Asthma Therapeutics Market Share, Growth, Opportunities 2031

Report Description

Asthma Therapeutics Market Outlook 2031

The global asthma therapeutics market size was valued at USD 18.1 Billion in 2022 and is expected to reach USD 22.29 Billion by 2031, expanding at a CAGR of 2.34% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing cases of respiratory disorders along with the rising demand for cost-effective treatment alternatives.

Asthma therapies refer to a wide range of pharmaceutical medications used to treat asthma. Dust and air pollution are allergens that are common causes of asthma in both indoor and outdoor environments. Bronchodilators and anti-inflammatory medications such as long-acting beta-agonists (LABA), corticosteroids, leukotriene modifiers, immunomodulators, and methylxanthine are commonly used for the treatment of asthma.

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Furthermore, a variety of combination therapy drugs can be inhaled, injected, or taken orally. These medications help to widen the pathway into the lungs, allowing air to flow freely and improving breathing. They also help to eliminate mucus from the lungs, which is easily coughed out.

According to a report by the Centers for Disease control and Prevention (CDC), during COVID-19 crisis, patients suffering from moderate to severe asthma are at high risk of falling sick with acute respiratory disorder. As per the Global Asthma Network's 2018 report, 339 million people worldwide were suffering from asthma and the number was expected to grow significantly.

The outbreak of the COVID-19 pandemic has affected the market as it forced to shut the production units globally. Moreover, low demand for instruments and consumables along with the global supply chain interruptions and trade restrictions have hampered the asthma therapeutics market for months.

On the other hand, hospitals and healthcare services were drastically curtailed owing to quarantine and social distancing precautions imposed by governments across the globe. In addition, the pandemic had a significant impact on the functioning of hospital treatment for non-COVID-19 patients in hospitals.

Asthma Therapeutics Market Trends, Drivers, Restraints, and Opportunities

• Increasing cases of asthma globally and rising demand for better quality life for the asthma patients under treatment are some of the key factors propelling the market growth.
• Rising demand for improved clinical and efficient therapies for the treatment of asthma patients are expected to fuel the market growth during the forecast period.
• Growing expenditure on R&D programs and increasing number of new product launches by key pharmaceutical companies are another main factors responsible for surging the overall market revenue.
• Increasing expenditures and high cost investment in the treatment process are main challenges, which are likely to hamper the market growth.
• Less awareness among the people related to asthma in less developed countries is another key challenge that can hinder the market growth during the forecast period.
• Increasing collaboration among key healthcare companies and research institutes to develop advanced therapies for asthma therapeutics, which are projected to expand the market growth during the forecast period.

Scope of Asthma Therapeutics Market Report

The report on the global asthma therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Asthma Therapeutics Market Segment Insights

Device Types Segment Analysis

On the basis of device types, the global asthma therapeutics market is segmented into dry powder, inhalers, nebulizers, metered dose, soft mist, and others.

The inhaler segment is estimated to gain a large revenue share during the projected period owing to the rising prevalence of chronic respiratory diseases such as asthma and chronic obstructive pulmonary disease (COPD). Moreover, the growing demand for technology-enabled features of the respiratory devices presents a key driver of the segment expansion.

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Drug Segment Analysis

Based on drugs, the market is segregated as combination therapy, anti-inflammatory, bronchodilators, and others.

The combination therapy segment is expected to grow rapidly during the forecast period attributed to the increasing R&D programs conducted by various pharmaceutical companies on the development of novel drugs such as lebrikizumab and duplimab, in conjunction with expected launch of pipeline products including cinqair.

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Route of Administration Segment Analysis

On the basis of routes of administration, the global asthma therapeutics market is segmented into subcutaneous, inhaled, oral, and intravenous.

The inhaled segment is projected to expand at a considerable CAGR during the forecast period due to the increasing penetration rates and better patient drugs compliance of pulmonary drug delivery structures in asthma treatment plans.

Some of the prominent medications are such as qvar and pulmicort. Furthermore, effective and efficient pharmacokinetic and pharmacodynamics actions upon administration of drug dose by this route is expected to boost the segment growth.

Regional Outlook

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America is anticipated to constitute a key market share during the forecast period owing to the growing awareness levels related to treatment alternatives and increasing adoption of inhaled therapeutics.

Furthermore, underdiagnoses of asthma patients and the presence of key biopharmaceutical companies with robust product portfolio are some of the factors expected to fuel the market expansion in the region.

On the other hand, the market of Europe is estimated to gain a considerable market share in the coming years due to the presence of a well-developed healthcare infrastructure and high demand for asthma-related medicines in the region.

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