According to our latest study, “Asthma Drugs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Medications, Route of Administration, and Distribution Channels,” the asthma drugs market size is projected to grow from US$ 24,239.17 million in 2021 to US$ 34,136.10 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report highlights the key factors driving the market and prominent players with their developments.
Asthma is a lung disease that affects people of all ages. It produces wheezing and makes breathing difficult. Exposure to an allergy or irritant, infections, exercise, emotional stress, and other conditions are all potential triggers. When the symptoms of asthma become unbearable, an asthma attack ensues. Attacks can happen out of nowhere and range in severity from mild to life-threatening. Asthma is managed with rescue inhalers to treat symptoms and controller inhalers that prevent symptoms. Severe cases may require longer-acting inhalers that keep the airways open (formoterol, salmeterol, tiotropium), as well as inhalant steroids. Asthma medication comes in several forms, including tablets, injections, liquids, and inhalers; and it falls into two groups: bronchodilators and anti-inflammatories.
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A few of the most notable companies occupying a considerable share of the market are AstraZeneca, TEVA PHARMACEUTICAL INDUSTRIES LTD, GlaxoSmithKline plc, Boehringer Ingelheim International GmbH, Merck & Co., Inc, Koninklijke Philips N.V., Sanofi, Pfizer Inc., Novartis AG, and Abbott.
Market leaders are involved in partnerships, product launches, acquisitions, and other strategies to improve their performance and consolidate the market position. The companies are focusing on organic strategies such as product launches, and product approvals. Inorganic growth strategies witnessed in the market were acquisitions, collaboration, and partnerships. These growth strategies have aided the market players in the expansion of their business enhanced their geographic presence. Additionally, growth strategies such as acquisitions and partnerships helped in strengthening their customer base and increase the product portfolio.
A few of the vital developments in the asthma drugs market are mentioned below:
Jan-2022: GlaxoSmithKline plc got product approval from the US Food and Drug Administration (FDA) for a 40 mg prefilled syringe of Nucala (mepolizumab) for appropriate children aged 6 to 11 years old who have severe eosinophilic asthma (SEA). Nucala can now be given by a child’s health care provider or administered at home by a caregiver once trained by a health care professional. Nucala is an add-on, prescription maintenance treatment for patients 6 years and older with severe eosinophilic asthma.
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Dec-2021: AstraZeneca and Amgen’s Tezspire (tezepelumab-ekko) has got approval in the US for the add-on maintenance treatment of adult and pediatric patients aged 12 years and older with severe asthma. Tezspire is a first-in-class biologic for severe asthma that acts at the top of the inflammatory cascade by targeting thymic stromal lymphopoietin (TSLP), an epithelial cytokine.2-5 It is the first and only biologic to consistently and significantly reduce asthma exacerbations across Phase II and III clinical trials which included a broad population of severe asthma patients irrespective of key biomarkers, including blood eosinophil counts, allergic status, and fractional exhaled nitric oxide (FeNO).
Nov-2021: AstraZeneca agreed to transfer its global rights to Eklira (aclidinium bromide), known as Tudorza in the US, and Duaklir (aclidinium bromide/formoterol) to Covis Pharma Group (Covis Pharma). The agreement ensured continued patient access to these established medicines. Covis Pharma previously acquired the rights to the respiratory medicines Alvesco, Omnaris, and Zetonna from AstraZeneca in 2018.
Jun-2021: Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd., announced its U.S. launch of the first generic version of twice-daily PERFOROMIST, formoterol fumarate inhalation solution, 20 mcg/2 ML, indicated to treat bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD), including chronic bronchitis and emphysema.
Segments – By Distribution
Based on distribution channels, the asthma drugs market is segmented into online pharmacies, hospital pharmacies, and retail pharmacies. Online pharmacies are expected to witness the highest growth over the forecast period. The internet unquestionably impacted every part of our lives, including work, learning, and purchasing. The recent global pandemic of COVID-19 strengthened the position of digital commerce, which experienced rapid and sustained growth. The second COVID-19 wave increased sales by 25-65% for online pharmacies in India. Online sales also increased in countries such as the Czech Republic, Slovakia, and Nigeria. Furthermore, 70% of Czechs made at least one online purchase in their lives and nearly 59% in the last 12 months; in Slovakia, 63%of citizens aged 16 to 74 made an online purchase in the last year. The sales of online pharmacies for asthma products are expected to increase tremendously over the next few years due to the continued prevalence of COVID-19. Asthma patients prefer ordering medications online due to the fear of being exposed to the virus and the dread of insufficient availability.
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