Precedence Research’s latest report on the global asthma drugs market provides an analysis for the period of 2017 to 2030, wherein, 2020 is the base year, 2017 and before is historical data, and 2021 to 2030 is the forecast period.
The global asthma drugs market size was valued at US$ 20.6 Billion in 2020 and is projected to reach US$ 37.3 Billion by 2030, rising at a market growth (CAGR) of 5.2% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for asthma drugs market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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Asthma is considered to be one of the world’s most common diseases affecting the population, and is also a life-threatening condition affecting patients’ regular breathing. Asthma is a persistent condition that stretches and narrows the air passages of the lungs, causing constant assaults of breathlessness, bronchospasm and reversible obstruction of airflow. Air toxicity, cigarette smoke, environmental irritants, indoor and outdoor allergens are major causes of asthma. In an increasing number of urban and rural areas, there is a substantial rise in asthma cases due to an increase in air quality.
There is a large rise in the number of cigarettes, which contributes to asthma symptoms. In addition, the rise in industrialization has also contributed to an increase in the number of cases of asthma, which, over the forecast era, would drive the demand for global asthma drugs. The giants of pharmaceutical companies are steadily investing in their R&D activities to develop better medicines for asthma, which are also expected to fuel the target market. In addition, current advances in the healthcare sector are providing groundbreaking therapies that are expected to further fuel the growth of the target market over the forecast timeframe.
Increasing prevalence of asthma across the globe is major factor driving growth of the global asthma drugs market. Asthma is deliberated as the common chronic diseases. Increasing need for better and improved health is creating huge demand for the asthma medications which will in turn fuel growth of the global market in the near future. As per the data published by Pharmaceutical Services Negotiating Committee (PSNC), in 2016, more than 5.5 million people in the UK received asthma treatment out of which 4.3 million were adults and 1.1 million asthma patients were children.
In order to cater the growing demand for asthma drugs, key market players are repeatedly launching advanced and innovative products at minimum costs which is will support and boost growth of the asthma industry in the next 10 years. For instance, in year 2019, AstraZeneca company’s asthma drug Fasenra has been approved by the Food and Drug Administration which is a pre filled and auto injector. Additionally, in the same year GlaxoSmithKline plc.’s Nucala has been approved by the Food and Drug Administration in order to treat severe eosinophilic asthma for the children in the six to eleven year of age group. This is the only biologic approved for the younger age group. Additionally, rising R&D activities, technological advancements, government support for creating health awareness are among major factors that will augment target industry growth during the forecast time-frame.
- Among the asthma drugs medications type segment long-term control medications segment is dominated the overall market. The growth is attributed to growing need for the long-term control medications in order to treat chronic diseases that are considered as asthma. Further the quick relief medications segment is projected register significant share in the global industry owing its increased consumer base across the globe.
- Novartis accounted for a significant share of the global asthma drugs market.
- Tablets and capsules segment is expected to hold the prime revenue share by mode of administration.
- Long-term control medications segment is expected to hold the prime revenue share by medication type.
The research report deals with the industry prospects of asthma drugs products around regions including Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. North America will dominate the global industry due to huge investments in healthcare sector and growing research and development activities in the countries is predictable create tremendous demand for the asthma drugs, in the countries of the North America. Presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future.
Asia Pacific is likely to list the noteworthy CAGR, on account of increased initiatives by the government in order to creates awareness regarding health in emerging economies. Also, most of the key players operating in the industry are investing heavily in order to get the competitive edge in the asthma drugs market in Asia Pacific. Addition to this growth of the European countries is attributed to the growing focus on research and development activities and increasing old age population in the France, Russia, and U.K. of the region. Latin America asthma drugs market is expected to grow at moderate CAGR in the near future. Also, Middle East and Africa region is expected to create lucrative growth opportunities in the target industry.
Key Players of the global asthma drugs market are:
- Vectura Group
- Boehringer Ingelheim
- Teva Pharmaceutical
Segments Covered in the Report:
- Quick Relief Medications
- Long-term Control Medications
By Mode of Administration
- Tablets and Capsules
- Sprays and Powders
By Organization Type
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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