The Insight Partners Latest Research on Report “Asthma Drugs Market Forecast to 2028″ Includes COVID-19 Impact and Global Analysis By Medications (Quick Relief Medications and Long-Term Control Medications), Route of Administration (Inhaled, Prefilled Syringes/Vials, and Others), and Distribution Channels (Online Pharmacies, Hospital Pharmacies and Retail Pharmacies)
“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. The growth of the asthma drugs market is primarily attributed to the growing environmental implications & genetic implications of air pollution and more vulnerability in specific ethnic groups. On the other hand, unmet medical needs and lack of treatment adherence hinder the market’s growth.
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COVID-19 pandemic diverted resources from healthcare services for patients with diseases such as asthma. COVID-19 causes lung dysfunction, complicating asthma treatment. With an outbreak of COVID-19 in most countries globally, modifications to asthma management have been adopted to accommodate the crisis and minimize the exposure of asthma patients to the infection. As per a research article, International Archives of Allergy and Immunology 2021, the analysis results are in contrast with recently published data from NHS England. In a report of 5,683 COVID-19-linked deaths, the authors reported a higher probability of death in asthmatics with (hazard ratio= 1.25; 95% CI 1.08–1.44) and without corticosteroid use (hazard ratio= 1.11; 95% CI 1.02–1.20).
Based on route of administration, the asthma drugs market is segmented into inhaled, prefilled syringe/vials, and others. In 2021, the inhaled segment held the largest share of the market; however, prefilled syringe/vials segment is estimated to register the highest CAGR of 7.4% in the market during the forecast period. Asthma inhalers are the most popular and effective method of administering asthma medication into the lungs. They come in various shapes and sizes and work in various ways. Some only provide one type of drug, and others have two drugs. There are two types of inhalers, including metered-dose inhalers and dry powder inhalers. A metered-dose inhaler is a device that employs a small aerosol canister to deliver a short burst of medication through a mouthpiece made of plastic. A dry powder inhaler that only releases medicine when you inhale deeply.
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Moreover, various companies are launching inhalers for the treatment of asthma. For instance, on 15th June 2021, a drug firm named Glenmark Pharma announced the launch of Tiotropium Bromide Fry Powder Inhaler, which is used to treat chronic obstructive pulmonary disease, in the UK. Moreover, Chronic obstructive pulmonary disease (COPD) is a long-term condition that causes inflammation in the lungs, damaged lung tissue, and a narrowing of the airways, making breathing difficult. Glenmark Pharmaceutical is the only company to launch an equivalent version of the Tiotropium Bromide dry powder inhaler under the brand name Tiogiva in the UK for the treatment of COPD.
Based on distribution channel, the asthma drugs market is segmented into online pharmacies, hospital pharmacies, and retail pharmacies. The retail pharmacies segment is expected to hold the largest share of the market during the forecast period. However, the online pharmacies segment is expected to register the highest CAGR during 2021–2028.
Leading Companies are:
- TEVA PHARMACEUTICAL INDUSTRIES LTD.
- GlaxoSmithKline plc
- Boehringer Ingelheim International GmbH
- Merck & Co., Inc.
- Koninklijke Philips NV
- Pfizer Inc.
- Novartis AG
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