Black Lung Disease Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

"The Business Research Company recently released a comprehensive report on the Global Black Lung Disease Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The black lung disease market size has grown rapidly in recent years. It will grow from $8.44 billion in 2023 to $9.66 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to coal mining industry growth, awareness and education, compensation and benefits, legislative and legal developments.

The black lung disease market size is expected to see rapid growth in the next few years. It will grow to $16.7 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to public health initiatives, medical advancements, increasing treatment options, advocacy and support organizations. Major trends in the forecast period include advanced diagnostic techniques, research and prevention, healthcare access, technological advancements.

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Market Drivers and Trends:

The increasing mining activities are expected to propel the growth of the black lung disease market going forward. Mining activities involve extracting valuable minerals, ores and other geological materials from the earth's crust. Black lung disease is caused by mining activities and inhaling coal mine dust, which contains dangerous carbon-containing particles and affects coal miners. For instance, in January 2022, according to the United States Geological Survey, a US-based water, earth and biological science and civilian mapping agency, global silver mine production climbed marginally in 2021, rising from 23,500 tons in 2020 to an expected 24,000 tons. Therefore, increasing mining activities are driving the growth of the black lung disease market.

Government funding initiatives are expected to propel the growth of the black lung disease market. Government funding refers to financial resources a government provides, typically at the federal, state, or local level, to support various activities, programs, projects, initiatives, or organizations serving public interests or fulfilling government objectives. Government authorities are implementing specific regulations and initiatives to protect coal miners from black lung disease. For instance, in September 2022, according to the US Department of Labor Blog, a US-based government authority, funding for miners with black lung disease was permanently extended with the Inflation Reduction Act of 2022. Through this act, the US government aims to help and secure miners' families suffering from black lung disease by providing federal black Lung benefits. Therefore, government funding initiatives are driving the black lung disease market.

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Major Key Players of the Market:

Pfizer Inc., Johnson and Johnson, Siemens AG, General Electric, F. Hoffmann-La Roche AG, Merck and Co. Inc., Bayer AG, Novartis AG, Sanofi S.A., AstraZeneca PLC, Melinta Therapeutics LLC, GlaxoSmithKline PLC, Medtronic PLC, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Toshiba Corporation, Koninklijke Philps N.V., Mayo Clinic, Baxter International Inc., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Perrigo Lab India Pvt. Ltd., Aurobindo Pharma Limited, Hikma Pharmaceuticals PLC, Lupin Limited.

Black Lung Disease Market 2024 Key Insights:

• The Black Lung Disease Market is expected to grow to $16.7 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
• Mining Industry Expansion Fuels The Prevalence Of Black Lung Disease
• Government Funding Boosts Black Lung Disease Market And Miner Welfare
• North America was the largest region in the black lung disease market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in black lung disease market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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