Wilmington, Delaware, United States, March 14, 2023 (GLOBE NEWSWIRE) -- According to a Transparency Market Research study, the global pediatric asthma treatment market was valued at US$ 11.2 Bn in 2022 and is anticipated to grow at a compound annual growth rate of 2.9% during the forecast period from 2023 to 2031.
New product launches are helping leading market players in gaining a competitive edge over other players and in generating revenue. In 2022, Sanofi's new product was given approval from the European Medical Agency to be used as a maintenance therapy for children between the ages of 6 and 11 suffering from severe asthma with type 2 inflammation.
Additionally, leading pediatric asthma treatment market players are looking to expand their presence and improve revenue by collaborating with other companies. Prominent manufacturers are likely to expand production capabilities to meet consumer requirements.
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Pediatric asthma treatment refers to a medical approach of treating children suffering from asthma. The aim of the treatment is to improve the quality of life in children and reduce the possibility of complications linked with uncontrolled asthma. Some of the aspects key to asthma management are encouraging physical activity and improving the overall air quality.
Pediatric Asthma Treatment Market: Key Drivers
- Growth in presence of different environmental irritants worldwide such as dust and smoke are driving the market
- Increase in participation of several organizations to spread awareness of disease control measures is stimulating market development
Key Findings of Market Study
- Increase in Preference for Long-term Control Medications: Based on drug type, the global market is bifurcated into long-term control medications and quick relief medications. The long-term control medications segment accounted for dominant market share in 2021. Rise in demand for combination inhalers played a key role in driving the segment. In addition to combination inhalers, some of the other long-term medication products that have witnessed demand from patients are corticosteroids, leukotriene modifiers, and theophylline
- Rise in Demand for Inhalers: In terms of form, the global market has been classified into inhalation/inhalers, pills, solutions, and injections. The inhalation/inhalers segment accounted for dominant share in 2021. Inhalers/ inhalation have emerged as an efficient way to control asthma symptoms. The product is also easy to carry and compact, which is likely to fuel the demand and propel the global industry
- Preference to Purchase Products from Retail Pharmacies: Based on distribution channel, the global market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Retail pharmacies are likely to account for leading share due to increase in consumer preference to purchase pediatric asthma treatment products from retail pharmacies
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Global Pediatric Asthma Treatment Market: Competitive Landscape
Competition in the global market is intense with the presence of several international and local players. If new players enter the market during the forecast period, it is likely to intensify the competition.
Companies are investing in research and development undertakings to produce improved devices that meet consumer needs. Rise in demand for improved pediatric asthma treatment devices is likely to help expand market size in the next few years.
Few leading players in the market for pediatric asthma treatment are AstraZeneca PLC, Pfizer Inc., Novartis AG, Sanofi, and Teva Pharmaceutical Industries Ltd.
Pediatric Asthma Treatment Market - Regional Overview
- North America is projected to account for dominant market share in future due to increase in asthma prevalence among the population and rise in R&D activities to produce innovative devices in countries such as the U.S. and Canada. Additionally, presence of developed healthcare infrastructure as well as leading players in countries of North America is estimated to drive business growth in the next few years
- The market in Asia Pacific is projected to witness strong growth in the next few years due to rise in focus on respiratory management and growth in knowledge about efficiently managing pediatric asthma in countries such as India and China
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The global market has been segmented as follows:
Drug Type
- Long-term Control Medications
- Corticosteroids
- Leukotriene Modifiers
- Combination Inhalers
- Theophylline
- Others
- Quick-relief Medications
- Short-acting Beta Agonists
- Other
Form
- Inhalation/Inhalers
- Metered-dose Inhalers
- Dry Powder Inhalers
- Pills
- Solutions
- Injections
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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