Asthma Treatment Market
Asthma Treatment Market is segmented By Treatment (Long-Term Control Medications,Quick-Relief Medications,Route Of Administration (Injectable,Oral,Inhaled), By Distribution Channel (Hospital Pharmacies,Retail Pharmacies & Drug Stores,Online Pharmacies), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, And Opportunity Analysis, 2023-2030.
KEY MARKET INSIGHTS
The global asthma treatment market size stood at USD 18.08 billion in 2019 and is projected to reach USD 26.01 billion by 2027, exhibiting a CAGR of 4.5% during the forecast period.
In today's healthcare environment, respiratory health is critical, particularly because respiratory disorders such as asthma are among the major causes of mortality and disability globally. According to the World Health Organisation (WHO) study on "The Global Impact of Respiratory Disease" issued in 2017, an estimated 334 million people suffer with asthma. Individuals with moderate to severe asthma were at a higher risk of contracting acute respiratory illness during the 2019-2020 coronavirus pandemic, according to the Centres for illness Control and Prevention (CDC). Numerous clinical studies are being done by industry participants to explore novel asthma medicines, particularly in light of the 2019-2020 coronavirus pandemic.
MARKET TRENDS
Increasing R&D for Advanced Asthma Therapeutics to Augment Market Growth
One of the significant industry trends in this market is the strong and vigorous R&D being conducted by leading market players for the development of enhanced asthma treatments. Because asthma is a chronic condition that affects a large number of people globally, including children, a number of major pharmaceutical firms are active in the development of asthma medications. This engagement involves the availability of multiple promising asthma therapy candidates in various phases of clinical studies. For example, Novartis revealed good findings from the phase III IRIDIUM trial of the inhaled combination QVM149 in patients with uncontrolled asthma in September 2019. This asthma therapy medication candidate allows patients to better regulate their asthma symptoms, resulting in a significant improvement in the patients' health.
MARKET DRIVERS
Increasing Prevalence of Asthma Worldwide is Anticipated to Fuel Demand for Better Asthma Treatment Outcomes
One of the critical market drivers of this market is the increasing prevalence of chronic respiratory diseases such as asthma globally. Asthma is considered to be the most common chronic disease worldwide, and this has particularly driven the need for advanced therapeutics for asthma treatment. Asthma, if especially present in the individual in the severe form, is a severely debilitating disease and thus requires the administration of treatment drugs for asthma. Thus, the increasing need for a better quality of life for the patients undergoing asthma treatment is also expected to drive the market growth. According to the American Academy of Allergy, Asthma & Immunology (AAAAI), in the United States in 2016, it was estimated that approximately 8.3% of children in the U.S. had asthma. The introduction of low cost and effective therapeutics is anticipated to drive the growth of the global market during the forecast period.
Another major factor is the growing need for improved clinical and therapeutic asthma treatments in light of the 2019-2020 coronavirus pandemic. Asthma therapy is in high demand since both the COVID-19 and asthma are respiratory ailments. This is partly because, because asthma is the most prevalent chronic condition, with a big patient population pool, the COVID-19 is expected to aggravate asthma symptoms in those who suffer from it, prompting the need for effective asthma therapy. The Centers for Disease Control and Prevention (CDC), during the 2019-2020 coronavirus pandemic has issued special guidelines for patients undergoing treatment for asthma and also advocated greater precaution for asthma patients. This is projected to spur the demand for advanced asthma treatment drugs which, in turn, will favor growth of this market.
Increasing Number of Product Launches to Drive the Asthma Treatment Market Growth
In light of the 2019-2020 coronavirus pandemic, there is a greater demand for various types of treatment drugs for asthma, because both the respiratory illnesses are closely linked. The increasing demand for asthma treatment has led to the U.S. FDA issuing priority regulatory approvals to a number of asthma drugs, which includes key generic equivalents. For instance, in April 2020, the U.S. FDA provided regulatory approval to Cipla’s key generic asthma treatment drug, and a similar generic equivalent from Lupin is also anticipated to gain regulatory approvals. Such developments and trends are further leading to the increasing product launches of significant capability from prominent companies. The increasing product launches are further undertaken in order to ensure that there are no significant asthma medications shortages. The above factors combined with the need for efficient therapeutics is further projected to fuel the demand for these drugs and boost the global market growth.
MARKET RESTRAINT
High Cost of Asthma Medications Coupled with Underdiagnosis of Asthma to Restrain Market Growth
Despite the rising incidence of asthma worldwide, particularly in both emerging markets such as Asia and developed markets such as North America, several impediments to the adoption of these therapies exist. Higher prices associated with asthma inhalers, which are frequently regarded the primary therapy for Asthma, are one of the major reasons constraining market development. For example, the price of Advair, a vital asthma medicine, has grown from US$ 316 in 2013 to US$ 496 in 2018, a 56.0% increase. Aside from high drug prices, another significant element has inhibited market growth: asthma underdiagnosis.
Underdiagnosis of asthma results in inferior clinical outcomes for patients who are unable to use the right asthma medicines as a treatment for their medical condition. Such obstacles are expected to considerably stifle market expansion.
SEGMENTATION
By Treatment Analysis
Long-Term Control Medications Dominated the Global Market
The global market is divided into two categories based on treatment: long-term control drugs and quick-relief treatments. Because asthma is considered a chronic condition, the primary therapy for such problems is frequently long-term drugs for asthma control and management. As a result, long-term control drugs dominated the global market in 2019. Some of the important pharmaceuticals in this area include Advair, Qvar, and Symbicort, which have contributed to the segment's supremacy in the worldwide market. Inhaled and combination corticosteroids, leukotriene modifiers, anticholinergics, and immunomodulators are some of the important medication classes in this category.
