Rise in awareness about availability of asthma treatment underscores growth
Presence of large number of asthma patients and rise in smoking in Asia Pacific presents significant opportunities
WILMINGTON, Del., Jan. 18, 2023 /PRNewswire/ -- According to a study by Transparency Market Research (TMR), the global asthma treatment market is projected to expand at a CAGR of 3.7% during the forecast period from 2022 to 2031.
Cases of asthma have increased globally in the past few years. Genetics and environmental factors, such as passive smoking, air pollution, and microbial exposure, are accelerating the disease prevalence. This has increased the incidence of the disorder among children and adults. Hence, the need for different asthma treatments is projected to increase in the next few years, states the global asthma treatment market report by TMR.
According to WHO statistics, asthma affected approximately 262 million people and accounted for 455,000 deaths in 2019. This suggests the need for advanced treatment solutions for asthma. Majority of asthma-related deaths are reported in lower-middle and low-income countries, where undertreatment and underdiagnosis of diseases are common.
According to Centers for Disease Control and Prevention (CDC) statistics, asthma affects around 26 million individuals in the U.S. The disorder is projected to cost the country over US$ 56 Bn per year. Therefore, rise in the number of cases of asthma globally is expected to fuel market progress during the forecast period.
Companies are adopting strategies such as collaboration, merger, acquisition, and product innovation in order to gain competitive advantage. These strategies are enabling players to strengthen their market position, notes a TMR study on the global market for asthma treatment.
The market in Asia Pacific is projected to grow at a rapid pace from 2022 to 2031. Market growth in the region is attributed to factors such as increase in asthma patients and smoker population along with rise in the environmental pollution levels in India and China. Moreover, Asia Pacific market is driven by increasing focus of regional governments on respiratory disease management and rise in understanding of asthma management.
The CDC focuses on spreading awareness about asthma and available treatments. The National Asthma Control Program is one such important initiative of the organization. Such projects are expected to drive the asthma treatment market. Organizations, such as the Asthma Society of India, are conducting asthma camps in developing countries. These initiatives are propelling the market for asthma treatment in terms of sales.
Oral, inhaled, subcutaneous, and intravenous are the important routes of medication administration in asthma treatment. Adoption of inhaled drug therapy by patients for asthma attacks has increased in the past few years. This route of administration delivers the asthma drug directly to the lung epithelium. As per analysts at TMR, the inhaled route of administration segment accounted for leading share of the market in 2021.
Analysts at TMR note that the retail pharmacies distribution channel segment held major market share in 2021. The segment growth is attributed to several key factors including increase in the number of retail pharmacies in emerging economies and rise in number of asthma therapeutics distributed via retail pharmacies.
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Asthma Treatment Market: Key Players
Leading players profiled in the report are:
F. Hoffmann-La Roche Ltd.
Merck & Co., Inc.
Novartis International AG
Teva Pharmaceutical Industries
Sunovion Pharmaceuticals, Inc.
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Asthma Treatment Market Segmentation
Route of Administration
Middle East & Africa
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