PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401821
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401821
Asthma Therapeutics Market size was valued at USD 24,100 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
Asthma therapeutics encompass a spectrum of medicines and interventions devised to manage and relieve the symptoms of asthma, a persistent respiratory condition marked by airway inflammation and increased responsiveness. These therapies aim to regulate manifestations like wheezing, breath shortness, chest constriction, and coughing. They fall into two primary categories: long-term control drugs that aim to prevent symptoms and diminish airway inflammation, and quick-relief or rescue medications for immediate relief during asthma attacks. Long-term control medications commonly involve inhaled corticosteroids, long-acting beta-agonists, leukotriene modifiers, and biologics, while short-acting beta-agonists and anticholinergics are typically used as rescue drugs. Additionally, treatment plans may incorporate tailored approaches, lifestyle adjustments, and educational programs on managing asthma to enhance individuals' control and enhance their quality of life while reducing the risk of asthma flare-ups. Consistent monitoring and adjustment of treatment by healthcare professionals are crucial for effective asthma care.
Asthma Therapeutics Market- Market Dynamics
Surge in respiratory illnesses alongside the demand for cost-efficient treatment options to propel market demand
The surge in respiratory illnesses alongside the demand for cost-efficient treatment options underlies the significance of asthma therapeutics. According to the World Health Organization's (WHO) May 2023 report, approximately 262 million people were affected by asthma in 2019, resulting in 455,000 global deaths. Factors such as increasing indoor and outdoor triggers like pollution, allergens, dust, and evolving lifestyles are anticipated to drive growth in the asthma therapeutics sector. Furthermore, heightened awareness and education about asthma among patients, caregivers, and medical practitioners are likely to augment treatments. Events like the World Congress of Asthma, held annually to disseminate knowledge and advancements among experts, aid in comprehending the disease and advancing treatment options. Investments in research and development (R&D) for novel drugs and devices catering to asthma patients, such as biologics, biosimilars, inhalers, nebulizers, and smart devices, are expected to enhance asthma management and promote market expansion. Notably, BiosanaPharma completed phase 1 clinical trials for a biosimilar to omalizumab, an FDA-approved drug for asthma and chronic idiopathic urticaria. Such breakthroughs are pivotal in enhancing patient access to treatment options.
Asthma Therapeutics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030)
Based on Drug Class segmentation, combination therapy was predicted to show maximum market share in the year 2022
Based on Product Type segmentation, inhaled was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Asthma Therapeutics Market is segmented on the basis of Drug Class, Product Type, Route of Administrations, and Region.
The market is divided into three categories based on Drug Class: combination therapy, anti-inflammatory drugs, and bronchodilators. In 2022, the combination therapy segment, notably the combination of inhaled corticosteroids with long-acting beta-agonists, held the primary market share within the therapeutic class. This class is acclaimed for its amplified therapeutic effects, widespread availability, and improved patient adherence to medication.
The market is divided into three categories based on route of administration: oral, inhaled, and other methods. In 2022, the inhaled drugs segment claimed the largest revenue share due to the higher adoption rates and improved patient compliance with pulmonary drug delivery systems in asthma treatment strategies. The escalating awareness among patients regarding alternative asthma therapies and the simplicity associated with these advanced drug delivery systems are driving the growth of this segment over the projected period.
Asthma Therapeutics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies specializing in asthma therapeutics in the pharmaceutical and healthcare sectors employ diverse strategies to enhance their offerings. Their focus remains steadfast on continuous research and development (R&D) to innovate and introduce new medications, formulations, and delivery systems. This involves creating novel drugs targeting specific inflammatory pathways or introducing advanced inhaler technologies for more effective drug administration. Companies prioritize conducting clinical trials and evidence-based studies to showcase the efficacy and safety of their asthma medications. Obtaining regulatory approvals and complying with rigorous standards are critical for market penetration and acceptance. Moreover, there is a burgeoning emphasis on personalized medicine approaches, intending to customize treatments based on individual patient characteristics, genetics, and responses to therapies. This includes delving into biomarkers and predictive analytics to identify patient subgroups that may benefit more from specific medications or therapies. Furthermore, marketing strategies center on educating healthcare providers and patients about the latest advancements in asthma management, emphasizing the importance of adhering to treatment plans and increasing awareness about available options. Additionally, companies actively engage in collaborations and partnerships, collaborating with research institutions, advocacy groups, and healthcare organizations to drive innovation, enhance patient care, and broaden their market presence. Key industry players are implementing various business strategies to fortify their positions, including new product launches, obtaining approvals, and engaging in acquisitions and mergers.
In February 2022, Mankind Pharma revealed an agreement with Dr. Reddy's Laboratories Ltd. to obtain Combihale and Daffy. Combihale, an inhaler brand used for treating asthma and COPD, was valued at USD 109 million with a growth rate of 14%. This strategic move is anticipated to bolster the company's product portfolio and confer a competitive advantage against its rivals.
The scope of this report covers the market by its major segments, which include as follows: