Press release
Asthma Treatment Market Set to Soar: Projected to Surpass US$ 34.5 Billion by 2031
๐๐๐๐ต๐บ๐ฎ ๐ง๐ฟ๐ฒ๐ฎ๐๐บ๐ฒ๐ป๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ข๐๐๐น๐ผ๐ผ๐ธ ๐ฎ๐ฌ๐ฏ๐ญ: ๐ก๐ฎ๐๐ถ๐ด๐ฎ๐๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฃ๐ฎ๐๐ต ๐๐ผ ๐ฅ๐ฒ๐๐ฝ๐ถ๐ฟ๐ฎ๐๐ผ๐ฟ๐ ๐ช๐ฒ๐น๐น๐ป๐ฒ๐๐The global asthma treatment market has witnessed significant growth over the years and is poised for continued expansion in the foreseeable future. Valued at US$ 24.0 billion in 2021, the market is projected to achieve a compound annual growth rate (CAGR) of 3.7% from 2022 to 2031, reaching an impressive value of more than US$ 34.5 billion by the end of 2031. This growth trajectory is a testament to the increasing awareness about asthma treatment and the evolving landscape of respiratory care.
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๐๐ฟ๐ถ๐๐ถ๐ป๐ด ๐๐ฎ๐ฐ๐๐ผ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐๐ป๐ฎ๐บ๐ถ๐ฐ๐
The surge in awareness initiatives surrounding asthma treatment is a pivotal driver for the market's growth. Organizations such as the Centers for Disease Control and Prevention's National Asthma Control Program have undertaken commendable efforts to raise awareness about asthma and its treatment options. Collaborative endeavors like asthma camps organized by the Asthma Society of India further contribute to market expansion.
The rising prevalence of asthma, coupled with the adoption of combination therapies and the emergence of smart inhaler technology, is fueling demand for effective asthma treatments. The pharmaceutical industry's focus on innovation and collaborations is also playing a vital role in driving market growth. Notable partnerships like AstraZeneca's collaboration with Avillion Company to develop the 'PT027' asthma rescue inhaler exemplify this trend.
๐จ๐ป๐ฑ๐ฒ๐ฟ๐๐๐ฎ๐ป๐ฑ๐ถ๐ป๐ด ๐๐๐๐ต๐บ๐ฎ ๐ฎ๐ป๐ฑ ๐ถ๐๐ ๐ง๐ฟ๐ฒ๐ฎ๐๐บ๐ฒ๐ป๐
Asthma, characterized by the narrowing and swelling of airways, causes difficulties in breathing, accompanied by symptoms such as coughing, wheezing, and shortness of breath. While some experience only minor inconveniences, for others, asthma can disrupt daily life and even lead to life-threatening asthma attacks.
Several factors can exacerbate asthma symptoms, including exercise-induced asthma triggered by cold and dry air, as well as occupational asthma resulting from exposure to workplace irritants. Allergy-induced asthma is caused by allergens like pollen, mold spores, and pet dander.
Asthma treatment involves various options, including nebulizers and spacers, with nebulizers being preferred for their ability to deliver medication quickly and efficiently to patients.
๐๐๐ ๐๐ต๐ถ๐ ๐ฃ๐ฟ๐ฒ๐บ๐ถ๐๐บ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ | ๐๐บ๐บ๐ฒ๐ฑ๐ถ๐ฎ๐๐ฒ ๐๐ฒ๐น๐ถ๐๐ฒ๐ฟ๐ ๐๐๐ฎ๐ถ๐น๐ฎ๐ฏ๐น๐ฒ ๐ฎ๐ -
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๐๐น๐ผ๐ฏ๐ฎ๐น ๐๐ถ๐๐ฒ๐ฎ๐๐ฒ ๐๐๐ฟ๐ฑ๐ฒ๐ป ๐ฎ๐ป๐ฑ ๐ง๐ฟ๐ฒ๐ฎ๐๐บ๐ฒ๐ป๐ ๐๐ฒ๐บ๐ฎ๐ป๐ฑ
Asthma is a significant global public health concern, affecting millions of individuals worldwide. Genetic and environmental factors contribute to its prevalence, with microbial exposure, passive smoking, and air pollution playing significant roles. In 2019, asthma impacted around 262 million people, resulting in approximately 455,000 fatalities, as per the World Health Organization (WHO). Underdiagnosis and undertreatment remain pressing issues, particularly in low- and lower-middle-income countries.
In the United States alone, nearly 26 million people suffer from asthma, with associated costs exceeding US$ 56 billion annually. This mounting disease burden underscores the need for effective asthma treatments.
๐ฅ๐ถ๐๐ฒ ๐ถ๐ป ๐๐๐ฎ๐ฟ๐ฒ๐ป๐ฒ๐๐ ๐ฎ๐ป๐ฑ ๐ง๐ฟ๐ฒ๐ฎ๐๐บ๐ฒ๐ป๐
A growing emphasis on asthma awareness is a prominent trend, with events like World Asthma Day and National Asthma and Allergy Awareness Month promoting knowledge about asthma attack treatment globally. Initiatives like the CDC's National Asthma Control Program and educational campaigns contribute to improved asthma management and patient outcomes.
๐ง๐ฟ๐ฒ๐ฎ๐๐บ๐ฒ๐ป๐ ๐๐ฝ๐ฝ๐ฟ๐ผ๐ฎ๐ฐ๐ต๐ฒ๐ ๐ฎ๐ป๐ฑ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฆ๐ฒ๐ด๐บ๐ฒ๐ป๐๐ฎ๐๐ถ๐ผ๐ป
The asthma treatment market can be categorized into long-term asthma control medications and quick-relief (rescue) medications. Long-term control medications, including inhaled corticosteroids like ADVAIR DISKUS and Symbicort, dominate the market due to their efficacy.
In terms of administration routes, inhaled medications hold a significant share, as they offer direct absorption into the lung's epithelium. Retail pharmacies emerge as the primary distribution channel, aligning with the increase in asthma therapeutics dispensed through these outlets.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐ณ๐ผ๐ฟ ๐ฐ๐๐๐๐ผ๐บ๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ต๐ถ๐ ๐ฟ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฎ๐ -
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๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป๐ฎ๐น ๐ง๐ฟ๐ฒ๐ป๐ฑ๐ ๐ฎ๐ป๐ฑ ๐๐ฒ๐ ๐ฃ๐น๐ฎ๐๐ฒ๐ฟ๐
North America currently commands a substantial market share, driven by factors such as recent FDA approvals, robust drug pipelines, and initiatives to diagnose and treat asthma cases early. Asia Pacific is anticipated to exhibit rapid growth, fueled by high asthma prevalence, environmental pollution, and rising awareness.
Key players in the asthma treatment market include Mylan N.V., AstraZeneca plc, Boehringer Ingelheim, GlaxoSmithKline plc, Lupin Pharmaceuticals, and more. These players engage in product portfolio expansion and strategic partnerships to enhance their offerings and contribute to market growth.
๐ ๐ผ๐ฟ๐ฒ ๐ง๐ฟ๐ฒ๐ป๐ฑ๐ถ๐ป๐ด ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐๐ ๐ฏ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฝ๐ฎ๐ฟ๐ฒ๐ป๐ฐ๐ ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต -
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https://www.globenewswire.com/en/news-release/2022/09/22/2521241/0/en/Global-Veterinary-Molecular-Diagnostics-Market-to-Grow-at-8-CAGR-during-Forecast-Period-TMR-Study.html
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