The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Black Lung Disease Global Market Report 2023, the black lung disease market is expected to show significant growth in the forecast period.

The black lung disease market has experienced rapid growth, escalating from $8.44 billion in 2023 to $9.66 billion in 2024, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 14.5%. This surge in the historic period is attributed to various factors such as the expansion of the coal mining industry, increased awareness and education, enhanced compensation and benefits for affected individuals, and notable legislative and legal developments.

Anticipated Accelerated Growth

Forecasts predict a continued upward trajectory, with the black lung disease market poised to reach $16.7 billion in 2028, boasting a CAGR of 14.7%. The forecasted growth is propelled by pivotal factors, including robust public health initiatives, ongoing medical advancements, an expanding array of treatment options, and the unwavering support from advocacy and support organizations.

Key Trends in the Forecast Period

• Advanced Diagnostic Techniques: Embracing cutting-edge diagnostic methodologies.
• Research and Prevention: Focused efforts on understanding and preventing black lung disease.
• Healthcare Access: Improving accessibility to healthcare resources.
• Technological Advancements: Incorporating innovative technologies for enhanced treatment.

View More On The Black Lung Disease Market Report 2023 – https://www.thebusinessresearchcompany.com/report/black-lung-disease-global-market-report

Mining Industry Surge Drives Black Lung Disease Prevalence

Correlation with Mining Activities

The escalating activities in the mining sector are expected to be a driving force behind the increased prevalence of black lung disease. As mining involves the extraction of valuable minerals and ores from the earth, it exposes workers to coal mine dust containing harmful carbon-containing particles. This inhalation significantly impacts coal miners, leading to the development of black lung disease.

Statistical Insights

A report from the United States Geological Survey in January 2022 highlighted a marginal increase in global silver mine production from 23,500 tons in 2020 to an expected 24,000 tons in 2021. This data underscores the direct relationship between mining activities and the surge in black lung disease cases.

Key Market Players

Major players in the black lung disease market include:

• 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
• Perrigo Lab India Pvt. Ltd.
• Aurobindo Pharma Limited
• Hikma Pharmaceuticals PLC
• Lupin Limited.

Government Initiatives Propel Market and Miner Welfare

Aided by Government Funding

Government funding initiatives play a pivotal role in propelling the growth of the black lung disease market. The implementation of regulations and initiatives by government authorities aims to safeguard coal miners from the adverse effects of black lung disease. An exemplary initiative is the Inflation Reduction Act of 2022, wherein the US government permanently extended funding for miners suffering from black lung disease, emphasizing the commitment to miner welfare.

Strategic Acquisition Bolsters Treatment Landscape

Bristol Myers Squibb’s Strategic Move

In June 2022, Bristol Myers Squibb, a prominent pharmaceutical company, acquired Turning Point Therapeutics to bolster its position in both oncology and black lung disease treatment. This strategic acquisition adds a late-stage precision oncology asset, showcasing Bristol Myers Squibb’s commitment to advancing treatment options for black lung disease.

Insightful Market Segmentation

Navigating Market Dynamics

The black lung disease market is segmented based on:

1. Type: Simple Coal Worker’s Pneumoconiosis, Complicated Coal Worker’s Pneumoconiosis, Other Types
2. Treatment: Oxygen Therapy, Bronchodilators, Lung Transplant, Stem Cell Therapy, Other Treatment
3. Diagnosis: Biopsy, Imaging, Full Blood Count, Pulmonary or Lung Function Tests, Physical Examination, Other Diagnosis
4. End Users: Hospitals and Clinics, Research Organizations and Academic Institutes, Diagnostic Centers and Labs, Other End Users

Regional Dynamics

North America led the black lung disease market in 2023, while Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period.

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The Black Lung Disease Global Market Report 2023  provides an in-depth analysis on the black lung disease market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the black lung disease market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Respiratory Disease Testing Global Market Report 2023
Respiratory Monitoring Devices Global Market Report 2023
Respiratory Devices And Equipment Diagnostic Global Market Report 2023

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