Asthma is a chronic respiratory condition in which airways get narrow and produce extra mucus which makes breathing difficult and trigger wheezing. It gets triggered by respiratory infections and environmental factors such as allergens, tobacco, smoke, mold, chemicals, strong odors, air pollution, tobacco, and smoking.
The global asthma therapeutics market was valued at US$ 17,582.2 million in 2018 and is projected to exhibit a CAGR of 1.9% during the forecast period (2018 – 2026).
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The rising number of respiratory diseases around the globe is projected to fuel the growth of the global asthma therapeutics market
The growing prevalence of respiratory diseases is projected to fuel global asthma therapeutics market growth. For instance, according to the World Health Organization’s (WHO) report 2016, around 235 million people suffer from asthma worldwide, annually.
Moreover, growing awareness activities regarding asthma disease and its therapeutics are further expected to boost market growth. For instance, in May 2019, Koninklijke Philips N.V. launched a campaign to increase awareness of asthma and related respiratory diseases, especially in children. This campaign was titled ‘Help Your Child Fight against Asthma’.
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Furthermore, a growing product recall is projected to hamper the market growth of asthma therapeutics. For instance, in August 2018, Camber Pharmaceuticals received a product recall letter from the U.S. Food and Drug Administration (USFDA) for its Montelukast Sodium Tablets. These tablets are recalled because Montelukast Tablet bottles labeled as Montelukast Sodium Tablet but it contains Losartan Potassium Tablets.
North America asthma therapeutics market is projected to account for the largest share over the forecast timeframe, and this can be attributed to the growing number of product approvals by regulatory authorities in this region. For instance, in September 2018, U.S. Food and Drug Administration (FDA) announced the approval of new Xolair (containing-Omalizumab) prefilled syringe formulation, for treatment of allergic asthma. Xolair is manufactured by Novartis AG.
Moreover, rising regulatory approvals of a new drug for the treatment of asthma is also projected to propel the market growth of the asthma therapeutics market in this region. For instance, in October 2018, U.S. Food and Drug Administration (USFDA) announced the approval of new drug Dupixent (contains- Dupilumab), developed by the Regeneron Pharmaceuticals, for the treatment and prevention of pulmonary/respiratory diseases including moderate-to-severe asthma.
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Furthermore, Asia Pacific is projected to hold a significant share in the asthma global therapeutics market over the forecast period, and this can be attributed to rising product launches by major players in this region. For instance, in April 2019, Cipla announced the launch of its new inhaler Niveoli in India. It is India’s first extra-fine particle Beclomethasone-formoterol combination hydrofluoroalkane (HFA) inhaler for adults. It is used for the treatment of obstructive airway diseases (OAD) such as asthma and Chronic Obstructive Pulmonary Disease (COPD). Therefore, a growing number of product launches will further support the growth of the asthma therapeutics market.
Key players operating in the asthma therapeutics market include GlaxoSmithKline Plc., Philips Healthcare, AstraZeneca Plc., Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim GmbH, Sanofi-Aventis SA, CareFusion Corporation, Sunovion Pharmaceuticals, Inc. Merck & Co., Inc., and Roche Diagnostics.
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- Global Asthma Therapeutics Market, By Drug Class:
- Beta2-Agonists (Long-Acting and Short-Acting)
- Leukotriene Inhibitors
- Long-Acting Muscarinic Antagonists (LAMA)
- Interleukin Antagonists
- Anti-Immunoglobulin E (IgE) Agents
- Combination Products (Including Beta2 Agonists/Corticosteroids, Beta2 Agonists/Muscarinic Antagonists/Corticosteroids and Others)
- Global Asthma Therapeutics By Route of Administration:
- Global Asthma Therapeutics market, By Distribution Channel:
- Hospitals Pharmacies
- Retail Pharmacies
- Online Pharmacies
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