The worldwide market for Chronic Obstructive Pulmonary Disease (COPD) is anticipated to reach a substantial valuation of US$21.58 billion in the year 2023. As a consequence of the rising prevalence of alcohol consumption among individuals, the collective requirement for Chronic Obstructive Pulmonary Disease (COPD) is expected to experience a significant expansion, manifesting a commendable Compound Annual Growth Rate (CAGR) of 4.4% during the period from 2023 to 2033. By the conclusion of the year 2033, the market is forecasted to achieve an impressive total worth of approximately US$33.19 billion.
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Additionally, the World Health Organization (WHO) states that the most common cause of COPD is exposure to tobacco smoke both via first hand as well as second-hand smoking. This global increase in the prevalence of COPD is a major factor fueling the growth of the COPD market in the forthcoming years. In addition, the rise in consumption of tobacco among millennials, coupled with the rise in the awareness among population, regarding the use of generic drug are projected to contribute to the revenue share of the chronic obstructive pulmonary disease market in the near future.
According to the Centre for Disease Control and Prevention (CDCP), the cost related to COPD in the US were 32.1 $ billion in 2010, and rose to 49 billion by 2020. Hence, the continual growth witnessed in the cases of COPD among population worldwide is a major factor that will intensify the growth of the COPD market over the forecast period.
Key Takeaways from the Market Study
- Global Chronic Obstructive Pulmonary Disease (COPD) Market was valued at US$ 20.67 Billion by 2022-end
- From 2018 to 2022, the market demand expanded at a CAGR of 2.4%
- By Type, the Chronic Bronchitis segment of the market constitutes the bulk of the market with a market share of 43%
- By Distribution Channel, the Retail Pharmacies segment dominates the market with a share of 42%
- From 2023 to 2033, Chronic Obstructive Pulmonary Disease (COPD) sales are expected to flourish at a CAGR of 4.4%.
- By 2033, the market value of Chronic Obstructive Pulmonary Disease (COPD) is expected to reach US$ 33.19 Billion.
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Continual increase in cases of COPD globally, coupled with rising cases of tobacco consumers are the major factors escalating the growth of the Chronic Obstructive Pulmonary Disease (COPD) market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the Chronic Obstructive Pulmonary Disease (COPD) market are Almirall, AstraZeneca, Boehringer Ingelheim International GmbH, CHIESI Farmaceutici S.p.A., F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc., Kyowa Hakko Kirin, Mylan N.V., Novartis AG, Orion Corporation, Sanofi, Sunovion Pharmaceuticals, Inc. (Sumitomo Dainippon Pharma Co., Ltd.), Teva Pharmaceutical Industries Ltd., Theravance Biopharma, and Verona Pharmaceuticals, among others.
Recent Developments:
- In June 2022, Verona Pharma, a pharmaceutical company, announced completion of the patient enrolment, with more than 800 subjects involved for its randomized ENHANCE-1 trial. The study will evaluate ensifentrine for the maintenance treatment of chronic obstructive pulmonary disease. It is a critical step for the phase III ENHANCE trial with top-line data expected by the end of the year 2022 and further data from ENHANCE-2 in the third quarter of 2022.
- In May 2022, Alembic Pharmaceuticals Ltd, a pharmaceutical company, received final approval from the US health regulator for its generic version of Arformoterol Tartrate inhalation solution indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease. The approval by the U.S. Food & Drug Administration (USFDA) for the abbreviated new drug application (ANDA) for Arformoterol Tartrate inhalation solution is for strength of 15 mcg (base)/2 mL unit-dose vial.
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Know More About What the Chronic Obstructive Pulmonary Disease (COPD) Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Chronic Obstructive Pulmonary Disease (COPD) Market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the Chronic Obstructive Pulmonary Disease (COPD) Market, the market is segmented on the basis of drug class, type, and distribution channel, across five major regions.
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