The category of quick-relief drugs is expected to be the second-largest. This section's pharmacological classes include short-acting beta-agonists (SABAs), and the drugs in this segment give immediate relief of asthma symptoms by relaxing airway muscles. Albuterol sulphate is one of the most important asthma treatments in this sector.
By Route of Administration Analysis
Large Number of Products Administered Through Inhalation Anticipated to Aid in the Dominance of the Segment
The market is divided into injectable, oral, and inhalation routes of delivery. Because a considerable number of asthma medicines are provided in this manner, the inhalation sector is expected to dominate the method of administration segment. Some of the major products are Pulmicort and Qvar, and this sector is expected to maintain control of its market share over the projected period, resulting in the segment's dominance in the worldwide market. The injectable sector is expected to expand during the forecast period because a number of immunomodulators, an important medication class, are expected to rise during the forecast period and are injected subcutaneously.
The oral section is expected to increase slowly throughout the projection period. The rising influx of generic counterparts, as well as the increased absorption of immunomodulators, are likely to constrain sector growth throughout the projection period.
By Distribution Channel Analysis
Higher Administration of Therapeutics at Hospital Pharmacies to Enable Dominance of the Segment
The market is divided into three distribution channels: hospital pharmacies, retail pharmacies & pharmacy shops, and internet pharmacies. One of the primary reasons for hospital pharmacies' dominance is that the medicines used in asthma therapy are typically only available in hospital settings with educated medical experts. This allows for adequate adherence to treatment standards as well as the appropriate and safe delivery of important medications, some of which need subcutaneous injections. Asthma symptoms can frequently be effectively controlled with correct and suitable medication.
Retail pharmacies and drug stores are expected to command the second largest market share, owing to the refilling of asthma prescriptions such as inhaled corticosteroids, which can be done at these locations, being one of the major factors driving this segment's growth during the forecast period.
Because of the simplicity and convenience provided to patients in terms of purchasing crucial asthma drugs, internet pharmacies are expected to develop at the fastest CAGR.
REGIONAL ANALYSIS
In 2019, the North American market was worth USD 9.40 billion. The region's market is distinguished by a high prevalence of asthma as well as increased knowledge of modern and effective asthma therapies. These factors, along with increased patient awareness of new and emerging therapeutic options, the region's strong market growth potential due to underdiagnosis of asthmatic patients, and the presence of major biopharmaceutical companies and their strong product offerings, are responsible for the region's dominant share of the global market. Europe accounts for the second-largest market share because asthma is the most common noncommunicable disease amongst children in the region and this is anticipated to drive the adoption of advanced therapeutics in the region. The market in Asia-Pacific is projected to register a comparatively higher CAGR during the forecast period. The increasing presence of key products in the region is anticipated to drive the demand for asthma drugs during 2020-2027. For instance, the growth of Pulmicort, a key asthma drug, in the region was driven by a positive performance in China and coupled with the presence of a large and underpenetrated market in the region, together are projected to drive the market growth in Asia Pacific during the forecast period. The rest of the world market comprises of Latin America and the Middle East & Africa and is currently in the nascent stage. However, increasing prevalence of chronic respiratory diseases and growing launches of key products including efficient generic asthma therapeutics is projected to fuel the market demand during the forecast period.
KEY INDUSTRY PLAYERS
Strong Asthma Drugs Portfolio of AstraZeneca, and GlaxoSmithKline, to Help these Companies Maintain a Leading Position
Competitive landscape of the market depicts a monopolistic market structure, a market structure that has the presence of numerous companies. In this landscape, two companies dominated the market due to their strong products with respect to asthma drugs: AstraZeneca, and GlaxoSmithKline. For, GlaxoSmithKline, the prominent product offerings included Advair and Flovent HFA / FloventDiskus. And for AstraZeneca, the main product offerings for asthma include PulmicortFlexhaler and Symbicort. These are the prominent factors responsible for the dominant market positions of these companies.
However, there are other prominent market players such as Merck, and Teva, who also command significant market revenue shares in the global market. This is projected to positively impact the global market as these companies are poised to gain market share during the forecast period through the increasing sales of their product offerings.
LIST OF KEY COMPANIES PROFILED:
- AstraZeneca
- GlaxoSmithKline plc
- Teva Pharmaceutical Industries Ltd.
- Merck & Co., Inc.
- Mylan N.V.
- Boehringer Ingelheim International GmbH
- Regeneron
- Sanofi
- Genentech, Inc. (F. Hoffmann-La Roche Ltd)
- Novartis AG
- Sumitomo Dainippon Pharma Co., Ltd.
- Others
KEY INDUSTRY DEVELOPMENTS:
- April 2020 – Cipla Inc., announced the successful completion of phase III clinical study of a generic asthma drug, fluticasone propionate and salmeterol inhalation powder, which is indicated for the treatment of asthma and chronic obstructive pulmonary disorder (COPD). This pipeline candidate is the generic equivalent of AdvairDiskus 100/50 mcg.
- April 2020 – The U.S. FDA announced the regulatory approval for Cipla’s generic asthma inhaler, the generic equivalent of albuterol inhaler, in particular response to the shortages of asthma medications due to the COVID-19 crisis. This drug is often considered a rescue medication for individuals with asthma.
- October 2019 – The U.S. FDA announced the regulatory approval for AstraZeneca's asthma drug Fasenra for self-administration.
REPORT COVERAGE
The asthma treatment market report provides a detailed analysis of the market and focuses on key aspects such as the prevalence of asthma - by key regions - 2019, pipeline analysis, key industry developments, regulatory scenario - by key regions, an overview of emerging treatments for asthma, overview of guidelines for the diagnosis and management of asthma (EPR-3), and reimbursement scenario - by key regions. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.