Asthma Treatment Market to Expand with Significant CAGR by 2027

The global asthma treatment market will rise from a value of ~US$ 25.6 Bn in 2019 to ~US$ 30.5 Bn by 2027, and it is anticipated that an increase in the number of FDA-approved products in parallel to the increasing awareness among asthma patients regarding quality care will drive the steady odyssey of the market.

Wilmington, Delaware, United States, Transparency Market Research Inc. The global asthma treatment market will rise from a value of ~US$ 25.6 Bn in 2019 to ~US$ 30.5 Bn by 2027, and it is anticipated that an increase in the number of FDA-approved products in parallel to the increasing awareness among asthma patients regarding quality care will drive the steady odyssey of the market.

Analysts at Transparency Market Research (TMR) anticipate that, among the strategic approaches taken towards consolidation, partnerships and collaborations will remain integral to maximize profitability from new markets. Having witnessed product recalls, manufacturers in the asthma treatment market are dedicating ample efforts to develop high-quality products, which are likely to receive easy approvals from the FDA and similar regulatory bodies.

On the demand side, as awareness regarding quality care for the treatment of asthma increases among patients, the adoption of inhalers and oral drugs is likely to increase. However, in recent times, the cost-benefits of generic drugs have been appealing to patients, which could pose as a challenge for manufacturers in the asthma treatment market.

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Consumer Shift towards Alternative Therapies to Impede Revenue of Asthma Treatment Market

The consumption of antibiotics for the treatment of asthma has always been debatable, given their side-effects such as include sore mouth and throat, dysphonia, cough, and spasms of the trachea. In addition, several patients have also complained of suffering from headaches, increased heart rates, and tremors, post the intake of drugs, which has instigated the quest for asthma treatment that is free from any side-effects, such as alternative therapies.

Despite not being branded as the mainstream treatment, individuals in the modern era are showing a marked proclivity for alternative therapies as an additional measure to treat asthma. Another challenge for market players is the mounting amount of literature that claims the effectiveness of alternative therapies when practiced for a prolonged period of time. This has attracted the interest of practitioners as well as asthma patients towards alternate therapies, as such impeding the growth of the global asthma treatment market.

The trend of practicing Yoga and Unani is gaining traction, and is more pronounced in Asia Pacific, which also happens to be the home to these therapies. Also, a high number of medical tourism activities observed in the region are likely to pass on the trend to developed countries, which could negatively impact the sales of drugs and devices related to asthma, thereby stunting the growth of the asthma treatment market space.

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Long-term Asthma Control Medications to Outperform Quick-relief Medications

According to statistical data reported by the TMR study, the sales of long-term asthma control medications accounted for a value equal to ~US$ 14 Bn in 2018, and these drugs are projected to fast-penetrate the end-user space at a rate of ~3% during 2019-2027. A spurt in the growing popularity of these medications is due to the increase in the adoption of combination drugs for treating asthma, coupled with several studies establishing their effectiveness, when consumed for a prolonged duration.

Quick-relief medications have use only during asthma attacks, which makes them a less-significant drug in the asthma treatment market. To add to that, a high number of patent expirations and the advent of generic variants are further projected to impede their sales potential during the forecast period.

Asthma Treatment Market: Key Insights

Long-term asthma control medications and quick-relief (rescue) medications are the two types of drugs used to treat asthma.

Rescue inhalers and controller inhalers are used to treat the symptoms of asthma. However, to manage severe asthma cases, longer-acting inhalers are required, which can keep the airways open (formoterol, salmeterol, tiotropium) as well as be used as inhalant steroids.

Major types of long-term asthma control medications include combination inhalers, inhaled corticosteroids, long-acting beta agonists, leukotriene modifiers, theophylline, and others (reslizumab, benralizumab, etc.).

The combination inhalers sub-segment dominated the long-term asthma control medications segment in the asthma treatment market in 2018. The growth of this sub-segment can be attributed to the increase in the demand for combination inhalers, and promising drugs in the pipeline of the market.

The global asthma treatment market covers all drug types for different routes of administration to treat asthma in patients. Several drug companies are focusing on the development of promising drug molecules to improve treatment measures, which are beneficial for patients, by collaborating with research institutes and others companies. These factors are projected to drive the market during the forecast period.

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Asthma Treatment Market: Drivers

Asthma prevalence has been increasing despite advancements in treatment in the past two decades. Due to this, the global asthma treatment market is also expanding. Asthma prevalence ranges from 3% to 5% in developing countries, to less than 20% in developed countries, affecting people of all ages.

Focus on spreading awareness about asthma treatment, including common treatment options such as pressurized meter dose inhalers and dry powder inhalers, is fueling the global market.

Increase in the success rate of asthma treatment using combination therapy, such as long-acting muscarinic antagonist-inhaled corticosteroid (LAMA-ICS), long-acting β2-agonist-inhaled corticosteroid (LABA-ICS), and other combination drugs, and recent regulatory approvals have propelled the adoption of combination therapy in the global asthma treatment market.

Rising focus on smart or digital inhalers for the administration of asthma drugs is driving the global market.

The asthma treatment market is anticipated to be driven by increase in product approvals by the FDA and other regulatory bodies, rise in the prevalence of asthma, and strategic approaches such as collaborations & partnerships by market players. Rise in the opportunities for market players to expand their geographical presence in emerging countries will fuel the growth of the global asthma treatment market.

Asthma Treatment Market: Key Segments

The global asthma treatment market has been segmented based on treatment type, route of administration, and distribution channel.

Under treatment type, the global market is dominated by the long-term asthma control medications segment, which will continue over the forecast period.

Under distribution channel, the global market is dominated by the retail pharmacies segment, which is expected to continue through the forecast period.

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Asthma Treatment Market: Key Regions

In terms of region, the global asthma treatment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been further divided into major countries and sub-regions.

North America holds a major share of the global market, while Asia Pacific is projected to expand at the highest CAGR over the forecast period.

Asthma Treatment Market: Major Players

The global asthma treatment report concludes with the company profiles section that includes key information about the major players in the market.

Leading players analyzed in the report are

  • Mylan N.V.
  • AstraZeneca plc.
  • Boehringer Ingelheim International GmbH
  • F. Hoffmann-La Roche Ltd
  • GlaxoSmithKline plc.
  • Merck & Co., Inc.
  • Novartis AG
  • Sanofi
  • Sunovion Pharmaceuticals, Inc.
  • Teva Pharmaceutical Industries

Each of these players have been profiled in the global market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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