Yahoo Finance Asthma and COPD Drugs Market Size to Surpass USD 56.7 Bn by 2030
The global asthma and COPD drugs market size is projected to surpass around US$ 56.7 billion by 2030 from valued at US$ 35.31 billion in 2021 and registering growth at a CAGR of 5.4% between 2022 to 2030.
Ottawa, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the asthma and COPD drugs market size was exhibited at US$ 37.22 billion in 2022. The global asthma and COPD drugs market is expected to rise due to reasons such as the ageing population, technological advancements, and the rising prevalence of asthma and COPD. According to the World Health Organization's (WHO) projection for 2021, COPD is the third biggest cause of death worldwide, with 3.23 million deaths in 2019. Over 80% of the deaths occurred in low- and middle-income countries.
Furthermore, the rising prevalence of asthma is fueling the global market for asthma and COPD drugs. Asthma affects one out of every thirteen Americans, according to a report issued by the Asthma and Allergy Foundation of America in June 2019. In addition, in 2017, around 11.4 million persons with asthma had at least one asthma attack.
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Regional Snapshot
North America is the largest segment for asthma and COPD drugs market in terms of region. The U.S. is dominating the asthma and COPD drugs market in the North America region. The increased incidence of asthma and COPD is a key driver of the asthma and COPD drugs market in the region. In the U.S., adult female population are more likely than adult male population to suffer from asthma. Asthma affects roughly 20 million people in the U.S., according to the Centers for Disease Control and Prevention’s forecasts for 2020. As a result, the rising number of asthmatics is strengthening the North America asthma and COPD drugs market.
Europe region is the fastest growing region in the asthma and COPD drugs market. The UK and Germany hold the highest market share in the Europe asthma and COPD drugs market. The rising knowledge of asthma and COPD among population is related to the expansion of asthma and COPD drugs market in Europe region. In addition, the growing government initiatives is also driving the growth of Europe asthma and COPD drugs market.
Report Highlights
On the basis of disease, asthma segment holds the largest market share in the global asthma and COPD drugs market. Asthma is regarded as one of the most dangerous disorders around the globe. As per the World Health Organization (WHO), asthma affected an anticipated 262 million people in 2019 with 46,1000 deaths. As a result, the asthma and COPD drugs market is predicted to due to this factor.
On the basis of medication class, combination drugs segment holds the largest market share in the global asthma and COPD drugs market. During the last decade, the use of combination drugs and therapies for the diagnostics and treatment of different kind of illnesses has steadily expanded. Thus, the segment is expected to grow rapidly in coming years.
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Scope of the Report
Report Attributes | Details |
Market Size in 2022 | USD 37.22 Billion |
Revenue Forecast by 2030 | USD 56.70 Billion |
CAGR | 5.4% from 2022 to 2030 |
Larges Market | North America |
Base Year | 2022 |
Forecast Year | 2022 to 2030 |
Key Players | Pfizer Inc., Merck & Co. Inc, Grifols S.A., Novartis AG, Teva Pharmaceutical Industries Ltd, Cipla Inc., Abbott, Astellas Pharma, Hoffmann-La Roche Ltd, Glenmark Pharmaceuticals and Others |
Market Dynamics
Drivers
Growing prevalence of COPD
The COPD is estimated to kill 4.5 million of population all around the globe each year by 2030, as per the Global Initiative for Chronic Obstruction Disease’s 2018 study. The main cause of COPD is surge in number of smokers. In 2018, 1.33 billion individuals smoked tobacco globally, as per the World Health Organization (WHO). This is resulting into growing number of fatalities and deaths. As a result, growing prevalence of COPD is boosting the expansion of global asthma and COPD drugs market.
Restraints
High cost of asthma treatment
One of the expensive treatments all around the globe is for asthma. In the U.S., the annual medical cost of asthma is roughly $4,000 per person. In addition, the treatment of asthma is considered as long process. This adds additional cost to the treatment of asthma. Thus, high cost of asthma treatment is hindering the growth of global asthma and COPD drugs market.
Opportunities
Growing research and development activities
The asthma is considered as one of the risky respiratory diseases all around the globe. To curb the effect of this disease, the market players are constantly investing in research and development activities. The clinical trials are also gaining traction in asthma and COPD drugs market. As a result, growing research and development activities are contributing to the growth of global asthma and COPD drugs market.
Challenges
High cost of drugs and medicines
The asthma and COPD are rapidly growing all around the globe. But the cost of asthma drugs is quite high as compared to other type of drugs. For example, the price of Advair, a life saving asthma medication, has increased from $316 in 2013 to $496 in 2018, a 56% increase. Thus, high cost of drugs and medications is a major challenge for the expansion of global asthma and COPD drugs market.
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Recent Developments
Chiesi Farmaceutici SpA launched the PILASTER research in June 2021 to evaluate the effectiveness and feasibility of 2 doses of CHF6001 as an additional drug to care triple treatment in patients with COPD.
Boehringer Ingelheim spent $117.46 million in April 2019 to develop its respiratory product manufacturing facilities in Ingelheim and Dortmund.
Market Segmentation
By Diseases
Asthma
COPD
By Medication Class
Combination Drugs
Bronchodilators
Inhaled Corticosteroids (ICS)
Short Acting Beta Agonists (SABA)
Long Acting Beta Agonists (LABA)
Leukotriene Antagonists (LTA)
Anticholinergics
Anti-Inflammatories
Others
By Distribution Channel
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
Drug Stores
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)
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