DUBLIN--(BUSINESS WIRE)--The "Chronic Obstructive Pulmonary Disease (COPD) Market, Global Forecast 2023-2028, Industry Trends, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Chronic Obstructive Pulmonary Disease (COPD) Market will increase to around USD 22.91 Billion by 2028 according to the publisher. Chronic inflammatory lung disease causes breathing difficulties.
- Pfizer, Inc
- GlaxoSmithKline plc
- Novartis AG
- AstellasPharma Inc.
- Abbott Laboratories
- BoehringerIngelheim International GmbH
It is a group of progressive lung diseases. The most common diseases are emphysema and chronic bronchitis. COPD, if left untreated, can lead to worsening respiratory infection, heart problems, and the progression of various other diseases.
COPD is commonly caused due to smoking tobacco-related products. The longer and more tobacco products an individual smokes, the greater risk of having COPD.
Cigarette smoking, cigar smoke, pipe smoke, and second-hand smoke can also cause COPD. According to World Health Organization (WHO), COPD is considered the third leading cause of death worldwide, and nearly 90% of Global Chronic Obstructive Pulmonary Disease deaths in those under 70 years of age occur in low and medium income countries (LMIC).
Worldwide Chronic Obstructive Pulmonary Disease Market will grow at a CAGR of 5.73% from 2022 to 2028
The rise in the incidence of COPD is the major contributor to the market's growth. In addition, people's lifestyle change is responsible for increasing habits like smoking and drinking.
The other factors that influence the growth of the COPD market are a rise in demand for medications for the treatment of COPD symptoms, an increase in funding for R&D and drug production by government and pharmaceutical companies, growing awareness among people across developing and underdeveloped countries, are boosting the growth of the market companies.
Nevertheless, the high cost of COPD treatment and lack of knowledge about COPD is anticipated to hinder the market's growth. Also, factors like patent expiry for medical devices will restrict the development of the market.
Chronic Bronchitis will lead in Chronic Obstructive Pulmonary Disease Market
Based on type, the global COPD market is categorized into; chronic bronchitis and emphysema. The chronic bronchitis category dominates the market share of the worldwide COPD market. The reason for its dominance is the growing incidence and prevalence of chronic bronchitis worldwide, due to the rise in the consumption of cigarettes and the increase in industrialization, which results in air pollution and the release of harmful gases into the environment.
Drug remain the most important segment in Treatment Type
Based on treatment, the global COPD market is divided into; drugs, oxygen therapy, surgery, and others. The drugs segment has a higher market 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.
The oxygen therapy market is also expected to surge at a significant CAGR rate in the forecast period. The growth can be attributed to factors like the rapid growth of the geriatric population, the rising prevalence of tobacco smoking, the development of respiratory disorders, the increase in the usage of home-based oxygen therapy, and technological advancements.
Rise in Number of COPD Therapeutics Dispensed to boost the hospital Segment
The distribution channels can be segmented into; hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment has a high market share. The dominance due to the rising number of patients suffering from chronic respiratory diseases and rising awareness about these diseases. Furthermore, the availability of various diagnostics and treatment facilities and higher purchasing power has contributed to the segment's growth.
North American area dominates the COPD Industry
The report divides the region into; North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. The North American area dominates the market share. This can be attributed to increased investment in R&D activities to develop innovative drugs for treating diseases. Also, the rise in an older population, rising incidence and prevalence of chronic respiratory diseases, technological advancement, growing healthcare sectors, and massive presence of leading market players are some of the major factors that boost the COPD Market in the region.
The Asia-Pacific region is forecasted to have significant growth, owing to 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 increase in the patient population suffering from COPD in the developing nations such as China, and India. According to our research report, Worldwide Chronic Obstructive Pulmonary Disease (COPD) Market was at US$ 16.40 Billion in 2022.
For more information about this report visit www.researchandmarkets.com/r/f0ka08