Bronchiectasis Drugs Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Bronchiectasis
Bronchiectasis is a chronic lung disease characterized by abnormal permanent enlargement of the bronchi. Chronic infection and inflammation damages and stretches the tubes (bronchi) that carry air in and out of the lungs, leading to the formation of pockets (ectasis). The key drugs used to treat bronchiectasis include antibiotics, bronchodilators, expectorants, and mucolytics. Bronchodilators such as albuterol help open the airways and make breathing easier. Expectorants loosen mucus in the airways to help cough it up while mucolytics thin the mucus and make it easier to cough up.
The bronchiectasis drugs market is estimated to be valued at US$ 303.8 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of bronchiectasis is expected to drive the bronchiectasis drugs market growth over the forecast period. According to the European Respiratory Society (ERS), the estimated prevalence of bronchiectasis in adults in North America ranges from 498 to 1,032 cases per 100,000 population. Additionally, growing research funding by pharmaceutical companies and government organizations for developing novel drugs for bronchiectasis is also expected to propel the market growth. For instance, in 2022, the U.S. Cystic Fibrosis Foundation awarded €1.5 million to study the genetic causes and new treatments for bronchiectasis. Moreover, increasing awareness regarding bronchiectasis diagnosis and management is further expected to fuel the market growth during the forecast period.
SWOT Analysis
Strength: The bronchiectasis drugs market has strong growth potential owing to the rising prevalence of bronchiectasis. Several pharmaceutical companies are investing heavily in R&D to develop novel and effective treatment options. The increasing awareness about the disease and availability of various treatment alternatives provide ample opportunities for market growth.
Weakness: High costs associated with drug development and clinical trials pose major challenges for market players. Lack of complete treatment and cure for bronchiectasis limit the market growth.
Opportunity: Growing geriatric population susceptible to chronic respiratory disorders create new opportunities. Furthermore, improving healthcare infrastructure and investment in emerging nations will boost the bronchiectasis drugs market.
Threats: Patent expiries of blockbuster drugs and availability of generic alternatives can impact the market revenues of major players. Stringent regulatory framework for drug approval also threatens market growth.
Key Takeaways:
The Global Bronchiectasis Drugs Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of chronic respiratory diseases. According to recent estimates, around 106 million people suffer from chronic obstructive pulmonary disease (COPD) globally. Rising pollution levels and changes in lifestyle have significantly contributed to the COPD burden.
Regional analysis shows that North America dominates the bronchiectasis drugs market and is estimated to continue its dominance over the forecast period. This is attributed to growing aging population, rising healthcare expenditure, availability of advanced treatment facilities and presence of major players in the region. However, Asia Pacific is anticipated to exhibit fastest growth owing to improving healthcare infrastructure, rapid economic development and increasing patient awareness about respiratory illnesses.
Key players operating in the bronchiectasis drugs market are GlaxoSmithKline plc, Novartis AG, Pfizer Inc., AstraZeneca plc, Boehringer Ingelheim International GmbH, Roche Holding AG, Teva Pharmaceutical Industries Ltd., Bayer AG, Sanofi S.A., Sunovion Pharmaceuticals Inc., Mylan N.V., Cipla Ltd., Grifols S.A., Insmed Incorporated, Arbor Pharmaceuticals LLC. Major companies are focusing on new product launches, collaborations and acquisitions to strengthen their market position.
For More Insights, Read- https://www.trendingwebwire.com/bronchiectasis-drugs-market-analysis-growth-forecast-outlook-2023-2030/
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