Asthma Drugs Market Size, Share Analysis And Forecast 2024-2033

The Business Research Company recently released a comprehensive report on the Global Asthma Drugs Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The asthma drugs market size has grown strongly in recent years. It will grow from $23.05 billion in 2023 to $24.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to environmental factors, increased respiratory disorders, lifestyle changes, healthcare infrastructure development.

The asthma drugs market size is expected to see strong growth in the next few years. It will grow to $30 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rising air pollution levels, growing aging population, increasing healthcare awareness, personalized medicine trends, biopharmaceutical innovations. Major trends in the forecast period include small molecule therapies, home-based asthma care, biomarker-guided therapies, therapeutic advances in severe asthma, collaborations for asthma research.

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Market Drivers and Trends:

The high prevalence of asthmatic disorders is expected to propel the growth of the asthma drug market going forward. Asthma refers to a long-term disease that causes inflammation and swelling of the airways, resulting in the narrowing of the airways that carry air from the nose and mouth to the lungs. Owing to the increase in asthma cases, there has been a surge in the identification of new asthma drugs for treating asthmatic disorders. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based national public health agency, in the US asthma prevalence increased to 24,96 million in 2021 and there were 3,517 deaths. Therefore, the increasing number of asthmatic disorders leads to an increase in the development of novel drugs, which will further drive the asthma drug market.

Product innovations are a key trend gaining popularity in the asthma drug market. Major companies operating in the asthma drug market are focused on developing new solutions to sustain their position in the market. For instance, in December 2021, Amgen, a US-based biopharmaceutical company, and AstraZeneca, a UK-based biopharmaceutical company, received FDA approval for their injectable drug Tezpire to alleviate the symptoms of asthma. The drug Tezpire helps to sto2p the inflammation that causes asthma attacks and has the potential to treat a wide range of people with severe asthma, including patients who have lacked effective treatment options in the past. The drug is the first and only biologic to reduce asthma-related exacerbations in Phase 2 and 3 clinical trials. significantly and consistently. The approval of Tezpire will enable greater benefits for this medicine for patients owing to the rising number of asthma cases.

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Major Key Players of the Market:

Pfizer Inc., Roche Holding AG, Merck & Co. Inc., Bayer AG, Sanofi S.A., AstraZeneca PLC., GlaxoSmithKline PLC., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Novartis International AG, Mylan N.V., Koninklijke Philips N.V, Cipla Limited, Chiesi Farmaceutici S.p.A., Sun Pharmaceutical Industries Limited, Hikma Pharmaceuticals, Mundipharma International Limited, Lupin Limited, Glenmark Pharmaceuticals Limited, Hetero Drugs Limited, Alembic Pharmaceuticals Limited, Sunovion Pharmaceuticals Inc., Amphastar Pharmaceuticals Inc., Beximco Pharmaceuticals Ltd, Innoviva Inc., Vectura Group, Circassia Group PLC, Pari Medical Holding GmbH, Pulmatrix Inc., Atopix Therapeutics Limited

Asthma Drugs Market 2024 Key Insights:

• The asthma drugs market size is expected to see strong growth in the next few years. It will grow to $30 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Soaring Prevalence Of Asthmatic Disorders Propels Growth In The Asthma Drug Market
• Amgen And Astrazeneca Gain FDA Approval For Tezpire, Revolutionizing Asthma Drug Market
• North America was the largest region in the asthma drugs market in 2023

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