Rising product approvals by the U.S. Food and Drug Administration and other international agencies will create attractive growth opportunities.
Rising product approvals by the U.S. Food and Drug Administration and other international agencies will create attractive growth opportunities
The global virus-induced asthma treatment market is exhibiting steady growth and the trend is expected to continue for the forecast period between 2021 and 2031.
Rising incidence of respiratory diseases such as chronic bronchitis, emphysema, asthma, chronic obstructive pulmonary disease (COPD), and lung cancer has increased the demand for virus-induced asthma treatment, as per a study by Fact.MR.
According to World Health Organization (WHO), more than 262 million people were affected by asthma and around 461000 deaths were reported in the year 2019. Studies also suggested that asthma is the most common chronic disease among children. The rising cases of asthma will fuel the demand of virus-induced asthma treatment market in the coming years.
The coronavirus outbreak has resulted in increasing the demand for various types of asthma drugs as it is closely associated with respiratory disorders. The Centers for Disease Control and Prevention (CDC) has issued a special guideline for patients suffering from asthma in 2019, driving the growth of the virus-induced asthma treatment market.
“The market of portable treatment devices is estimated to exhibit remarkable growth owing to the increasing requirements for emergency treatment options against sudden asthma attack. As a result an increasing number of market players are likely to focus on the production of these devices” says the Fact.MR analyst.
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Key Takeaways
- The U.S. dominates the virus-induced asthma treatment market on the back of its advanced medical infrastructure and efficient asthma therapeutics.
- The U.K has emerged as a leading market, exhibiting high demand for virus-induced asthma treatment to curb rising cases of asthma among children
- Asia Pacific market is expected to register a comparatively higher CAGR than other regions during the forecast period.
- The rising geriatric population and prevalence of the respiratory disorder is creating a lucrative opportunity for market growth in India.
Key Drivers
- Research and development (R&D) initiatives being undertaken by key manufactures to develop advanced therapeutics will drive the virus-induced asthma treatment market.
- Introduction of novel dual-action combination therapies will result in increasing the demand of the asthma treatment market.
- Expansion of the healthcare infrastructure and rising awareness regarding various cardiovascular diseases will boost the virus-induced asthma treatment market sales.
Key Restraints
- High cost of inhalers and other cardiovascular treatments is restraining the growth of the virus-induced treatment market.
- Under-diagnosis and under-treatment of asthma are key restrains posing a challenge to the growth of the market.
- The side effects associated with prescribed drugs are hindering the demand of the virus-induced treatment.
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Competitive Landscape
Key players operating in the virus-induced treatment market profiled by Fact.MR includes AstraZeneca plc, Sanofi S.A., Novartis AG, Mylan N.V., Regeneron, F.Hoffman-La Roche Ltd), Teva Pharmaceuticals Industries Ltd., Merck & Co., and Cipla Limited, GlaxoSmithKline plc. Some of them are investing to develop and launch the better and cost-effective product for the asthma treatment market. Besides this, they are focusing on clinical trial of novel drugs and therapies. For instance:
- Novartis announced positive results from the phase III IRIDIUM study of inhaled combination QVM149 in patients diagnosed with uncontrolled asthma.
- Lupin has launched novel asthma treatment drug in the U.S. after receiving the approval from the U.S. Food and Drug Administration (USFDA)
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Source: Fact.MR