Worldwide Chronic Obstructive Pulmonary Disease Market will grow at a CAGR of 5.73% from 2022 to 2028
According to Renub Research latest report “Chronic Obstructive Pulmonary Disease (COPD) Market, Global Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis” Global Chronic Obstructive Pulmonary Disease (COPD) Market is estimated to reach US$ 22.9 Billion by 2028. Chronic Obstructive Pulmonary Disease (COPD) is a group of progressive inflammatory lung disease that results in breathing difficulties. The market for Global Chronic Obstructive Pulmonary Disease (COPD) is expected to grow at a CAGR of 5.73% during the forecast period. The most common cause of COPD is smoking tobacco related products. The change in lifestyle of people is responsible for increasing habits like smoking and drinking. Chronic obstructive pulmonary disease (COPD) is a significant and increasing global health epidemic that has received insufficient attention from the healthcare profession, governments, and the pharmaceutical industry.
However, the factors that contribute to the growth of the COPD market are rise in demand for medications for the treatment of COPD symptoms, increase in funding for R&D and drug production by government and pharmaceutical companies, growing awareness among people across developing and underdeveloped countries. According to World Health Organisation (WHO), COPD is considered to be the third leading cause of death worldwide, and nearly 90% of COPD deaths in those under 70 years of age occur in low- and middle-income countries (LMIC). Even more importantly, COPD is an increasing cause of chronic disability and is predicted to become the fifth most common cause of chronic disability worldwide by 2023.
Chronic bronchitis category dominates the market share of the global COPD market:
The rise in the consumption of cigarettes, growth in industrialization which results in air pollution and release of harmful gases in the environment, surging prevalence of allergic reactions, and increase in the cases of asthma and chronic bronchitis globally. These are some of the key factors for the dominance of the chronic bronchitis category. Nearly 334 million people are affected by asthma globally, as per the data published by the Global Asthma Network (GAN).
Oxygen therapy market is forecasted to register a significant growth rate:
The factors, like rapid growth of geriatric population, rising prevalence of tobacco smoking, growth in respiratory disorders, growth in usage of home-based oxygen therapy, and advancement in technology, are major contributors to the growth of the oxygen therapy market in the future.
Although, the drugs segment has a higher share in the market, owing to the increasing use of drugs as the first line of treatment for COPD to make breathing easier by widening airways. According to the National Institutes of Health (NIH), close to 12 million adults have been diagnosed with COPD in the U.S. and 120,000 people die each year.
Hospital pharmacies segment has a dominating market share:
The dominance of the hospital pharmacies can be attributed to the availability of various diagnostics and treatment facilities, higher purchasing power of the individuals, increasing number of patients suffering from various chronic respiratory diseases, and rising awareness about these diseases.
Asia-Pacific region is forecasted to grow significantly during the forecast years:
The North America region has dominance in the market share. This is due to the rise in older population, rising incidence and prevalence of various chronic respiratory diseases, technological advancement, growing healthcare sectors.
Furthermore, the Asia-Pacific region is forecasted to have a significant growth. The reason of this growth can be credited to factors like, increasing focus on the development of healthcare infrastructure, rising prevalence of various chronic respiratory diseases along with lifestyle diseases, rise in industrialization, changes in the lifestyle and rise in the patient population suffering from COPD in the developing nations such as China, and India.
According to the National Centre for Biotechnology Information (NCBI), the total number of moderate to severe COPD cases in the 12 countries of the Asia-Pacific region, is 56.6 million with an overall prevalence rate of 6.3%.
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The major competitors in the Global Chronic Obstructive Pulmonary Disease (COPD) market are; AstraZeneca, Pfizer Inc., GlaxoSmithKline Plc, Norvatis AG, AstellasPharma, Abbott Laboratories, Boehringer Ingelheim International GmbH, and Almirall.
The key players are constantly involved in product innovation and development, technological advancements, and agreements, mergers, and acquisitions to procure an influence in the market share.
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- Type – the Report covers Global Chronic Obstructive Pulmonary Disease (COPD) Market, by type in 2 viewpoints (chronic bronchitis, and emphysema).
- Treatment – Global Chronic Obstructive Pulmonary Disease (COPD) Market by treatment breakup in 3 viewpoints (drugs, oxygen therapy, surgery, and others).
- Distribution Channels – By distribution channels, the Global Chronic Obstructive Pulmonary Disease (COPD) Market breakup into 3 viewpoints (hospital pharmacies, retail pharmacies, and online pharmacies).
- Region – Renub Research report covers by region in 5 viewpoints (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).
- Key Players – All the major players have been covered from 4 Viewpoints (Overview, Strategy, Merger/Acquisition, and Financial Insight) AstraZeneca, Pfizer Inc., GlaxoSmithKline Plc, Norvatis AG, AstellasPharma, Abbott Laboratories, Boehringer Ingelheim International GmbH, and Almirall.
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