaccines are not available or vaccination cannot be given.
"Growth of the elderly population is driving the growth of the market "
In the forecast period 2023-2030, the growing elderly population should contribute to the rise of the market. The WHO predicts that by 2050 there will be about 2 billion geriatric people worldwide, up from about 524 million in 2010. Geriatrics suffers from lower respiratory tract infections more often due to weakened immune systems, which is projected to stimulate respiratory tract infection therapeutic market growth.
Restraining Factors
"High costs and Side effects related to the treatment of infections may restrict the market growth"
Overprescribing antibiotics is associated with a higher risk of side effects, frequent follow-up visits and the increasing treatment of self-healing diseases. Antibiotic over prescription is a major problem in primary care because viruses often cause infections. Almost majority of all antibiotic prescriptions given by doctors are for respiratory infections. Health care costs are high, and in many parts of the world, the diagnosis of respiratory diseases is expensive. All these factors will make it difficult for the market to grow in the coming years. Since a large population of the world is underdiagnosed and undertreated, these two factors pose major challenges to the development of the market during the forecast period. In addition, the medical infrastructure of middle and low-income countries is not suitable for market growth. The spread of this technology in developing countries is less. In recent years, many technologies have emerged that challenge the growth of the market. Lack of skilled professionals is another challenge to market growth.
Regional Insights
-
Request a Free Sample to learn more about this report
"North America will make a lucrative contribution to the total market revenue during the forecasted period "
The expansion of the upper respiratory tract treatment industry in North America during the forecast period is attributed to the increase in the incidence of upper respiratory tract infections in the U.S. In addition, upper respiratory tract infections and reproduction are the reason for the increase in the doctor's home visits. The demand for over-the-counter drugs used to treat these infections will lead to the expansion of the upper respiratory tract treatment market in North America in the coming years. North America hold the largest respiratory tract infection therapeutic market share due to the region's growing elderly population, immunocompromised elderly and young adults with multidrug-resistant bacterial infections. The presence of major key players and rising healthcare costs further contribute to the rapid expansion of the market in this region.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Abbott Laboratories, AstraZeneca (U.S.)
- Abbvie Inc. (U.S.)
- Cipla Pharmaceutical Company (India)
- Novartis AG (Switzerland)
- Sanofi (France)
- GlaxoSmithKline plc (U.K.)
- F. Hoffman La Roche Ltd (Switzerland)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Merck & Co. (U.S.)
- Boehringer Ingelheim GmbH (Germany)
- Pfizer Inc. (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 33534.13 Million in 2020 |
Market Size Value By |
US$ 53207.21 Million by 2027 |
Growth Rate |
CAGR of 8% from 2020 to 2027 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the respiratory tract infection therapeutic market expected to touch by 2027?
Based on our research the respiratory tract infection therapeutic market is expected to reach USD 53207.21 million in 2027.
-
What CAGR is the respiratory tract infection therapeutic market expected to exhibit by 2027?
The respiratory tract infection therapeutic market is expected to exhibit a CAGR of 8.0% by 2027.
-
Which are the driving factors of the respiratory tract infection therapeutic market?
Increasing prevalence of chronic respiratory diseases and growth of the elderly population are two main driving factors of the Respiratory Tract Infection Therapeutic market.
-
Which are the top companies operating in the respiratory tract infection therapeutic market?
The top key players in the Respiratory Tract Infection Therapeutic market are Abbott Laboratories, AstraZeneca, Abbvie Inc., Cipla Pharmaceutical Company, Novartis AG, Sanofi, GlaxoSmithKline plc, F. Hoffman La Roche Ltd, Teva Pharmaceutical Industries Ltd., Merck & Co., Plc, Boehringer Ingelheim GmbH, Pfizer Inc.