Wilmington, Delaware, United States, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global asthma treatment market is projected to flourish at a CAGR of 3.7% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 34.5 billion is anticipated for the market in 2031. As of 2023, the market for asthma treatment is expected to close at US$ 25.8 billion.
The increasing prevalence of asthma globally owing to the factors such as urbanization, environmental pollution, and lifestyle changes, drives the need for asthma treatment. Increased air pollution owing to the increase in urbanization, and industrialization is the main factor contributing to the growth of the asthma treatment market.
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Competitive Landscape
The leading players in the asthma treatment market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global asthma treatment market report:
Mylan N.V, AstraZeneca plc., Boehringer Ingelheim, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Lupin Pharmaceuticals, Glenmark Pharmaceuticals, Merck & Co. Inc., Novartis International AG, Sanofi, Sunovion Pharmaceuticals, Inc., and Teva Pharmaceutical Industries.
Key Market Developments
- In January 2023, Lupin, a multinational pharmaceutical company based in India announced the launch of a new drug combination to manage and treat asthma among patients. The new fixed-dose triple drug combination (FDC) of Indacaterol, Glycopyrronium, and Mometasone was launched under the brand name DIFIZMA in India.
- In July 2021 - AstraZeneca’s Biologics License Application (BLA) for tezepelumab has been accepted and granted Priority Review for the treatment of asthma from the US Food and Drug Administration (FDA). Tezepelumab is being developed by AstraZeneca in collaboration with Amgen.
- In October 2021 – Sanofi announced that the U.S. Food and Drug Administration (FDA) has approved Dupixent® (dupilumab) as an add-on maintenance treatment for patients aged 6 to 11 years with moderate-to-severe asthma characterized by an eosinophilic phenotype or with oral corticosteroid-dependent asthma.
The increased government initiatives, and funding for research development of asthma diagnosis and asthma treatments, and improved access to healthcare and pharmaceutical products in emerging markets contributed to the expansion of the asthma treatment market.
The increasing technological advances in inhaler technology, including smart inhalers and devices that ensured proper medication delivery, and improved patient adherence to treatment regimens, drive the market demand.
Key Takeaways from the Market Report
- As of 2022, the asthma treatment market was valued at US$ 24.8 billion
- By treatment type, the long-term asthma control segment is expected to account for the large market share during the forecast period, as it is the most effective treatment option.
- Based on the route of administration, the route of administration segment dominates the market as inhaled drug therapy is the most preferred asthma attack treatment, as the drug is directly absorbed into the epithelium of the lung.
- By distribution channel, the retail pharmacies segment is expected to generate high revenue during the forecast period.
Asthma Treatment Market: Prominent Drivers and Trends
- The increasing healthcare expenditure in developed nations and growing investment in healthcare infrastructure by the government and other healthcare organizations led to improved access to healthcare services and medications for asthma patients. This increased spending contributed to the growth of the asthma treatment market.
- The growing investment in research & development t by pharmaceutical companies and research institutions to develop innovative treatment options, including personalized medicine approaches, expanded the range of available treatments and contributed to market growth
- Market players are introducing new and advanced asthma nebulizers, asthma inhalers and are also involved in the research and development of liposomal drug delivery systems for improving the delivery of therapeutic agents
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Asthma Treatment Market – Regional Analysis
- North America accounted for the major market share of the asthma treatment market during the forecast period owing to healthcare spending, advanced medical research, and well-established healthcare infrastructure. Research and development activities led to the introduction of new treatment options and technologies.
- The asthma treatment market in the Asia Pacific is expected to expand at a higher CAGR during the forecast period. the increasing prevalence of asthma owing to increased urbanization and industrialization. An increase in focus on respiratory disease management and a rise in awareness about managing asthma are fueling market expansion in the region.
Asthma Treatment Market – Key Segments
Treatment Type
- Long-term Asthma Control Medications
- Quick-relief (Rescue) Medications
Route of Administration
- Inhaled
- Oral
- Intravenous
- Subcutaneous
Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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