The global bronchodilators market has been witnessing steady growth over the past few years owing to high prevalence of respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Bronchodilators are drugs that help open up constricted airways and make breathing easier. Some common types of bronchodilators include beta2-agonists, muscarinic antagonists/anticholinergics, and xanthines. These drugs work by relaxing the muscles in the airways and increasing airflow to the lungs. The increasing geriatric population susceptible to respiratory conditions and growing pollution levels leading to higher cases of asthma attacks are fueling the sales of bronchodilators globally.
The Global Bronchodilators Market is estimated to be valued at US$ 22.85 BN in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the global bronchodilators market are GSK plc., AstraZeneca, Mylan N.V., Merck & Co., Inc., Sun Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Limited, Novartis AG, Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Cipla Inc., Sunovion Pharmaceuticals Inc., Sanofi and Innoviva.
The rising demand for respiratory drugs across major countries is a key factor driving the bronchodilators market. According to the World Health Organization (WHO), over 235 million people suffer from asthma worldwide with a high prevalence witnessed in developed nations and growing burden in developing countries. This has led to higher sales of bronchodilators for asthma treatment globally.
The Bronchodilators Market Growth is also witnessing expansion in emerging economies due to increasing healthcare investments by governments and developmental activities creating awareness regarding respiratory illnesses. Major players are focused on penetrating untapped markets to strengthen their geographical presence.
Market drivers
The increasing pollution levels are significantly contributing to the growth of the global bronchodilators market. The rising air pollution has led to sharp rise in cases of COPD and asthma over the past decade. According to some reports, over 90% of the world population resides in areas exceeding the WHO air quality guidelines. This high level of air toxins is boosting the demand for bronchodilators worldwide.
Impact of Geopolitical Situation on Global Bronchodilators Market Growth
The current geopolitical instability across several regions is negatively impacting the growth of the global bronchodilators market. The ongoing Russia-Ukraine war and rising tensions between major powers have disrupted supply chains and exports. International trade sanctions have constrained the availability of raw materials from certain countries. This is hampering manufacturing activities and production of bronchodilators. Moreover, conflicts and political turmoil in the Middle East have led to economic slowdowns in the affected markets. The decreased healthcare spending by governments and customers in these uncertain macroeconomic conditions is limiting the demand for bronchodilators.
To sustain market growth under such circumstances, companies in the bronchodilators market need to diversify their supplier bases and establish alternative supply routes. They must scout new sourcing locations that ensure uninterrupted supplies. Manufacturers also need to explore partnerships in politically stable regions to increase regional manufacturing footprints over the long run. This will help mitigate risks from geopolitical disruptions in single source markets. Companies must also focus on budget-friendly product innovations and expand access initiatives to boost demand from price-sensitive customer segments in struggling economies.
Geographical Concentration of Global Bronchodilators Market
The geographical market for bronchodilators that accounts for the highest value currently is North America. Countries like the US and Canada have large patient pools diagnosed with respiratory diseases like asthma and COPD. Availability of advanced healthcare infrastructure and higher healthcare spending per capita have supported the North American market growth. According to recent estimates, the North American bronchodilators market was valued at over US$ 10 billion.
Fastest Growing Region in the Global Bronchodilators Market
Asia Pacific region holds the most potential for fastest growth in the global bronchodilators market over the forecast period from 2024 to 2031. Rapid economic development and increasing affluence of the middle class have improved healthcare access and medical standards across many Asia Pacific countries. At the same time, countries like India, China and Indonesia are witnessing rising prevalence of respiratory conditions due to rampant air pollution, smoking habits and aging populations. These favorable demand side factors coupled with growing investments by leading pharmaceutical companies are expected to drive strong market expansion in Asia Pacific. The region is estimated to witness a robust CAGR of around 5% during the forecast timeline.
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