The global pulmonary drugs market is highly competitive in nature with a few products dominating the overall market, states a new research report by Transparency Market Research. The leading players in the market are expected to lose their share to certain extent as patents of several drugs are going to expire in the next few years. In order to maintain its position and market share, the key players are focusing on building their drug pipelines and enhancing developing result-oriented and effective medicines in order to meet the unmet demand of the patients worldwide. Some of the key players operating in the pulmonary drugs market across the globe are Boehringer Ingelheim GmbH, GlaxoSmithKline Plc., Astra Zeneca, Teva Pharmaceutical Industries Ltd., and Merck & Co., Inc.
As per the market research study published by Transparency Market Research, in 2015, the global market for pulmonary drugs market was worth US$ 48,039.7 mn and is predicted to reach a value of US$ 28,082.1 mn by the end of 2024. The market is anticipated to register a -6.30% CAGR between 2016 and 2024.
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Increasing Awareness regarding Pulmonary Diseases to Encourage Growth in North America
On the basis of geography, the global pulmonary drugs market has been classified into the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. As per the report, in 2015, the North America market accounted for a share of 41% of the global market and is expected to remain in the leading position throughout the forecast period. North America is expected to be followed by Europe in the next few years. The development of the advanced healthcare infrastructure and the rising awareness among people regarding the availability of pulmonary diseases. On the flip side, a significant rise in the income of middle-class people and their willingness to spend on advanced healthcare is projected to accelerate the growth of the pulmonary drugs market in the coming few years.