Pulmonary Arterial Hypertension Market Size Worth $9.3 Billion by 2026
The global pulmonary arterial hypertension market size is expected to reach USD 9.3 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to progress at a CAGR of 5.6% during the forecast period. Increasing prevalence of Pulmonary Arterial Hypertension (PAH) and government support for the development of orphan drugs are fueling the growth.
The cases of PAH are rising in the range of 100,000 to 200,000 per year. However, in the past few years, the occurrence of this disorder has intensified due to the risk factors such as alcohol/tobacco consumption, HIV, sedentary lifestyle, smoking, and other idiopathic conditions. Presence of a large geriatric population, with lower levels of immunity and prone to PAH and associated diseases, is a high impact-rendering driver for the PAH market. Though the beginning age for PAH is 45 years, it is often observed to occur in the population over 60 years of age.
Government initiatives, such as the Rare Disease Act 2002 and The Orphan Drug Act (ODA) 1983 are also anticipated to support market growth. These are the two most vital acts that promote the ethical usage and distribution of orphan drugs. Development of orphan drugs is promoted by the National Organization of Rare Disorders and have a smaller market share.
Further key findings from the study suggest:
- Based on drug class, prostacyclin and its analogs are projected to witness lucrative growth over the forecast period. The sales of these drugs are anticipated to grow sharply, primarily due to the expected growth in oral prostacyclin agents
- North America held the leading market share of 58.3% in terms of revenue in 2018, attributed to supportive infrastructure for the development and distribution of high-quality therapies. Moreover, availability of reimbursement on PAH therapies supported the growth
- Asia Pacific is anticipated to expand at the fastest CAGR of 6.7% over the forecast period due to its huge population base, rapid economic developments, and improving healthcare systems. Besides, high burden of diseases such as HIV that are responsible for the development of PAH foster the regional market growth
- Major players operating in the pulmonary arterial hypertension market include GlaxoSmithKline Plc.; Actelion Pharmaceuticals, Ltd.; United Therapeutics Corporation; Pfizer, Inc.; and Gilead Sciences, Inc. The market is consolidated and competitive in nature. Companies enjoy the benefit of barrier in the entry to other firms due to high price interdependency.