Pulmonary Drugs Market will Likely to Expand at a Steady CAGR of -6.30%from 2016 to 2024

Global Pulmonary Drugs Market: Snapshot

The global pulmonary drugs market has been the key area of focus and the most crucial market for the healthcare industry in the last couple of years. However, the market is expected to witness a significant decline over the forecast period with a -6.3% CAGR from 2016 to 2024. The market is anticipated to fall to US$28,082.1 mn from a valuation of US$48,039.7 mn in 2015. Keeping aside the tremendous fall of the global pulmonary drugs market, it has been expected that the market will find growth prospects from the growing number of respiratory diseases and the fact that they are becoming the leading cause of deaths across the globe at present, especially among the aged population.

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According to the Forum of International Respiratory Societies (FIRS), chronic obstructive pulmonary disease affects over 200 million people across the globe and is also one of the leading causes of death globally. On the other, over 235 million people across the globe suffer from asthma. Owing to these alarming statistics, the consumption of pulmonary drugs is likely to gain momentum, thus providing growth opportunities to the market in spite of the negative CAGR. Pulmonary drugs are also being employed for the treatment of conditions such as cystic fibrosis, respiration-related disorders, pulmonary arterial hypertension (PAH), and allergic rhinitis. The launch of many effective and innovative drugs in the global market for pulmonary drugs is also anticipated to have a positive impact on the growth of the market in the coming years.

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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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