Asthma Therapeutics Market Size Predictions suggest a rise of 3.6% CAGR to reach value of USD 30.6 Billion by 2032
Acumen Research and Consulting recently published report titled “Asthma Therapeutics Market Forecast, 2023 – 2032”
LOS ANGELES, July 27, 2023 (GLOBE NEWSWIRE) — The Global Asthma Therapeutics Market is poised for steady and sustainable growth over the coming decade driven by the rising cases of asthma all over the world and increasing demand for targeted biologic drugs. Asthma is a chronic respiratory disease that requires long-term pharmacological management through bronchodilators, inhaled/oral corticosteroids, and other drugs that prevent and relieve airway obstruction symptoms. Our article provides a comprehensive analysis of the asthma therapeutics market covering recent trends, growth drivers, challenges, regional outlook, and competitive landscape.
Asthma Therapeutics Market Size and Key Statistics:
- The Total Valuation of the Global Asthma Therapeutics Market stood at USD 21.6 billion in 2022, value to reach USD 30.6 billion. The market is projected to grow at a CAGR of 3.6% from 2023 to 2032.
- The North America region represented the largest share exceeding USD 10.8 billion in the year 2022 owing to higher diagnosis rates aided by screening initiatives and programs.
- Based on drug class, anti-inflammatory drugs accounted for the dominant revenue share of USD 9.3 billion in the global market in 2022 owing to their higher efficacy and compliance.
- Key factors propelling market growth include the introduction of novel mechanism biologics, rising pediatric population, and growing geriatric demographic.
- Advancements in digital/smart inhalers and growing demand for biologics will further boost growth over the coming decade. However, patent expiries and generic competition remain key challenges.
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Asthma Therapeutics Market Report Coverage:
| Market | Asthma Therapeutics Market | |
| Asthma Therapeutics Market Size 2022 | USD 21.6 Billion | |
| Asthma Therapeutics Market Forecast 2032 | USD 30.6 Billion | |
| Asthma Therapeutics Market CAGR During 2023 – 2032 | 3.6% | |
| Asthma Therapeutics Market Analysis Period | 2020 – 2032 | |
| Asthma Therapeutics Market Base Year | 2022 | |
| Asthma Therapeutics Market Forecast Data | 2023 – 2032 | |
| Segments Covered | By Drug Class, By Product Type, By Treatment Type, By Route of Administration, And By Geography | |
| Asthma Therapeutics Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Aemetis Inc., Avfuel Corporation, Fulcrum Bioenergy, Gevo, Lanzatech, Neste, Preem AB, Sasol, SkyNRG, and World Energy. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
In-depth Asthma Therapeutics Overview and Analysis:
The asthma therapeutics market outlook remains positive for the coming decade driven by the high global burden of asthma. As per WHO estimates, around 262 million people worldwide suffer from asthma. The growing pediatric population highly susceptible to developing asthma as well as the rising geriatric population is key demographic factors fueling market growth. Moreover, the introduction of targeted novel mechanism monoclonal antibody drugs and increasing adoption of smart digital inhalers integrated with sensors and apps are major trends boosting the market outlook. However, patent expiries of blockbuster asthma drugs present a major challenge to market growth.
Latest Asthma Therapeutics Market Trends and Innovations:
Increasing R&D focus on developing more advanced monoclonal antibody drugs targeting specific immune pathways involved in asthma progression.
Growing adoption of sensor-enabled smart inhalers integrated with companion apps to track medication usage and provide reminders.
Rising demand for patient-ce ntric digital health platforms that improve drug regimen adherence through education and support.
Continuous technological advancements in dry powder inhalers and metered dose inhalers to improve ease-of-use and effectiveness.
Use of big data, analytics, and artificial intelligence to gain deeper insights into disease prognosis and personalized management.
Asthma Therapeutics Market Major Growth Factors:
- Globally rising prevalence of asthma triggered by urbanization, air pollution, allergens, and changing environmental factors.
- Higher diagnosis rates aided by various public awareness campaigns and screening programs.
- Strong drug pipeline of novel mechanism biologics as well as improved next-generation bronchodilators and corticosteroids.
- Growing pediatric, adult, and geriatric patient pool suffering from asthma worldwide.
- Favorable healthcare policies aimed at reducing the substantial economic burden associated with asthma.
Asthma Therapeutics Market Key Challenges Hindering Market Growth:
- Availability of low-cost generics negatively impacting shares of branded asthma drugs.
- Patent expiries of several major blockbuster asthma therapeutics like Advair and Singulair.
- Pricing pressures owing to the strong bargaining power of consolidated healthcare providers, payors, and networks.
- Proliferation of counterfeit and black market pharmaceutical products in developing countries.
- Side effects and low patient adherence issues associated with commonly prescribed inhalation drugs.
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Segmentation Analysis of Asthma Therapeutics Market:
As per the Drug Classes
- Bronchodilators
- Combination Therapies
- Anti-Inflammatory Drugs
As per the Product Type
- Nebulizers
- Mesh Nebulizers
- Pneumatic Nebulizers
- Ultrasonic Nebulizers
- Inhalers
- Metered Dose Inhalers
- Soft Mist Inhaler
- Dry Powder Inhaler
As per the Treatment Type
- Long-Term Asthma Control Medication type
- Quick-Relief Medication type
- Other type
Asthma Therapeutic Route of Administrations
- Parenteral
- Inhalation
- Oral
Asthma Therapeutics Market Regional Analysis and Outlook:
The North America region accounted for the largest share of the Global Asthma Therapeutics Market in 2022 owing to higher diagnosis rates, developed healthcare infrastructure, and relatively better reimbursement coverage for respiratory drugs. The Asia Pacific market will exhibit the fastest growth over the forecast period attributable to rising urbanization, air pollution, and evolving healthcare policies in developing countries such as India and China.
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Leading Players in the Global Asthma Therapeutics Market:
Some of the major companies operating in the asthma therapeutics market include GlaxoSmithKline plc, Merck & Co. Inc., Boehringer Ingelheim, AstraZeneca plc, Teva Pharmaceuticals, Koninklijke Philips N.V., Sunovion Pharmaceuticals Inc., Omron Healthcare Co. Ltd., 3M Company, and others. Acquisitions, new drug development, and geographic expansion remain key strategies adopted by these players.
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