The Asthma Drugs Market to be Worth US$ 36.3 Billion by 2030
Reports and Insights (R&I) has published a new report titled, “Asthma Drugs Market: Opportunity Analysis and Future Assessment 2022-2030”
Global asthma drugs market, By Type (Long-term control medications, Quick-relief medications (rescue medications), Medications for allergy-induced asthma), By Application (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
The asthma drugs market is estimated to reach at a value of US$ 24.0 Bn by the end of 2022 and expected to reach at a value of US$ 36.3 Bn by 2030 with a significant CAGR of 5.3%
As per the report, the rising prevalence of asthma and related serious disorders such as chronic obstructive pulmonary disease (COPD) among the population across the world is majorly boosting the growth of the global asthma drugs market.
Asthma is a chronic lung disease characterized by narrowing of airways and continual, marked inflammation and in response to specific triggers, which are usually reversible. If the conditions are not handled properly, it may also elevate the risk of asthma attacks and even medical emergencies. Owing to which, the global asthma drugs market is expected to grow positively in the near future.
The rise in air pollution in the environment across the world may also contribute to the rising count of asthma and COPD patients as laying open to several hazardous irritants and substances that may cause allergies (allergens) leading to the symptoms and signs of asthma, thus propelling the growth of the global asthma drugs market.
Furthermore, stringent government initiatives to control COPD and asthma, as well as FDA approvals for the novel products and its wide acceptance among the patient population, is also playing its role in giving a positive growth to the global asthma drugs market.
Notably, in order to curb the disease circumstances and help reduce the possibilities for serious asthma attacks, preventive drugs for asthma play a crucial role. Also, in the recent few years, the latest advances in pharmacotherapy have resulted in the accelerated evolution of various drug therapies for asthma.
Additionally, there has been continuous research for further diversifying the several pathophysiological processes associated, which is also expected to lead to progressive asthma drugs with reduced toxicity. Thus, the global asthma drugs market is expected to boost further during the forecast period.
In addition to that, the rising geriatric population across the globe, the continuous upgradations in the medicine and drugs market as well as the evolution in the overall healthcare industry, the substantial growth in the pipeline products, and rise in actions implemented by the governments, worldwide, for an increase in personal well-being awareness are also considered as the key factors for augmenting the growth of the global asthma drugs market.
However, factors like strict government regulatory requirements for the approval of COPD and asthma drugs and the side-effects observed due to medications are likely to resist the growth of the global asthma drugs market.
R&I study identifies some of the key participating players in the asthma drugs market globally are AstraZeneca, GlaxoSmithKline, Merck, Teva Pharmaceutical, Novartis, Sunovion Pharmaceuticals Inc., Boehringer Ingelheim, Sanofi, and Roche, among others.
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