Asthma Treatment Market Latest Trends, Technological Advancement, Driving Factors and Forecast to 2030
Asthma, a chronic respiratory disorder, continues to pose a rising burden on a global scale, contributing significantly to the growth of the asthma treatment market. This prevalent respiratory disease has become a major cause of mortality worldwide, affecting millions of individuals and resulting in economic and mental strain. According to the World Health Organization (WHO), the prevalence of asthma has been steadily increasing, with around 262 million individuals affected by the disease and approximately 455,000 deaths recorded in 2019 alone. Each year, about 339 million people develop asthma, with the majority of deaths observed in older adults. The Global Initiative for Asthma 2020 report highlights that asthma affects 1-18% of the population in different countries, and its prevalence continues to rise globally. This alarming trend has triggered a demand for advanced therapeutics to effectively treat asthma, leading to the expansion of the asthma treatment market.
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Asthma and the COVID-19 Pandemic
The year 2020 brought an unforeseen challenge in the form of the COVID-19 pandemic, which further emphasized the importance of developing advanced therapeutics for asthma treatment. Both asthma and the Sars-CoV-2 virus primarily affect the respiratory system, making it crucial to have sophisticated medications to address these conditions. With a growing patient pool suffering from asthma and heightened concerns about respiratory health, the Centers for Disease Control and Prevention (CDC) issued special and stringent guidelines for individuals with asthma during 2019-2020. This surge in demand for novel and advanced drugs to treat asthma has fueled the growth of the asthma treatment market.
Research and Development (R&D) and New Drug Launches
The rising cases of asthma have prompted pharmaceutical companies to invest heavily in research and development for asthma treatment. Leading players in the asthma treatment market are dedicated to developing advanced drugs and therapeutics, conducting clinical trials to secure approvals from healthcare authorities. The evaluation of new drug candidates aims to achieve better control of asthma symptoms and improved lung functioning among patients. Notably, post the COVID-19 pandemic, the sales of advanced asthma treatments witnessed significant growth. Regulatory authorities prioritized approvals for advanced asthma therapeutics during the 2019-2020 timeframe, as evidenced by the approval of respective generic asthma treatment drugs of Cipla and Lupin by the US Food and Drug Administration (FDA) in April 2020. This trend has triggered the launch of new advanced drugs from major players in the asthma treatment market, further influencing its growth on a global scale.
Impact of Air Pollution on Asthma Cases
Air pollution has been linked to an increase in asthma cases among both adults and children. Extensive research has established a strong association between asthma in children and exposure to outdoor and indoor air pollution. Factors such as second-hand smoking, traffic-related air pollution, and nitrogen dioxide have been identified as critical contributors to asthma, especially in children. Prolonged exposure to these pollutants can have adverse effects on individuals, causing impaired lung function, exacerbation of symptoms, and increased asthma prevalence. The alarming rise in air pollution worldwide is expected to further fuel the need for asthma medications and drugs, thereby boosting the growth of the asthma treatment market.
Dominance of North America in the Asthma Treatment Market
North America is poised to hold a significant revenue share in the asthma treatment market. The region’s developed economies have witnessed a surge in asthma cases, along with the presence of major players in the asthma treatment industry. For instance, the Asthma and Allergy Foundation of America (AAFA) reported that more than 25 million individuals were affected by asthma in the United States in 2019, and around 11 people died from asthma every day in the country. Additionally, the Centers for Disease Control and Prevention (CDC) reported that approximately 25,257,138 individuals, including both adults and children, were affected by asthma in the United States in 2020. This escalating burden has led to an increased demand for high-performance drugs to effectively treat this respiratory disease. Moreover, the region’s robust healthcare infrastructure, government support, incentives, and stable growth in GDP per capita play a vital role in driving the growth of the asthma treatment market in North America.
Competitive Landscape of the Asthma Treatment Market
The asthma treatment market features several major players committed to providing innovative solutions for asthma management. Leading pharmaceutical companies such as AstraZeneca, Novartis AG, Mylan N.V., GlaxoSmithKline Plc, Sanofi, Merck & Co. Inc., Sumitomo Dainippon Pharma Co. Ltd., Regeneron, Cipla, Teva Pharmaceuticals, and Lupin Pharmaceuticals are actively involved in developing and marketing advanced asthma treatments. Their contributions to research and development, coupled with new drug launches, have significantly impacted the growth and development of the asthma treatment market.
The rising burden of asthma continues to drive the growth of the asthma treatment market on a global scale. With an increasing number of asthma cases and the impact of the COVID-19 pandemic, the demand for advanced therapeutics to effectively manage asthma has surged. Research and development efforts have resulted in the approval and launch of novel asthma treatments, leading to a highly competitive market landscape. Furthermore, the detrimental effects of air pollution on asthma prevalence highlight the urgent need for effective medications to alleviate respiratory distress. As North America maintains its dominance in the asthma treatment market, the focus on developing innovative and efficient asthma treatments remains paramount to improve the quality of life for millions of individuals affected by this chronic respiratory condition.