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The Rising Exposure To Asbestos Is Fueling The Growth Of The Market Due To The Increasing Risk Of Lung Damage From Inhaled Fibers: Powering Innovation and Expansion in the Pneumoconiosis Market by 2025
Pneumoconiosis Market Size
What Is the Expected CAGR for the Pneumoconiosis Market Through 2025?
In the past few years, the pneumoconiosis market size has seen continuous growth. The market is predicted to increase from $1.43 billion in 2024 to $1.49 billion in 2025, with a compound annual growth rate (CAGR) of 4.7%. The underlying factors for this growth in the historical period include a rise in occupational lung diseases, an escalation of industrialization in developing economies, an increased awareness of workplace safety, the implementation of more stringent government regulations on industrial dust exposure, and an expansion in coal and silica mining activities.
What's the Projected Size of the Global Pneumoconiosis Market by 2029?
In the coming years, the pneumoconiosis market is projected to experience consistent growth, rising to $1.77 billion in 2029 with a compound annual growth rate (CAGR) of 4.4%. Factors influencing this growth for the predicted period include the expanding elderly population, the uptake of sophisticated imaging and diagnostic technologies, escalating health care spending, increased funding in the study of respiratory diseases, and a rise in litigation and compensation claims. The foroming period is set to feature trends like progress in diagnostic imaging, the application of artificial intelligence (AI) in radiology, technology-facilitated remote monitoring, improvements in wearable apparatus for monitoring respiratory conditions, and breakthroughs in pulmonary drug delivery systems.
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Top Growth Drivers in the Pneumoconiosis Industry: What's Accelerating the Market?
The pneumoconiosis market is expected to expand due to an increase in asbestos exposure. Individuals become exposed to asbestos when they breathe in or come in contact with asbestos fibers, which can induce serious health problems such as asbestosis, mesothelioma, and lung cancer. The risk of asbestos exposure is on the rise as old buildings are renovated or demolished, releasing harmful fibers into the air. If these fibers are inhaled, they can lodge in the lungs and lead to pneumoconiosis by causing chronic inflammation. This persistent inflammation results in scarring of the lungs, which progressively affects breathing and overall lung functions. A report by the UK Asbestos Training Association (UKATA) in July 2024 indicated that annually there are more than 5,000 asbestos-related deaths in the UK, with 493 deaths related to asbestosis in 2022. Notably, over 70% of these deaths were amongst people aged above 75. Hence, the rise in asbestos exposure is fueling the growth of the pneumoconiosis market.
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What Trends Will Shape the Pneumoconiosis Market Through 2029 and Beyond?
Leading businesses in the pneumoconiosis market are concentrating their efforts on the creation of sophisticated solutions such as clinical trials for pneumoconiosis drugs hoped to increase the effectiveness of treatment, slow down the advance of the disease, and improve patient results. A clinical trial for pneumoconiosis medication involves a research procedure that aims to find out the safety, effectiveness, and potential side effects of a new drug in managing the condition. This requires human subjects and proceeds in stages to certify its appropriateness for a wider medical application. In June 2022, an example of this was when a pharmaceutical company based in China, Beijing Continent Pharmaceutical Co. Ltd., announced that the first candidate for a Phase III clinical trial for Pirfenidone Capsules (F647), a drug designed to combat pneumoconiosis. This serious occupational lung disease is caused by dust inhalation and can result in fibrosis. Pirfenidone, a key product for the company which slows collagen production and adjusts fibrotic cytokines like TGF-ß, is being tested for its fifth therapeutic indication. This Phase III trial aims to verify the effectiveness and safety of F647 in treating pneumoconiosis, currently the most frequent occupational disease in China.
What Are the Main Segments in the Pneumoconiosis Market?
The pneumoconiosis market covered in this report is segmented -
1) By Type Of Pneumoconiosis: Asbestosis, Silicosis, Coal Workers' Pneumoconiosis, Berylliosis
2) By Diagnosis: Chest X-Ray, Computed Axial Tomography Scan, Lung Function Tests, Other Diagnosis
3) By Treatment: Medication, Oxygen Therapy, Pulmonary Rehabilitation, Other Treatments
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Other Distribution Channels
5) By End-User: Hospitals, Specialty Clinics, Diagnostic Centers, Other End-Users
Subsegments:
1) By Asbestosis: Occupational Exposure, Environmental Exposure, Secondary Exposure, Severity Level
2) By Silicosis: Chronic Silicosis, Accelerated Silicosis, Acute Silicosis, Industry Type
3) By Coal Workers' Pneumoconiosis: Simple Coal Workers' Pneumoconiosis (CWP), Complicated Coal Workers' Pneumoconiosis (CWP), Underground Mining Exposure, Surface Mining Exposure
4) By Berylliosis: Acute Berylliosis, Chronic Berylliosis, Occupational Exposure, Genetic Susceptibility
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Which Top Companies are Driving Growth in the Pneumoconiosis Market?
Major companies operating in the pneumoconiosis market are AbbVie Inc., Bayer AG, Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, Novartis AG, GlaxoSmithKline plc, Medtronic plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., Novo Nordisk, Koninklijke Philips NV, Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim, Sun Pharmaceutical Industries Ltd., Lupin Pharmaceuticals Inc., Inogen, GNI Group Ltd., DRIVE MEDICAL GMBH & CO. KG.
Which Regions Will Dominate the Pneumoconiosis Market Through 2029?
North America was the largest region in the pneumoconiosis market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pneumoconiosis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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