Asthma Treatment Market is Projected to Expand at a CAGR of ~2% from 2019 to 2027

Transparency Market Research (TMR) has published a new report on the asthma treatment market for the forecast period of 2019-2027. According to the report, the global asthma treatment market was valued at ~US$ 25 Bn in 2018, and is projected to expand at a CAGR of ~2% from 2019 to 2027.

Overview

Asthma treatment involves two main types of medications: long-term asthma control medications and quick-relief (rescue) medications.

Asthma can usually be managed with rescue inhalers (salbutamol) to treat its symptoms and controller inhalers (steroids) that prevent its symptoms. However, severe asthma cases require long-acting inhalers that keep the airways open (formoterol, salmeterol, tiotropium), as well as inhalant steroids.

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Growth of the global asthma treatment market can be attributed to the increase in the number of asthma patients across the globe.

North America dominated the global asthma treatment market in 2018, and the trend is anticipated to continue during the forecast period. Increase in the adoption of combination therapy, presence of major companies operating in the asthma treatment market in the region, and the introduction of new drugs such as combination therapy and increase in use of these drugs in the near future are factors that are likely to drive the asthma treatment market in North America.

Asia Pacific is expected to be a highly lucrative market for asthma treatment.

Increase in Prevalence of Asthma and Rise in Awareness to Drive Market

Increase in the prevalence of asthma across the global is a major factor fueling the growth of the global asthma treatment market. The disease is increasingly affecting adults as well as the pediatric population due to genetics or environmental factors, including microbial exposure, exposure to passive smoking, and air pollution, thereby propelling the need for asthma treatment.

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According to the World Health Organization, currently, 235 million people around the world are suffering from asthma, and 338,000 deaths due to asthma were reported in 2015.

As per the Centers for Disease Control and Prevention (CDC) analysis data, asthma prevalence was 7.8% in 2015, which increased to 7.9% in 2017, in North America alone.

Asthma is one of the common lifelong chronic diseases. However, currently, people are increasingly becoming aware about asthma and its treatment, thus propelling the growth of the asthma treatment market.

World Asthma Day is an annual event organized by the Global Initiative for Asthma (GINA) to improve asthma awareness and care around the world. The month of May is considered as the National Asthma and Allergy Awareness Month, to educate people and raise awareness.

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Long-term Asthma Control Medications to Dominate Asthma Treatment Market

The long-term asthma control medications segment dominated the global asthma treatment market in 2018, and the trend is likely to continue during the forecast period, owing to continuous innovation in long-term therapy such as combination therapy, to provide comfort to patients and prevent symptoms.

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Inhaled Route of Administration to be Promising

The inhaled segment dominated the global asthma treatment market in 2018. It is the most lucrative route of administration segment of the global asthma treatment market.

Growth of the inhaled segment can be attributed to inhaled drug therapy for asthma treatment. This is a preferred route of administration of medicine, as it is absorbed directly by the epithelium of the lungs.

Retail Pharmacies Accounted for Major Share of Asthma Treatment Market

The retail pharmacies segment dominated the global asthma treatment market, in terms of revenue, in 2018, and the trend is projected to continue during the forecast period. Increase in the number of asthma therapeutics being distributed through retail pharmacies and rise in the number of retail pharmacies in developing countries make these pharmacies a major channel of distribution.

North America to Dominate Global Asthma Treatment Market

North America accounted for a major share of the global asthma treatment market in 2018, owing to the introduction of new drugs, such as the availability of combination therapy and increase in the use of these drugs, and increase in the number of asthma cases in countries such as the U.S.

The asthma treatment market in Asia Pacific is likely to expand at a high CAGR from 2019 to 2027. Significant growth of the asthma treatment market in the region can be attributed to a rise in the prevalence of asthma and increase in the demand for asthma therapeutics.

Competitive Landscape

AstraZeneca plc., Boehringer Ingelheim International GmbH, GlaxoSmithKline plc are the leading players in the global asthma treatment market.

The global asthma treatment market is fragmented in terms of number of players. Key players in the global asthma treatment market include Mylan N.V., AstraZeneca plc., Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc., Merck & Co., Inc., Novartis AG, Sanofi, Sunovion Pharmaceuticals, Inc., and Teva Pharmaceutical Industries.

New product development through robust R&D activities and mergers & acquisitions are key strategies adopted by these players to expand in the global asthma treatment market.

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This release was published on openPR.