By 2023, the Global Chronic Obstructive Pulmonary Disease Industry is expected to have grown to a value of US$21.58 billion. According to a thorough analysis by Future Market Insights Inc., there will be a notable increase in demand, driven by the rising global prevalence of alcohol consumption. It is projected that the market will develop at a consistent 4.4% compound annual growth rate (CAGR) from 2023 to 2033 when it is expected to reach an estimated worth of US$ 33.19 billion.
The study’s conclusions highlight the crucial influence of changing lifestyle choices, with alcohol use appearing as a major factor in the rising cost of treatments for chronic obstructive pulmonary disease (COPD). According to the study, the growing incidence of COPD, which is made worse by rising alcohol consumption, is a primary driver behind the anticipated market expansion over the next decade.
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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 the population, regarding the use of generic drugs are projected to contribute to the revenue share of the chronic obstructive pulmonary disease market shortly.
According to the Centers for Disease Control and Prevention (CDCP), the cost related to COPD in the US was 32.1 $ billion in 2010 and rose to 49 billion by 2020. Hence, the continual growth witnessed in the cases of COPD among the population worldwide is a major factor that will intensify the growth of the COPD market over the forecast period.
Key Takeaways from the Global Chronic Obstructive Pulmonary Disease Industry Study
- The 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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The 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 shortly, remarks an FMI analyst.
Global Chronic Obstructive Pulmonary Disease Industry 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 the Global Chronic Obstructive Pulmonary Disease Industry:
- In June 2022, Verona Pharma, a pharmaceutical company, announced the completion of the patient enrolment, with more than 800 subjects involved in 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 the strength of 15 mcg (base)/2 mL unit-dose vial.
Know More About What the Global Chronic Obstructive Pulmonary Disease Industry Report 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 based on drug class, type, and distribution channel, across five major regions.
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Key Segments Covered in the Global Chronic Obstructive Pulmonary Disease Industry Analysis
Global Chronic Obstructive Pulmonary Disease Industry by Drug Class:
- Combination Therapy
- Bronchodilators
- Corticosteroids
- Phosphodiesterase Type 4 Inhibitor
- Mucokinetics
- Others
by Type:
- Chronic Bronchitis
- Emphysema
by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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