Market Overview:
Pleural diseases refer to medical conditions that affect the pleura, the thin membrane that surrounds the lungs and lines the chest cavity. The most common pleural disease is Pleurisy, which causes inflammation of the pleura and chest pain with breathing. Other pleural diseases include pleural effusion, pneumothorax and mesothelioma. Pleural diseases are often treated through medications, drainage of fluid build-up, or surgery depending on the exact condition and severity. Proper diagnosis and treatment of pleural diseases is important to relieve symptoms and prevent further lung damage.
Market key trends:
One of the key trends in the pleural diseases market is the rising geriatric population globally. Age is a major risk factor for various pleural diseases as some like mesothelioma usually affect people aged 60 years and older. According to the United Nations, the population aged 60 years and above is growing at a rate of 3% every year. This demographic shift is expected to drive the need for effective treatment and management of pleural diseases over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the pleural diseases market is moderate as significant investment is required for R&D of new drugs and therapies. However, large pharmaceutical players have robust pipelines and patent protection to counter threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers in the pleural diseases market is high as the treatment type is generally prescribed by physicians. Moreover, availability of generic drugs exerts pricing pressure on established brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key inputs for manufacturing drugs are standardized. However, compliance with stringent regulatory norms limits the number of supplier firms.
Threat of new substitutes: The threat of new substitutes is moderate as switch to other treatment options requires medical supervision and clinical trials. However, innovative drug delivery solutions and combination therapies pose threats.
Competitive rivalry: The competitive rivalry in the pleural diseases market is high due to presence of global established players with extensive portfolios and focus on new product launches and acquisitions.
Key Takeaways
The Global Pleural Diseases Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing prevalence of respiratory disorders, geriatric population, and technological advancements.
North America is expected to dominate the pleural diseases market during the forecast period. This is attributed to growing incidences of lung cancer and mesothelioma disorders. Additionally, favorable reimbursement policies and healthcare infrastructure are supporting the market growth.
Asia Pacific is anticipated to exhibit the fastest growth rate over the next few years due to increasing healthcare expenditure, improving access to diagnosis and treatment, rising environmental pollution levels and changing lifestyle in developing countries.
Key players operating in the pleural diseases market are Johnson & Johnson, AstraZeneca, Novartis International AG, Roche Holding AG, Bristol Myers Squibb, Merck & Co. Inc., Pfizer Inc., GlaxoSmithKline plc, Boehringer Ingelheim International GmbH, Sanofi, AbbVie Inc., Eli Lilly and Company, Takeda Pharmaceutical Company Limited, Bayer AG, Celgene Corporation. These players are focusing on new product launches and acquisition strategies to consolidate their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it