Pune, May 27, 2020 (GLOBE NEWSWIRE) — The global asthma treatment market size is expected to reach USD 26.01 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period. The growing incidence of respiratory diseases such of chronic obstructive pulmonary disease (COPD), chronic bronchitis, emphysema, lung cancer, asthma, and pleural effusion will spur demand for asthma treatment during the forecast period, mentioned in a report, titled “Asthma Treatment Market Size, Share & Industry Analysis, By Treatment (Long-Term Control Medications, and Quick-Relief Medications), By Route of Administration (Injectable, Oral, and Inhaled), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies), and Regional Forecast, 2020-2027” the market size stood at USD 18.08 billion in 2019.
The increasing risk of death in asthma patients amid the COVID-19 pandemic will fuel demand for pre-diagnosis, which, in turn, will aid the market. For instance, according to the Centers for Disease Control and Prevention (CDC), during the 2019-2020 coronavirus pandemic, individuals suffering from moderate to severe asthma, were at a greater risk of falling ill with acute respiratory disease.
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Surge in Asthma Cases to Expedite Business Expansion
The increasing prevalence of chronic respiratory diseases such as asthma has led to the expansion of the market during the forecast period. Asthma is considered to be the most common chronic disease worldwide. The growing need for advanced therapeutics will subsequently promote the growth of the market. According to the American Academy of Allergy, Asthma & Immunology (AAAAI), in the United States, in 2016, it was estimated that approximately 8.3% of children in the U.S. had asthma.
The launch of low cost-effective therapeutics such as generic equivalents can be an essential factor in augmenting the growth of the market during the forecast period. The growing demand for asthma drugs due to the outbreak of coronavirus will significantly enable the healthy growth of the market. For instance, patients with chronic illnesses such as asthma are more prone to catch the virus. The Centers for Disease Control and Prevention (CDC), in the time of coronavirus pandemic, has issued special guidelines to patients of asthma and also advocated greater precaution for asthma patients.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Expensive Asthma Medications to Dwindle Market Growth
The high costs associated with asthma inhalers, which are often considered the primary treatment for Asthma will limit the adoption of asthma therapeutics. For instance, the prices of Advair, a critical asthma drug has risen from US$ 316 in 2013 to US$ 496 in 2018, documenting an increase of 56.0%. Furthermore, the underdiagnosis of asthma in developing countries will subsequently restrict the growth of the market during the forecast period. Underdiagnosis of asthma leads to poor clinical outcomes for the patient and the adoption of inappropriate asthma pharmaceuticals as a treatment for their medical condition. These factors together are likely to restrict the growth of the market.
Rising Awareness Among Patients to Support Growth in North America
The market size in North America stood at USD 9.40 billion in 2019. The growth in the region is attributed to the rising prevalence of asthma and the awareness of advanced and efficient asthma therapeutics among patients. The market in Asia Pacific is likely to hold the largest share in the forthcoming years owing to the presence of key products in the region, For instance, the strong growth of Pulmicort, a key asthma drug in China. The increasing prevalence of chronic respiratory diseases and growing launches of key products including efficient generic asthma therapeutics is predicted to bode well for the market in Asia Pacific during the forecast period.
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September 2019: The U.S. FDA announced the regulatory approval for Nucala (mepolizumab) for the usage in children as young as the age of six, who are suffering from severe eosinophilic asthma.
List of the Key Companies Operating in the Asthma Treatment Market are:
- GlaxoSmithKline plc
- Teva Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Boehringer Ingelheim International GmbH
- Genentech, Inc. (F. Hoffmann-La Roche Ltd)
- Novartis AG
- Sumitomo Dainippon
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Asthma – by Key Regions – 2019
- Pipeline Analysis
- Key Industry Developments (Mergers, Acquisitions, and Partnerships, etc.)
- Regulatory Scenario – by Key Regions
- An Overview of Emerging Treatments for Asthma
- An Overview of Guidelines for the Diagnosis and Management of Asthma (EPR-3)
- Reimbursement Scenario – by Key Regions
- Global Asthma Treatment Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Treatment
- Long-Term Control Medications
- Quick-Relief Medications
- Market Analysis, Insights and Forecast – By Route of Administration
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Latin America
- Middle East & Africa
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