Asthma Drugs Market Size Will Attain USD 34.28 Billion By 2030

The global asthma drugs market size accounted for USD 22.76 billion in 2022 and is projected to hit around USD 34.28 billion by 2030 with a remarkable CAGR of 5.2% between 2022 and 2030.

Asthma is a non-infectious respiratory illness. It can lead to a lung disorder of the airways. It further leads to wheezing, breathlessness, chest tightness, and cough. Many people may get Asthma due to some allergy. It is reversible mainly as compared to other lung diseases. It can be triggered by exposure to irritants, exercise, β blockers, cold air, animals, and dust. It is diagnosed with physical examination and several tests such as sputum eosinophils, X-ray, and nitric oxide test. It can be treated with leukotriene modifiers, inhaled corticosteroids, and theophylline. This disease can affect people of all ages. It makes breathing difficult.

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When its symptoms become unbearable, a person can even get an asthma attack. It can range from mild to life-threatening. Asthma Therapeutics come in different forms, including tablets, injections, liquids, and inhalers, and it falls into two divisions: bronchodilators and anti-inflammatories. The rising cases of Asthma and the demand for effective treatment are expected to drive the growth of the asthma drugs market during the forecast period. As per the reports by Global Initiative for Asthma (GINA), approx 300 million people worldwide got Asthma in 2013, and this is expected to continue rising in the future.

Growth Factors

Factors such as the increasing number of Asthma patients and the rising geriatric population significantly contribute to the asthma drugs market worldwide. Furthermore, rising research and development activities create a positive market outlook. In line with this, heavy investments by the players and rapid technological advancements offer lucrative opportunities for market growth. Moreover, multiple players in the market strongly focus on developing low-cost drugs, thus catalyzing market growth. Growing development of pipeline drugs and escalating approvals by the concerned authorities are propelling the asthma drugs market growth.

Asthma is a respiratory disease, and so is covid. Both are related. The COVID-19 pandemic positively impacted the asthma drug market. This has led to increased demand for asthma drugs, thus favouring market growth. However, due to covid, many companies suffered from various problems such as supply disruption, production halt, transportation problems, etc. But after the launch of Covid vaccine, everything is back to normal, and so is the supply of asthma drugs worldwide.

The market players are planning on merging and acquisitions to capture an excellent market share and give others a competitive edge. In addition, the key players are developing advanced products to cater to the personalized needs of the people. These factors are fuelling market growth across the globe. Asthma drugs are also used to treat Covid 19, thus boosting its demand. These are also used to prevent the symptoms of Asthma. It reduces the possibilities of an asthma attack and can be inhaled directly into the lungs using a nebulizer.

Asthma Drugs Market Report Scope

Report Highlights

• By treatment, long-term control medications dominated the asthma drug market. The market is divided into long-term control medications and quick-relief medications. Since Asthma is a respiratory illness, its treatment is also long-term. So, long-term medications are required for asthma treatment. The long-term medications segment holds the most significant revenue in the global market. Some of the necessary drugs are dominating the market globally. The quick-relief medications segment holds the second position in terms of revenue share. It includes short-acting beta-agonists (SABAs), and these medications offer relief from the symptoms of Asthma through the relaxation of airway muscles. It is expected to contribute significantly to the market growth in the coming years.
  
• By route of administration, the inhalation segment is dominating the market. It earned the largest revenue share in the market. The market is classified into injectable, oral, and inhalation. There are many inhalers in the market to provide relief to patients who have Asthma. Some top products hold control over their market share, resulting in the dominance of the inhalation segment. The oral segment is expected to witness limited growth in the forecast period. Rising penetration of generic equivalents, and the widespread adoption of immunomodulators, are anticipated to restrict the segment’s growth during the forecast period.
  
• By distribution channel, the hospital pharmacies segment dominated the market. It is expected to contribute further in the coming years. The reason behind the growth is that asthma drugs can often be prescribed only in hospital pharmacies with trained medical professionals. This enables adherence to the asthma treatment guidelines and the proper and safe administration of critical Therapeutics. Such treatment allows for the effective control of asthma symptoms. Retail pharmacies & drug stores hold the second position in the market. This is due to the availability of the refilling of asthma prescriptions which can be taken from these places. This is a crucial factor responsible for the growth of this segment in the forecast period. Online pharmacies are expected to witness a promising CAGR in the coming years due to the ease, and convenience patients get in terms of getting critical asthma drugs.

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Regional Snapshots

North America is the largest market for asthma drugs. The North American region dominates the Asthma Drugs market. This is due to the increasing number of people having asthma problems, better healthcare infrastructure, increasing government support, and rising awareness among the people. The growing geriatric population of the United States contributes significantly to the region’s market growth. Many leading regional players are adopting key strategies to expand their foothold in the market. North America is expected to witness substantial growth in the target industry shortly.

