New York, July 28, 2022 (GLOBE NEWSWIRE) -- According to the Lancet Respiratory Medicine, in 2017, about 545 million people worldwide had a chronic respiratory condition, a rise of 39.8 % since 1990. Moreover, according to the World Health Organization (WHO), around 262 million people suffered from Asthma in 2019 and around 455000 people died of it worldwide.
Research Nester has published a detailed market report on the ‘Global Long-acting Beta-agonists Market’ for the forecast period, i.e., 2022-2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with a worldwide analysis of five major regions, namely, North America, Latin America, Europe, Asia Pacific and the Middle East & Africa has been provided in the report.
According to the World Health Organization (WHO), approximately 3.23 million people died of COPD in 2019. Chronic obstructive pulmonary disease (COPD) is the third most common cause of mortality globally. The global long-acting beta-agonists (LABAs) market is estimated to grow at a CAGR of ~9% over the forecast period. The lung diseases such as asthma, chronic obstructive pulmonary disease (COPD), chronic bronchitis and others, are treated with long-acting beta-agonists (LABAs), which are inhalation drugs. The market is anticipated to grow on the back of the increasing prevalence of lung diseases worldwide. These diseases are more common amongst people who were raised or currently reside in urban regions. Further, the risk of respiratory diseases is higher in fat or overweight children and adults. The increase in the urban population and the growing prevalence of obesity are estimated to drive the global market growth during the forecast period. According to the United Nations (UN), from 751 million in 1950 to 4.2 billion in 2018, the global urban population has increased significantly. Moreover, the increase in the development of new drugs and pharmaceuticals is predicted to drive market growth during the forecast period.
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Moreover, the pediatric and elderly populations are more likely to suffer from asthma and other respiratory illnesses. The increasing pediatric and geriatric population globally is projected to fuel the global market growth in the upcoming future. According to the World Health Organization (WHO), one in six people will be 60 or older by 2030 worldwide. By this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. Further, the rising requirements for chronic respiratory disease treatments owing to the increasing number of patients with respiratory problems is estimated to drive the market growth. Along with this, a rise in the risk factors of lung diseases such as air pollution, consumption of tobacco or smoking, sedentary life, obesity, and higher exposure to allergens, is also projected to drive the global market growth in the forecast period. For instance, each year, more than 8 million people are killed by tobacco. Around 1.2 million of those fatalities are caused by non-smokers being exposed to secondhand smoke, while more than 7 million are caused by direct tobacco use.
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Regionally, the global long-acting beta-agonists market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is projected to witness the largest market share in the global market over the forecast period on the back of the growing prevalence of asthma among children across the region. For instance, there are around 5 million children below 18 that suffer from asthma in the US, making it the most prevalent chronic illness in children across the region. Moreover, the presence of major pharmaceutical companies, and increasing healthcare spending, are the key factors to fuel the market growth in the region over the forecast period. According to the Centers for Medicare & Medicaid Services (CMS), U.S. health spending increased by 9.7%, and reached USD 4.1 trillion (or USD 12,530 per person) in 2020.
Moreover, the market in the Asia Pacific region is expected to gain noteworthy growth on the back of increasing urbanization, pollution, and the elderly population in the region. For instance, in Asia Pacific, one in four persons will be above the age of 60 by 2050. Between 2010 and 2050, the number of elder people over 60 years old in the region will reach to around 1.3 billion. Along with this, a rise in foreign investments in the pharmaceutical industry is also anticipated to boost market growth across the region. For instance, Foreign direct investment (FDI) in India's pharmaceutical sector increased by 200 percent in 2020–2021. Moreover, increasing imports and exports of pharmaceuticals products are also anticipated to boost the market growth across the region during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
The global long-acting beta-agonists (LABAs) market is segmented on the basis of drug type into albuterol, formoterol, salmeterol, and others, out of which, the formoterol segment is predicted to gain the largest market share among all other sub-segments in the global market across the forecast period on the back of its rapid effects on the episode of airway diseases, the relieving effects are maintained up to 12 hours. The increasing prevalence of airway diseases such as chronic bronchitis and emphysema is projected to boost the segment growth in the upcoming future. For instance, each year, about 5% of adults experience an acute bronchitis episode, and up to 90% of these consult a doctor. Furthermore, formoterol is also administered as an inhalation powder, which gives the maximum relief effects by allowing the medicine to penetrate deep into the lungs. Moreover, increasing investments by pharmaceutical sectors in the R&D activities to develop more effective pharmaceuticals, are expected to fuel the formoterol segment growth among all other sub-segments in the market across the forecast period. According to the CBO, in 2019, the pharmaceutical industry spent over USD 83 billion on research and development.
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Moreover, on the basis of application, the market is segmented into asthma, bronchospasm, chronic obstructive pulmonary disease (COPD), and others out of which, the chronic obstructive pulmonary disease (COPD) segment is predicted to gain the largest market share among all other sub-segments in the global market during the forecast period. According to the Lancet Respiratory Medicine, in 2019, 10.3% of persons aged 30-79 worldwide had COPD. The most common factors of COPD include tobacco exposure, occupational exposure to dust, fumes, and chemicals, asthma in childhood, and others. Rapid growth in such key factors of COPD is anticipated to boost the segment growth in the global market in the future. According to the Centers for Medicare & Medicaid Services (CDC), one in six asthmatic kids is taken to the emergency room each year, and one in twenty of them are admitted to the hospital. Further, increasing environmental factors such as air pollution, high chemical usage, and factories emitting harmful smoke is, also predicted to drive the segment growth among all other sub segments in the global market during the future.
The global long-acting beta-agonists (LABAs) market is also segmented on the basis of route of administration.
Global Long-Acting Beta Agonists (LABAs) Market; Segmentation by Route of Administration
- Inhaled
- Injectable
- Oral
- Others
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Some of the prominent players and their company profiling mentioned in the report include, are Agilent Technologies, Inc, Illumina, Inc., Pacific Biosciences of California, Inc, QIAGEN N.V., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, Takara Bio, Inc, Oxford Nanopore Technologies, Ltd, BGI Group, and Atreca Inc. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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