Global Asthma Therapeutics Market Insights
Asthma is a type of chronic respiratory disease, which is characterized by attacks of breathlessness and wheezing. Asthma can occur at any stage, though it is the most common disease in children. Asthma attacks are linked to respiratory infections and environmental factors such as allergens, tobacco, smoke, and indoor and outdoor pollution. Indoor pollution factors include mold, chemicals, strong odors, and house dust whereas outdoor pollution factors include air pollution, allergens, tobacco, and smoking. Such factors are responsible for development and exacerbation of asthma.
The global asthma therapeutics market was valued at US$ 17,582.2 million in 2018, and is expected to witness a CAGR of 1.9% during the forecast period (2018 – 2026). The market is also expected to Surpass US$ 20.4 Billion by 2026.
Figure 1. Global Asthma Therapeutics Market Value Analysis (US$ Mn) and Y-o-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Rise in number of respiratory disease cases is expected to drive growth of the global asthma therapeutics market.
Increasing prevalence of respiratory diseases is expected to drive global asthma therapeutics market growth. For instance, according to the World Health Organization’s (WHO) report 2016, around 235 million people suffer from asthma worldwide, annually. Asthma is a progressive and chronic life-threatening respiratory disease. Hence, increasing number of respiratory disease cases support the global asthma therapeutics market growth.
Moreover, increasing awareness activities are contributing to the global asthma therapeutics market growth. For instance, in May 2019, Koninklijke Philips N.V., launched campaign to increase awareness of asthma and related respiratory diseases, especially in children. This campaign was titled as ‘Help Your Child Fight against Asthma’.
Furthermore, product recall is the major restraining factor which is expected to hamper the growth of asthma therapeutics market. For instance, in August 2018, Camber Pharmaceuticals received product recall letter from U.S. Food and Drug Administration (USFDA) for its Montelukast Sodium Tablets. These tablets are recalled because. Montelukast Tablet bottles labeled as Montelukast Sodium Tablet but it contains Losartan Potassium Tablets.
Global Asthma Therapeutics Market- Regional Analysis
North America asthma therapeutics market is expected to account for the largest market share during the forecast period, owing to increasing number of product approvals by regulatory authorities in this region. For instance, in September 2018, U.S. Food and Drug Administration (FDA) announced approval of new Xolair (containing-Omalizumab) prefilled syringe formulation, for treatment of allergic asthma. Xolair is manufactured by Novartis AG.
Moreover, increasing regulatory approvals of new drug for treatment of asthma is expected to boost forecast value of asthma therapeutics market in this region. For instance, in October 2018, U.S. Food and Drug Administration (USFDA) announced approval of new drug Dupixent (contains- Dupilumab), developed by the Regeneron Pharmaceuticals, for the treatment and prevention of pulmonary/respiratory diseases including moderate-to-severe asthma.
Furthermore, Asia Pacific is expected to hold significant market share in the asthma global therapeutics market over the forecast period, owing to increasing product launches by key players in this region. For instance, in April 2019, Cipla announced launch of its new inhaler Niveoli in India. It is India’s first extra-fine particle Beclomethasone-formoterol combination Hydrofluoroalkane (HFA) inhaler for adults. It is indicated for the treatment of obstructive airways diseases (OAD) such as asthma and Chronic Obstructive Pulmonary Disease (COPD).hence increasing number of product launches will support the growth of asthma therapeutics market.
Figure 2: Global Asthma Therapeutics Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2019)
Global Asthma Therapeutics Market - Competitive Landscape
Key players operating in the asthma therapeutics market include GlaxoSmithKline Plc., Philips Healthcare, AstraZeneca Plc., Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim GmbH, Sanofi-Aventis SA, CareFusion Corporation, Sunovion Pharmaceuticals, Inc. Merck & Co., Inc., and Roche Diagnostics.
Asthma is a long-term inflammatory disease that causes inflammation and narrowing of the airways in the lung. It is characterized by various symptoms such as swelling or inflammation in the airways linings, coughing, shortness of breath, and tightness of chest. Asthma is classified into many different types including allergic asthma, non-allergic asthma, adult onset asthma, exercised induced asthma (that occurs with physical exertion), nocturnal asthma, and occupational asthma. Nocturnal is also known as the nighttime asthma. It is very serious type of asthma therefore, it needs a proper diagnosis and treatment.
Increasing launches of nebulizer by key players is expected to propel global asthma therapeutics market growth. For instance, in October 2018, Koninklijke Philips N.V. announced launch of its new mesh nebulizer, InnoSpire Go, in North America. This is used for the treatment of respiratory diseases including asthma. It is portable, hand-held nebulizer system, which is short time treatment. It delivers the medicine in just four minutes. InnoSpire Go designed for both adults and children.
However, product recall is major restraining factor for asthma therapeutics market growth, which is expected to hamper the market growth. For instance, in August 2018, Camber Pharmaceuticals were issued product recall alert from U.S. Food and Drug Administration for its Montelukast Sodium Tablets. These tablets are recalled because Montelukast Sodium Tablet bottles contain wrong medicine (Losartan Potassium Tablet).
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.