Asthma Treatment Market Expected to Achieve USD 34.5 Billion by 2031, Demonstrating a Compound Annual Growth Rate (CAGR) of 3.7%

The global asthma treatment market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 3.7% from 2022 to 2031, reaching an estimated valuation of US$ 34.5 billion by 2031. A recent report by Transparency Market Research (TMR) reveals that by the end of 2023, the market is anticipated to close at US$ 25.8 billion. This growth is primarily attributed to the escalating prevalence of asthma worldwide, driven by factors such as urbanization, environmental pollution, and lifestyle changes, which necessitate increased demand for asthma treatment. Notably, heightened air pollution resulting from urbanization and industrialization stands as a significant contributor to the expansion of the asthma treatment market.

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Competitive Landscape and Key Market Developments

Leading players in the asthma treatment market are actively engaged in strategic initiatives such as new product development, mergers, and acquisitions to fortify their market position. Notable players identified in the global asthma treatment market include Mylan N.V, AstraZeneca plc., Boehringer Ingelheim, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Lupin Pharmaceuticals, Glenmark Pharmaceuticals, Merck & Co. Inc., Novartis International AG, Sanofi, Sunovion Pharmaceuticals, Inc., and Teva Pharmaceutical Industries.

Several noteworthy developments have also occurred within the market. In January 2023, Lupin, a multinational pharmaceutical company, introduced a new fixed-dose triple drug combination (FDC) named DIFIZMA to manage asthma. Similarly, AstraZeneca's Biologics License Application (BLA) for tezepelumab received Priority Review from the US Food and Drug Administration (FDA) for asthma treatment. Moreover, Sanofi's Dupixent® garnered FDA approval as an add-on maintenance treatment for moderate-to-severe asthma in pediatric patients aged 6 to 11 years.

Market Drivers and Trends

The growth of the asthma treatment market is propelled by various factors, including increased healthcare expenditure, expanded research and development efforts, and technological advancements in inhaler technology. Notably, investments in healthcare infrastructure, coupled with government initiatives to enhance access to healthcare services and medications, have significantly contributed to market expansion. Moreover, ongoing research and development endeavors aimed at developing innovative treatment options, along with the introduction of advanced asthma nebulizers and inhalers, are further driving market growth.

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Regional Analysis

North America emerges as a dominant market player, owing to robust healthcare spending, advanced medical research, and well-established healthcare infrastructure. On the other hand, the Asia Pacific region is expected to witness accelerated growth in the asthma treatment market, driven by factors such as increasing urbanization, industrialization, and a growing focus on respiratory disease management.

Key Segments

The asthma treatment market is segmented based on treatment type, route of administration, distribution channel, and region. Long-term asthma control medications are projected to hold a significant market share, with inhaled drug therapy being the preferred treatment option. Retail pharmacies are expected to generate substantial revenue, and regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America are key geographical segments shaping the market landscape.

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This release was published on openPR.