On the other hand, Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the high demand for asthma cases due to the increasing number of patients who have Asthma. Also, multiple vital players are investing heavily to expand their portfolios and increase their regional presence. They are trying to get a competitive edge in the asthma drug market in the Asia Pacific. Besides, Latin America, the Middle East and Africa are expected to witness moderate growth in the coming years.

Market Dynamics

Driver: Increasing Prevalence of Asthma Worldwide

One of the main drivers of asthma drugs is the increasing number of patients who have Asthma worldwide. There has been a rising prevalence of chronic respiratory diseases globally. Asthma is the most common chronic respiratory disease, positively influencing the demand for asthma drugs worldwide. A person with Asthma in a severe form can also get an asthma attack. Asthma treatment requires the administration of drugs to treat it well. The demand for a better quality of life is boosting the demand for asthma drugs. According to the American Academy of Allergy, Asthma & Immunology (AAAAI), around 8% of kids in the United States have Asthma. The market players focus on developing low-cost and effective Therapeutics, thus propelling the global market during the forecast period.

Another growth-inducing factor is the increasing requirement for effective treatment of drugs due to the growing covid 19 cases. As covid and Asthma are respiratory illnesses, both require asthma drugs to be treated effectively. The covid-19 deteriorates the symptoms of Asthma in the people suffering from it, thus strengthening the demand for effective asthma treatment. There is a large patient pool suffering from Asthma worldwide. The Centers for Disease Control and Prevention (CDC) issued guidelines for patients undergoing treatment for Asthma and recommended precautions for asthma patients. This is projected to accelerate the demand for asthma drugs which, in turn, will fuel the growth of this market.

Restraint: High Cost of Asthma Medications

Despite the increasing number of patients who have Asthma, there are some factors which are hampering the asthma drugs market across the globe. These factors limit the adoption of these drugs in emerging markets such as Asia and developed markets such as North America. One of the significant factors limiting product adoption is the higher cost of asthma drugs and inhalers, which are used for the treatment of Asthma. For instance, Advair’s prices increased from $ 316 in 2013 to $ 496 in 2018. Besides this factor, another important factor restricting the market growth is the underdiagnosis of Asthma. Underdiagnosis of this respiratory illness leads to poorer clinical results for people unable to get asthma medications as a treatment for their medical condition. These factors are projected to restrain market growth significantly.

Opportunity: Rising number of product launches

The rising number of product launches by various market players offers lucrative global market growth opportunities. Due to the covid-19, there is a high demand for asthma drugs for the effective treatment of Asthma and covid as both problems are related. FDA issued approvals for many asthma drugs in light of the pandemic. For instance, in 2020, FDA permitted Cipla’s generic asthma treatment drug. Such product approvals, launches, and developments create a positive market outlook. The players are launching new products to ensure no shortage of asthma drugs in the market. The above factors and the demand for effective treatment are boosting the need for these drugs and global market growth.

Challenge: Side effects of asthma drugs

Asthma drug side effects are expected to hamper the market growth in the long run. Side effects connected with asthma drugs reduced free trade, and strict regulations are some of the challenges faced by the asthma drugs market. People with Asthma may get adverse side effects if they consume asthma drugs. These drugs don’t give a guarantee of no side effects. Some of the side effects that a person may get from the consumption of asthma drugs are dry mouth, constipation, headaches, muscle cramps, fast heartbeat, and shaking. Inhaled steroids can cause infection in the mouth. Due to this, doctors are prescribing alternative treatments for the effective treatment of Asthma, such as herbs and dietary supplements, yoga, and acupuncture. There has been a rising preference for alternative Therapeutics for the better treatment of Asthma in recent years.

Key Developments in the Marketplace:

• In February 2022, The Committee for Medicinal Products for Human Use of the European Medicines Agency (EMA) gave a positive opinion regarding approval for Sanofi’s Dupixent (dupilumab). It is an add-on maintenance therapy to treat children aged 6 to 11 years with severe Asthma with type 2 inflammation.
• In January 2022, GlaxoSmithKline plc received approval from the U.S. Food and Drug Administration (FDA) for the launch of a Food and Drug Administration (FDA) for a 40 mg prefilled syringe of Nucala (mepolizumab). It is for children aged 6 to 11 years old having severe eosinophilic Asthma (SEA).
• In December 2021, AstraZeneca and Amgen’s Tezspire (tezepelumab-ekko) received approval for the maintenance treatment of adults and paediatrics aged 12 years and older with serious Asthma.

Key players operating in this area are:

• GlaxoSmithKline
• Pfizer
• Vectura Group
• Boehringer Ingelheim
• Roche
• Novartis
• Merck
• AstraZeneca
• Teva Pharmaceutical

Market Segmentation

By Medication

• Quick Relief Medications
• Long-term Control Medications
• Others

By Mode of Administration

• Tablets and Capsules
• Liquids
• Inhalers
• Injections
• Sprays and Powders

By Source

• Environmental
• Generic

By Organization Type

• Public
• Private

By Application

• Pediatric
• Adults
• Adolescent

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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