Global Pneumonia Therapeutics Market Scripting Impressive Growth– Projected to Reach Worth USD 25,659.6 Million by 2028
Published | 19 January 2022
The global pneumonia therapeutics market is witnessing a promising growth, The growing healthcare expenditure across developed nations, such as Germany, Japan, Brazil, and the United States, demonstrates a growing investment toward clinical research and development, thus enabling the growth of the pneumonia therapeutics market…
A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the global Pneumonia Therapeutics market was worth USD 14,804.2 million in 2021. The market is further anticipated to reach USD 25,659.6 million in 2028 with a significant CAGR of 8.3% during the forecast period, i.e., 2022-2028. The growing healthcare expenditure across developed nations like Germany, Japan, Brazil, and the United States demonstrates a growing investment toward clinical research and development, thus enabling the growth of the pneumonia therapeutics market. The growing geriatric population, increasing expenditure on healthcare, growing focus on prevention of diseases, and the presence of leading market players are some of the factors driving the growth of the global pneumonia therapeutics market. Additionally, the rising investment in the R&D of new medicines and treatment methods and increasing incident rate of pneumonia are expected to present lucrative opportunities for the growth of the global pneumonia therapeutics market during the forecast period.
Online Pharmacies Contributing to the Growth of the Global Pneumonia Therapeutics Market
Based on distribution channels, the global pneumonia therapeutics market is segmented into Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies. The hospital pharmacies segment was dominant in the distribution channel segment across the global pneumonia therapeutics market in 2021. On the other hand, the online pharmacies segment is anticipated to register the highest CAGR during the forecast period. Online pharmacies are proliferating due to various factors, including ease of ordering, the emergence of telemedicine, door-step delivery, and the ongoing COVID-19 pandemic. Additionally, the emergence of Omicron, a new COVID-19 variant, across the globe is expected to propel the growth of online pharmacies in the near future.
Growing Per Capita Income Across Major Developing Countries Offering Lucrative Opportunities to the Global Pneumonia Therapeutics Market
The growing per capita income across developing nations contributes to the growth of the expenditure earmarked toward healthcare. It has helped them enhance life expectancy and afford proper treatment for pneumonia and pneumococcal vaccines. The GDP per capita for Bangladesh grew 9.28% from 2018-2019, and as of December 2021, it surpassed that of India and Pakistan. The Chinese GDP per capita grew 2.40% and Nigeria registered 9.92% of its per capita income growth within the same period. Though the coronavirus-induced pandemic led to some decline, nations are projected to register a growing trend once they reach their pre-pandemic levels. Higher income levels correlate with higher quality healthcare and treatment demands. Due to the rising demand for treatment, many lucrative opportunities arise for the development of healthcare systems and research and development, thus offering some opportunities for the growth of the global pneumonia therapeutics market.
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Community-Acquired Pneumonia Dominates The Global Pneumonia Therapeutics Market
Based on infection types, the global pneumonia therapeutics market is segmented into hospital-acquired Pneumonia [HAP], community-acquired Pneumonia [CAP], and ventilator-associated Pneumonia [VAP]. The CAP segment acquired the largest share in 2021, followed by HAP among these segments. According to the European Lung White Book by the European Respiratory Society, community-acquired pneumonia (CAP) is the leading infection-related cause of death in Europe. The growth of the CAP segment in the market is expected to be driven by this factor.
Impact of COVID-19 on the Global Pneumonia Therapeutics Market
The COVID-19 pandemic severely impacted every industry worldwide as the government authorities decided to undertake stringent measures to eradicate or curb the spread of the virus, along with lockdowns restrictions. The healthcare calamity led to the shut down of various industries, including the pharmaceutical companies. However, a few months after the initial lockdowns, the essential industries, including the pharmaceutical industries, started witnessing some discretion for keeping the societal structure from collapsing. The demand side of the market had also skyrocketed due to the growing number of pneumonia cases that the patients were experiencing due to the COVID-19. Further, some countries reported that 8 out of 10 individuals got pneumonia from COVID-19, escalating the severity of the disease and contributing to the death toll across the globe.
The mounting misery resulted in a growing demand for vaccines against pneumococcal disease, including those composed of the 1, 14, and 19A serotypes of protection against the bacterium Streptococcus pneumonia across Sub-Saharan Africa and other developing nations. With the increasing number of trials related to pneumococcal vaccines from Pfizer, AstraZeneca, and Merck, the likelihood of survival from pneumonia is expected to increase.
North America Dominates the Global Pneumonia Therapeutics Market
The global Pneumonia Therapeutics market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the market with the highest shares in 2021. Pneumonia is one of the major health issues in the North American region. According to the Centers for Disease Control & Prevention (CDC), in 2018, more than 1.5 million Americans suffered from pneumonia and more than 40,000 lost their lives. CDC further states that the majority of the people affected by pneumonia in the United States are adults, while children are among the least affected age group. Nevertheless, pneumonia is the most common reason for hospitalization among US children.
According to the American Thoracis Society, U.S. adults admitted to hospital for pneumonia are second only to women giving birth to motherhood as a cause of hospital admissions. It also states that more than 1 million patients are admitted to hospitals each year due to pneumonia, and more than 50,000 of them die from this disease. Furthermore, the American Thoracic Society data also shows that viral pneumonia is the leading cause of hospitalization in infants among American infants. According to Statistics Canada, pneumonia and influenza contributed to 6,893 deaths in 2019 and were the 7th leading cause of death in Canada. One of the major factors driving the growth of the global pneumonia therapeutics market in the region is the high prevalence of pneumonia cases, which is forecast to continue during the forecast period.
Global Pneumonia Therapeutics Market- Competitive Landscape
The global pneumonia therapeutics market is moderately consolidated. The major companies in the global pneumonia therapeutics market include Sanofi S.A., Eli Lilly & Company, Merck & Co., Inc., GlaxoSmithKline plc, Pfizer Inc., Baxter International Inc., Bayer AG, Lupin Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., AbbVie Inc., Abbott Laboratories, AstraZeneca plc, and other prominent players. Pfizer Inc. has been recognized as the biggest player in the global pneumonia therapeutics market in 2021.
Pfizer Inc. has been a pioneer in the manufacturing of pneumonia vaccines, and the company's flagship PREVNAR 13 vaccine has helped them capture the largest share in the market. This vaccine can be administered to children from the age of 6 weeks up to 18 years old. The vaccine designed for 18 years of age or older adults is intended for active immunization and prevention of pneumonia and other invasive diseases, which are caused by S. pneumoniae serotypes, including 1, 4, 3, 5, 6B, 6A, 7F, 9V, 14, 19A and others.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global Pneumonia Therapeutics market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Pneumonia Therapeutics market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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