Asthma and COPD Drugs Market | Evolving Technology, Trends and industry Analysis – 2024
According to Transparency Market Research, the opportunity in the U.S. and China asthma and COPD drugs market is slated to rise from a valuation of US$13.0 bn in 2015 to be worth US$18.7 bn by 2024. If these values hold true, the market is likely to expand at a modest CAGR of 4.1% therein.
China Poised to Witness Strong Growth by 2024
On the basis of drug class, the combination drugs segment is projected to account for a 55.4% share by 2024. This is attributed to the steadily rising preference for combination therapies as prescribed by doctors and the launch of new triple combination therapies during the forecast period. Expanding at the highest CAGR of 4.4% from 2016 to 2024, this segment offers immense scope for growth.
“Combination drugs are analyzed to be the most lucrative segment of the asthma and COPD drugs market, with a high attractiveness index. This is clearly evident from the increased sales of this class of drugs in 2015,” the author of the report states.
In terms of indication, asthma is projected to account for a higher share as compared to COPD during the forecast period. This is due to the increasing adoption of asthma drugs driven by higher diagnosis rates. Asthma is also evaluated to be the most lucrative segment of the asthma and COPD drugs market.
From a geographical standpoint, the U.S. is the dominant segment of the asthma and COPD drugs the market owing to greater awareness among patients and higher prices of these drugs. Although the country accounted for a whopping 81.4% share in 2015, it is estimated to lose market share by the end of the forecast period. On the other hand, China is poised to witness strong growth in the coming years, registering a 10.0% CAGR from 2016 to 2024.
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Rising Incidence of Respiratory Diseases behind Growing Demand for COPD and Asthma Drugs
“One of the most prominent factors driving the asthma and COPD drugs market in the U.S. and China, and one that is likely to have a significant impact throughout the forecast period, is the growing prevalence of asthma and COPD in these two countries, especially in the last decade, the author of the study observes.
Statistics show that the prevalence of asthma across China is 1% to 2%, while it is well over 10% in some cities. Shanghai recorded a whopping 190% increase in the prevalence of asthma over the last decade. The U.S. has also seen an upsurge in asthma cases in the recent past. The Centers for Disease Control and Prevention (CDC) states that around one in 12 people in the U.S. are living with asthma, which translates to around 25 million people in the country.
Another factor driving the market for asthma and COPD drugs in China and the U.S. is the growing usage of biologics in asthma, which is a relatively new method of treatment. Noteworthy advances have been made in the recent past, particularly for patients with severe disease symptoms. Ongoing developments by companies such as AstraZeneca and Roche are projected to provide a strong impetus to the asthma and COPD drugs market.
Contrary to this, patent expiry of blockbuster brands and frequent product recalls threaten to deter the growth of this market.
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