The global asthma drugs market is predicted to reach over USD 34.28 billion by 2030, growing at a CAGR of 5.2% during the forecast period 2022 to 2030.
Asthma is considered to be one of the world’s most common diseases affecting the population, and is also a life-threatening condition affecting patients’ regular breathing. Asthma is a persistent condition that stretches and narrows the air passages of the lungs, causing constant assaults of breathlessness, bronchospasm and reversible obstruction of airflow. Air toxicity, cigarette smoke, environmental irritants, indoor and outdoor allergens are major causes of asthma. In an increasing number of urban and rural areas, there is a substantial rise in asthma cases due to an increase in air quality.
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There is a large rise in the number of cigarettes, which contributes to asthma symptoms. In addition, the rise in industrialization has also contributed to an increase in the number of cases of asthma, which, over the forecast era, would drive the demand for global asthma drugs. The giants of pharmaceutical companies are steadily investing in their R&D activities to develop better medicines for asthma, which are also expected to fuel the target market. In addition, current advances in the healthcare sector are providing groundbreaking therapies that are expected to further fuel the growth of the target market over the forecast timeframe.
Increasing prevalence of asthma across the globe is major factor driving growth of the global asthma drugs market. Asthma is deliberated as the common chronic diseases. Increasing need for better and improved health is creating huge demand for the asthma medications which will in turn fuel growth of the global market in the near future. As per the data published by Pharmaceutical Services Negotiating Committee (PSNC), in 2016, more than 5.5 million people in the UK received asthma treatment out of which 4.3 million were adults and 1.1 million asthma patients were children.
In order to cater the growing demand for asthma drugs, key market players are repeatedly launching advanced and innovative products at minimum costs which is will support and boost growth of the asthma industry in the next 10 years. For instance, in year 2019, AstraZeneca company’s asthma drug Fasenra has been approved by the Food and Drug Administration which is a pre filled and auto injector. Additionally, in the same year GlaxoSmithKline plc.’s Nucala has been approved by the Food and Drug Administration in order to treat severe eosinophilic asthma for the children in the six to eleven year of age group. This is the only biologic approved for the younger age group. Additionally, rising R&D activities, technological advancements, government support for creating health awareness are among major factors that will augment target industry growth during the forecast time-frame.
Scope of the Asthma Drugs Market
|USD 34.65 Billion by 2030
|CAGR of 5.2% From 2022 to 2030
|2017 to 2021
|2022 to 2030
|Medication, Mode of Administration, Source, Organization Type, Application
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
- Among the asthma drugs medications type segment long-term control medications segment is dominated the overall market. The growth is attributed to growing need for the long-term control medications in order to treat chronic diseases that are considered as asthma. Further the quick relief medications segment is projected register significant share in the global industry owing its increased consumer base across the globe.
- Novartis accounted for a significant share of the global asthma drugs market.
- Tablets and capsules segment is expected to hold the prime revenue share by mode of administration.
- Long-term control medications segment is expected to hold the prime revenue share by medication type.
The research report deals with the industry prospects of asthma drugs products around regions including Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. North America will dominate the global industry due to huge investments in healthcare sector and growing research and development activities in the countries is predictable create tremendous demand for the asthma drugs, in the countries of the North America. Presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future.
Asia Pacific is likely to list the noteworthy CAGR, on account of increased initiatives by the government in order to creates awareness regarding health in emerging economies. Also, most of the key players operating in the industry are investing heavily in order to get the competitive edge in the asthma drugs market in Asia Pacific. Addition to this growth of the European countries is attributed to the growing focus on research and development activities and increasing old age population in the France, Russia, and U.K. of the region. Latin America asthma drugs market is expected to grow at moderate CAGR in the near future. Also, Middle East and Africa region is expected to create lucrative growth opportunities in the target industry.
Key Market Players and Strategies:
The major companies functioning in the worldwide GlaxoSmithKline, Pfizer, Vectura Group, Boehringer Ingelheim, Roche, Novartis, Merck, AstraZeneca, Teva Pharmaceutical among others. Enormous investment in the study of the asthma drugs accompanied by strategic collaborations like as mergers, company acquisitions are business approaches commenced by the major companies in the asthma drugs market. In October 2019, The US Food and Drug Administration (FDA) has approved self-administration AstraZeneca’s asthma drug Fasenra, a pre-filled, single-use auto-injector.
Major companies operating in this area are:
- Vectura Group
- Boehringer Ingelheim
- Teva Pharmaceutical
For improved status of asthma drugs, and strategies accepted by Precedence Research projected the upcoming growth of the asthma drugs market.
Key Market Developments:
- In 2020, Novartis a leading company has obtained EC approval for Enerzair Breezhaler that can be recommended alongside asthma treatment in the Europe.
Major Market Segments Covered:
- Quick Relief Medications
- Long-term Control Medications
By Mode of Administration
- Tablets and Capsules
- Sprays and Powders
By Organization Type
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
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