Respiratory Drugs Market Trends

Growth Drivers

• Growing product launches and R&D - New manufacturers are expected to be attracted to the market for nonprescription upper respiratory drugs by a lenient regulatory regime in the US Food and Drug Administration on OTC medicinal products. Thus, product launches, research, and developments from key manufacturers in the respiratory drugs market are evolving into product segments.
  
  For instance, the launch of Otrivin nasal spray by Novartis has led to similar product launches by other key players in the market. As a result, the market is poised to have notable growth over the coming years.
• High incidence of common cold - The prevalence of common cold is surging significantly. Even though it is slated to be mild lack of proper treatment could cause severity. Moreover, it is predicted that over 21 million students lose school days annually in the United States due to common cold. Furthermore, seasonal changes are also set to boost the prevalence of colds.
  
  The major factor causing common cold is lack of sufficient humidity is low-the colder months of the year. Further, cold weather may additionally lead inside lining of your nose to dry hence making it greatly vulnerable to viral infection. Therefore, the market is estimated to grow over the forecast timeframe.
• Growing advancement of technology - There has been surging advancement of technology across the world which includes, PCR-based tests, molecular diagnostics and more. These advancements have made detection of respiratory drugs effective. Moreover, the importance of nanotechnology is also surging.
  
  Along with it, the integration of AI and machine learning has also proved importance in analyzing data to recommend efficient treatment. Hence, the market is estimated to rise between 2024 and 2036.
• Surging Cases of Sleep Apnea - Obstructive sleep apnea has been commonly found among adult population. However, this has further given scope for the rise of respiratory drugs. Hence, the market is estimated to gather the highest market revenue.

Challenges

• Strict regulatory standards and lack of resources - The growth of the respiratory drugs market in the projection period is projected to be hampered by a stringent regulatory framework, together with unfavorable reimbursement policies. Furthermore, the insurance claim is declining rapidly worldwide.
  
  Also, the awareness among population regarding the treatment and spread of respiratory infection is low. As a result, key players find it challenging to invest in the production of medicines related to respiratory drugs. Furthermore, lack of availability of resources significantly restrains market demand in the market.
• Cost and time complexities associated are expected to hamper the market growth in the upcoming period.
• Lack of effective vaccines for some respiratory viruses are estimated to pose limitation on the market growth in the projected period.