Pulmonary Drugs Market Is Expected To Be Worth US$ 28,082.1 Million By The End Of 2024 As Compared To US$ 48,039.7 Million In 2015, As The Market Will Decline At A CAGR Of 6.3% During The Forecast Period Of 2016 And 2024
ALBANY, New York, November 11, 2016 /PRNewswire/ -- The intensity of competition in the global Pulmonary Drugs Market is exceptionally high with the presence of few dominant players. However, Transparency Market Research observes that the leading players are expected to lose their share in the overall market as patents for several drugs are poised to expire in the coming years. The top five players in the market are GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, Astra Zeneca, Teva Pharmaceutical Industries Ltd., and Merck & Co., Inc. "The companies will focus on building their pipelines and developing effective and result-oriented medicines to meet the unmet demands of the patients across the globe," states the lead author of the research report. Download PDF Brochure of ResearchReport -http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=16751Asia Pacific to Lead Global Market due to Phenomenal Unmet Medical Needs According to the research report, the global pulmonary drugs market is expected to be worth US$ 28,082.1 mn by the end of 2024 as compared to US$ 48,039.7 mn in 2015. Analysts calculate that the global market will plummet at a CAGR of -6.3% during the forecast period of 2016 and 2024. The market will thrive as the demand for combination drugs is anticipated to remain on the rise during the forecast period. The report estimates that the combination drugs segment will reach a valuation of US$5,217.5 mn by the end of 2024. On the other hand, in terms of geography, Asia Pacific will emerge as the leading region in the global market due to a huge pool of unmet medical demands. By the end of 2024, the Asia Pacific pulmonary drugs market is estimated to account for a share of 23.1% in the global market. High Prevalence of Respiratory Disorders due to Smoking Improves Uptake of Pulmonary Drugs Despite the projected decline, the demand for pulmonary drugs will continue to build as the population is reeling under the high prevalence of chronic respiratory disorders. The Forum of International Respiratory Societies (FIRS) states that the about 200 million meet their fatal end due to chronic obstructive pulmonary disease (COPD) and about 235 million due to asthma. These statistics have been the primary growth drivers for the overall pulmonary drugs market in the past few years. The rising number of smokers across the globe have also triggered the demand for pulmonary drugs as they are usually at the receiving end of respiratory disorders. The World Health Organization states that consumption of tobacco leads to six million deaths every year while 600, 000 are exposed to second-hand smoke, which is known to cause asthma. Thus the changes in lifestyle are anticipated to play a crucial role in the development of global market.