Preliminary research of Fairfield Market Research indicates a promising growth outlook for global asthma treatment market during the course of next few years.
Rising Burden of Asthma to Remain Instrumental in Driving the Growth of the Asthma Treatment Market
Rising prevalence of chronic respiratory disorders such as asthma on the global front remains instrumental in driving the growth of the asthma treatment market. Asthma is considered as one of the most chronic and common respiratory disease and a major cause of mortality worldwide. Since past several years, cases of asthma have been increasing significantly causing economic and mental burden among individuals. For instance, according to World Health Organization (WHO), since 2019 asthma proliferation has been growing. In 2019, around 262 million individuals were affected by the disease and approximately 455,000 deaths were recorded. Also, as per WHO, about 339 million individuals develop asthma every year and deaths due to the disease is observed mainly in older adults. In addition, according to the Global Initiative for Asthma 2020 report, asthma affects around 1-18% of the population across different countries and the prevalence of the disease has been rising across the globe. This has triggered the need for advanced therapeutics to treat the disease, in turn paving potential growth pathways for long term control medications and quick relief asthma medications, in turn influencing the expansion of asthma treatment market.
Furthermore, the development of advanced therapeutics for treating asthma has been given high importance in the light of the COVID-19 pandemic in 2020. Both asthma and Sars-CoV-2 virus affect the lungs and the respiratory condition of the individual, which triggers the need for advanced medication. Moreover, owing to growing patient pool suffering from asthma and the prevailing COVID-19 scenario, concerns regarding respiratory health increased drastically. COVID 19 also severely worsened the asthma symptoms among individuals suffering from the Sars-CoV-2 virus. Considering this background, the Centers for Disease Control and Prevention (CDC) issued special and stringent guidelines for individuals suffering from asthma during 2019-2020. This has spurred the demand for novel and advanced drugs for treating asthma, in turn bolstering growth of the asthma treatment market.
Rise in Research and Development and New Launches to Augur Well for the Asthma Treatment Market
Backed by growing cases of asthma, companies involved in manufacturing of drugs to treat the disease have been investing in heavy research and development. Prominent players in the asthma treatment market are focused on developing advanced drugs and therapeutics to treat the chronic ailment and are carrying out clinical trials to gain approvals from healthcare authorities. New drug candidates are being evaluated to gain control on asthma symptoms and improve ling functioning among patients. Such clinical developments are expected to aid the growth of the asthma treatment market. In addition, post the COVID-19 pandemic the sales of advanced asthma treating drugs increased significantly. Also, rising demand for advanced asthma therapeutics resulted in high priority approvals from regulatory authorities during the 2019-2020 timeframe. For instance, the US Food and Drug Administration (FDA), in April 2020, gave regulatory approval to the respective generic asthma treatment drugs of Cipla and Lupin. This has further triggered the launch of new advanced drugs from major players in the asthma treatment market. This factor continues to influence the asthma treatment market on the global front.
Increasing Air Pollution Likely to Fuel Asthma Cases Consequently Aiding the Asthma Treatment Market Growth
Air pollution can potentially cause asthma among adults as well as children. Research since past several years, has long linked asthma in children with the exposure to outdoor and indoor air pollution. Exposure to second hand smoking, traffic related air pollution and nitrogen dioxide are few of the critical factors leading to asthma, especially among children. Exposure to these factors can have adverse effect on individuals and cause impaired lung function, symptoms, and exacerbations of asthma. That said, growing air pollution worldwide can potentially contribute towards rising prevalence of asthma. This factor is likely to drive need for medications and asthma drugs in turn boosting the growth of the asthma treatment market.
North America’ Dominance Intact in Global Asthma Treatment Market
North America is expected to account for a significant revenue share in the asthma treatment market. This can be attributed towards increasing prevalence of asthma across developed economies in the region coupled with rising presence of major players in the asthma treatment market. For instance, according to Asthma and Allergy Foundation of America, (AAFA) more than 25 million individuals were affected by asthma in 2019 in United States and around 11 individuals die from asthma every day in the country. Similarly, according to Centers for Disease Control and Prevention (CDC), around 25,257,138 individuals, including both adult and children population in the country were affected by asthma in 2020. This led to an increasing burden among individuals from both mental and economic standpoints, in turn fuelling the demand for high performance drugs to treat the respiratory disease. In addition, other aspects such as robust healthcare infrastructure, government support and incentives and stable growth in the GDP per capita in the region remain key prerequisites influencing the growth of the asthma treatment market in North America.
Asthma Treatment Market: Competitive Landscape
A few of the major players in the asthma treatment market include AstraZeneca, Novartis AG, Mylan N.V., GlaxoSmithKline Plc, Sanofi, Merck & Co. Inc., Sumitomo Dainippon Pharma Co. Ltd., Regeneron, Cipla, Teva Pharmaceuticals, and Lupin Pharmaceuticals.
The Global Asthma Treatment Market is Segmented as Below:
By Treatment Type
By Route of Administration
By Distribution Channel
Key Elements Included In The Study: Global Asthma Treatment Market
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