Albany, NY -- (SBWIRE) -- 01/14/2020 -- The demand within the global market for pulmonary drugs has been rising on account of advancements in the field of healthcare and diagnosis, finds Transparency Market Research (TMR). The use of pulmonary drugs for the treatment of multiple diseases has impelled the growth of the global market. The market players within the global pulmonary drugs market have been concentrating on expanding their consumer base. This strategy shall help these players in increasing their revenues and widening their profit margins. Furthermore, these vendors have resorted to subtle marketing tactics to educate people about the ills of pulmonary diseases.
The strategies adopted by the leading vendors in the global pulmonary drugs market are centred around building an image of credibility in the mind of the consumers. The leading vendors in the global pulmonary drugs market have succeeded on account of their willingness to innovate and experiment with their marketing strategies. Furthermore, the quality of drugs manufactured by vendors has also played a key role in the growth of the global pulmonary drugs market. There is stellar demand for improved diagnosis and treatment of pulmonary diseases as they can be fatal in the long run. Some of the key players in the global pulmonary drugs market are Boehringer Ingelheim GmbH, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, F. Hoffmann-La Roche Ltd., and GlaxoSmithKline plc.
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Transparency Market Research (TMR) predicts that the global pulmonary drugs market would expand at a negative CAGR of -6.30% over the period ranging from 2016 to 2024. The global pulmonary drugs market has a total value of US$ 48,039.7 mn in 2015, and this value is expected to decline to US$ 28,082.1 mn by 2024-end. The market for pulmonary drugs in North America has North America is expected to witness steady growth in the years to come.
Marketing Strategies and Awareness Campaigns to Aid Market Growth
The global pulmonary drugs market has not attracted any significant demand over the past few years. The negative CAGR of the global pulmonary drugs market is indicative of a weak market, and there is a dire need to uplift the standards of growth. Hence, several awareness campaigns to educate the masses about pulmonary health have come to the fore. This factor shall play a significant role in the growth of the global pulmonary drugs market. Furthermore, the increasing number of smoker across the world has also aided the growth of the global pulmonary drugs market in recent times.
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Rising Incidence of Pulmonary Diseases
The population of people suffering from pulmonary diseases in the emerging economies and third-world countries is extremely high. This has necessitated the need to institute fundamental changes in the domain of pulmonary health. Owing to the aforementioned factors, the global pulmonary drugs market is projected to grow in the years to come. The rate of growth within the global pulmonary drugs market is projected to become positive again over the next two decade. Besides, the easy availability of drugs such as beta2-antagonists, corticosteroids, and vasodilators shall also play a key role in the growth of the global pulmonary drugs market.