SAN JOSE, Calif. (March 30, 2017)—The latest market report published by Credence Research, Inc. reports that the global asthma therapeutics market was valued at $19.35 billion in terms of value in 2015, and is expected to reach $23.4 billion by 2024, expanding at a CAGR of 2.1 percent from 2016 to 2024.
Asthma is a chronic respiratory disease that affects the airways of the lung. There is no cure for asthma but it can be controlled by using different asthma symptoms controlling medications. Factors such as rise in asthma prevalence, increased environmental pollution, promising late-stage pipeline molecules and expected use of personalized medicine would further influence the market growth during forecast period. The global asthma therapeutics market is segmented on the basis of drug class, product type, route of administration and various geographic regions.
There are mainly three types of drugs classes are used to treat asthma, including bronchodilators, anti-inflammatories and combination therapy. Currently once daily dose of combination drug consisting of beta agonist and inhaled corticosteroids trend is observed in the market and it is anticipated to grow moderately during the forecast period. Currently, only one biologic Xolair is approved in market, but due to more efficacy with less side effects biologics market will be the preferred choice to treat asthma in future. Global asthma therapeutics market is segmented by product type such as dry powder inhalers, metered dose inhalers (MDIs), mist inhaler and nebulizers. Currently MDIs are dominating the market as they deliver consistent dose of medication directly to the lungs, however in recent years consumption pattern is shifting towards use of dry powder inhalers as they deliver a more accurate dose with ease of use.
On the basis of route of administration, asthma therapeutics market is segmented as oral, inhalational and parenteral medication. In base year 2015, inhalation drug is major revenue contributing segment, factors such as rapid onset of action, less systemic toxicity and higher concentration availability at the site action are driving the market growth of inhalation asthma medication. Advair, Spiriva and Symbicort are the major contributors in inhaled asthma drug market. However patent expiry of some blockbusters drugs such as Symbicort and Flovent leads to reduce the overall revenue in global inhalation drug market. Currently North America is major revenue generating segment in global asthma therapeutics and it will show significant growth during forecast period 2016–2024. Increase in prevalence, rising population, high cost of medication, increasing demand of asthma medication, promising pipeline molecule would further drive the market growth in North America.
Market Competition Assessment
The asthma therapeutics market is observed as the most competitive and comprises of large number of players. However, currently market is dominated by few players such as Abbott Laboratories, AstraZeneca, Becton, Dickinson and Company, Boehringer Ingelheim GmbH, Chiesi Farmaceutici, F. Hoffmann-La Roche, GlaxoSmithKline Plc., Merck& Co., Inc., Pfizer, Philips Healthcare, Sanofi-Aventis SA, Sunovion Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd. and others.
Key Market Movements
Increase in prevalence, rising environmental pollution, promising late stage pipeline molecules, introduction of new technologies and expected use of personalized medicine would drive the market growth during forecast period.
Funding by the government agencies and private organizations, increasing health care awareness and economic development in some countries are key market growth drivers for the asthma therapeutics market.
Factors such as patent expiry of blockbuster drugs and underdiagnoses of disease negatively impacting the market growth of asthma therapeutics market.
For more details with charts and figures: credenceresearch.com/report/global-asthma-therapeutics-market