According to a new report published by Allied Market Research, titled, “Pneumonia Therapeutics Market by Therapeutics, Distribution Channel, and Age Group: Opportunity Analysis and Industry Forecast, 2021–2030," the global pneumonia therapeutics market size was valued at $12,293.9 million in 2020, and is projected to reach $25,546.8 million by 2030, registering a CAGR of 8.5% from 2021 to 2030.
Pneumonia is a lung infection that causes inflammation, primarily in the air sacs known as alveoli. Cough, fever, chills, and difficulty breathing can occur when the alveoli get clogged with fluid or pus. According to the type of the disease, the medications are to be given. For instance, if pneumonia is caused by bacteria, one is to be given an antibiotic. Major causes of pneumonia include bacteria, fungi, viruses, and other bacteria-like organisms. Pneumonia therapeutics include the methods such as vaccinations and drugs that can help in management of the infection. The infection can be life-threatening, but are particularly lethal to infants, children, and individuals over 65. Most common signs and symptoms of pneumonia include yellow or even bloody mucus, fever, sweating, shaking chills, shortness of breath, shallow breathing, and cough, which may produce greenish mucus and other symptoms.
Rise in incidence of pneumonia acts as a key driving force of the global pneumonia therapeutics market. Furthermore, increase in product launches post FDA approval would help the industry gain maximum revenue. Surge in clinical trials for the R&D of the pneumonia treatment is further projected to help the industry grow in the forecast period. In addition, alarming rise in prevalence of community-acquired pneumonia (CAP) is expected to propel the industry growth. According to the statistics given by the Indian Journal of Medical Research in 2020, CAP is found to be one of the prominent causes of mortality and morbidity with important clinical impact worldwide. India accounts for 23% of global pneumonia burden with case fatality rates between 14% and 30% in 2020. The prevalence rate is expected to alarm the civil population and create awareness regarding the need to opt for therapeutics at early stages, and will help pneumonia therapeutics to generate higher revenue during the forecast period. In addition, increase in number of ongoing clinical trials for development of vaccines and drug molecules contributes toward the market growth. However, enforcement of stringent regulations for vaccines and drugs hampers the market growth.
The outbreak of COVID-19 led to increase in mortality rates and hence was declared to be a pandemic. In addition, it had led to a drastic change in the market scenario. Healthcare workers, equipment, and facilities have been converged to cope with the rising number of patients due to COVID-19. Furthermore, the pandemic caused major impediments in pharmaceutical and medical supply chain globally.
Pneumonia therapeutics were the need of the hour to help combat with the growing demand for the therapeutic alternatives for COVID-19 virus. In addition, increase in investment over research purposes during the period led to growth of the pneumonia therapeutics market during the forecast period. The is attributed to the fact that individuals suffering from CVID-19 are highly susceptible to develop pneumonia. As COVID-19 pneumonia progresses, air sacs become filled with fluid leaking from the tiny blood vessels in the lungs. This causes shortness of breath, and can lead to acute respiratory distress syndrome (ARDS), which is a form of lung failure. However, the government aided research for pneumonia therapeutics that continues to propel pneumonia therapeutics market. Moreover, increase in awareness regarding the need to have pneumonia therapeutics fosters the market growth.
The global pneumonia therapeutics market is segmented into therapeutics, distribution channel, age group, and region. On the basis of therapeutics, the market is categorized into prevention vaccines, and treatment drugs. By distribution channel, it is classified into hospitals, pharmaceutical stores, and others. Depending on age group, it is segregated into pediatric, adult, and geriatric. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of therapeutics, the treatment drugs segment is anticipated to garner highest revenue during the forecast period, owing to increase in incidence of pneumonia and surge in demand for drugs from individuals suffering from pneumonia.
Depending on distribution channel, the hospitals segment is anticipated to garner the highest revenue during the forecast period, owing to surge in number of outpatients and inpatients preferring hospitals and higher investment for introduction of novel and efficient drugs for pneumonia treatment propel the pneumonia therapeutics market growth.
On the basis of age group, the geriatric segment is anticipated to gain highest revenue segment during the forecast period, owing to surge in geriatric population worldwide. Furthermore, susceptibility to develop age-associated diseases promotes the market growth. In addition, rise in healthcare spending is expected to help the segment grow during the forecast period.
North America is projected to account for a significant share of the global pneumonia therapeutics market during the forecast period. The market growth is attributed to surge in healthcare expenditure and rise in patient population in the region. In addition, Asia-Pacific is projected to gain fastest CAGR during the forecast period, owing to the presence of large patient population and rapid infrastructural development in the region. In addition, rise in government investment over research and development of the medications is expected to propel the growth of market in the region.
KEY FINDINGS OF THE STUDY
- Depending on therapeutics, the treatment drugs segment held largest share in the global pneumonia therapeutics market in 2020.
- On the basis of distribution channel, the research experienced the highest revenue in 2020, and is expected to continue to grow throughout the forecast period.
- By end user, the hospitals & diagnostic laboratories garnered the largest pneumonia therapeutics market share in 2020, and is expected to remain dominant throughout the forecast period.
- Region wise, LAMEA is expected to experience growth at the highest rate, registering a CAGR of 12.0% during the forecast period.