The asthma drugs market size is projected to reach US$ 39.48 billion by 2031 from US$ 26.72 billion in 2023. The market is expected to register a CAGR of 5.00% during 2023–2031. Research activities and product innovations will likely remain a key trend in the market.
Asthma Drugs Market Analysis
The demand for efficient asthma treatments is rising dramatically due to the increasing incidence of asthma worldwide, which is being caused by factors like pollution, changes in lifestyle, and genetic predisposition. Patient outcomes are being improved by ongoing innovation in medication formulations and delivery systems. Patients with severe asthma now have more individualized and efficient treatment options due to the development of biologics that target particular molecular pathways. There are a lot of growth prospects in emerging markets like Asia-Pacific, Latin America, and some regions of Africa due to rapid urbanization, expanding awareness, and bettering healthcare infrastructure. Improved access to healthcare services and rising disposable incomes in these areas also support market expansion.
Asthma Drugs Market Overview
Modern inhaler technology, such as intelligent inhalers with digital health functions, enhances medication compliance and offers valuable information for better asthma management. Demand for asthma medications is driven by improved healthcare provider training, patient education initiatives, and public health campaigns raising awareness of asthma and its management. As a result, the market will probably grow due to the rising demand for medications to treat asthma. The market is growing because of favourable regulatory frameworks and quick approval procedures for novel and creative asthma treatments. Improving asthma management and care standards is another area that governments and regulatory agencies are concentrating on more and more.
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Asthma Drugs Market: Strategic Insights
Market Size Value in US$ 24,239.17 Million in 2021 Market Size Value by US$ 34,136.10 Million in 2028 Growth rate CAGR of 5.0 % from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Asthma Drugs Market: Strategic Insights
| Market Size Value in | US$ 24,239.17 Million in 2021 |
| Market Size Value by | US$ 34,136.10 Million in 2028 |
| Growth rate | CAGR of 5.0 % from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Asthma Drugs Market Drivers and Opportunities
The Rising Prevalence of Asthma Leads to an Increase in Demand for Asthma Drugs, Favors the Market Growth
Chronic asthma is a respiratory disease characterized by airway inflammation, bronchial hyperresponsiveness, and variable airflow restriction. Air pollution impeded asthma outcomes in adults and children, according to a review paper titled "Impact of Air Pollution on Asthma Outcomes" by Tiotiu et al. Traffic-related air pollution, nitrogen dioxide (NO2), and secondhand smoke (SHS) are significant risk factors for children's asthma development. Exposure to external pollution can cause asthma symptoms, exacerbations, and reduced lung function. Asthma and exposure to air pollution are still linked in the US. Over twenty-three million Americans suffer from this severe, potentially fatal chronic respiratory illness. People who have asthma may experience attacks due to air pollution exacerbating their symptoms. Pollution poses a particular threat to children who have asthma, which affects approximately 6 million children in the US. The impact of air pollution on two genes related to immunological tolerance in children from high-pollution areas was studied by Stanford University's Children's Center researchers. They found that alterations in these two genes led to asthma and that exposure to high concentrations of carbon monoxide (CO), NO2, and PM2.5 (particulate matter) was associated with both short- and long-term changes in these genes. The development of preventative asthma medications may benefit from these findings, which concentrated on the epigenetic effects of exposure to air pollution. Every one of these studies on asthma has advanced our knowledge of the condition in children and provided the EPA with vital data that it can utilize to safeguard both human health and the environment. The asthma medication market is being driven by the accelerated drug discovery and development for asthma brought about by these research projects.
Commercialization of Biologics Creates Significant Opportunities in the Market
Many asthmatics found that using an oral or inhaled controller medication, avoiding triggers, and using a quick-relief inhaler when symptoms flare up are sufficient to manage their asthma. For some people, though, these medications are insufficient to treat their asthma. Recently, several innovative medications, known as "biologics," were granted a license to treat moderate-to-severe asthma. Unlike other drugs, biologics target a particular antibody, molecule, or cell implicated in asthma. Biologics are therefore referred to as precision or customized therapy. A biologic is a medication designed to target particular molecules in humans derived from the cells of a living organism, such as bacteria or mice. Asthma biologics target cell receptors, inflammatory chemicals, and antibodies. By focusing on these molecules, Biologics aims to interfere with the mechanisms that lead to inflammation, which aggravates asthma symptoms. Patients who still experience symptoms after taking their regular daily controller medications are prescribed biologics. Recurrent hospital admissions, ER visits, or the need for oral steroids for exacerbations are signs of poorly controlled asthma. Biologics' primary benefit has been a decrease in the number of asthma exacerbations, which has resulted in fewer ER visits, hospital stays, and the requirement for oral steroids. Other benefits of biologics include decreased asthma symptoms, fewer missed workdays and school, and lower dosages of other controller medications.
The quality of life is enhanced in asthmatic patients by biologics. Reports have shown that certain biologics can help patients with severe asthma function better in their lungs. Currently, omalizumab, mepolizumab, reslizumab, benralizumab, and dupilumab are the five approved biologics for asthma. An antibody that explicitly targets IgE allergy antibodies is omalizumab. A subset of cells known as eosinophils is the target of bevacizumab, mepolizumab, and reslizumab. They are involved in allergic inflammation. A monoclonal antibody called dupilumab binds to a receptor for two molecules that produce allergic inflammation. A physician will order screening tests, such as blood work or skin prick testing for environmental allergens, to ascertain which biologic may be the most effective asthma treatment. It is approved for patients six and older to use omalizumab. Aside from reslizumab, all biologics are authorized for use in patients under twelve. Reslizumab can be used by adults who are at least 18 years old. Trials have demonstrated that biologics are generally safe with a low incidence of adverse effects. Furthermore, the cost of biologics is higher than that of other controller medications; however, this is expected to change due to rising demand, the release of new biologics, and large-scale production.
Asthma Drugs Market Report Segmentation Analysis
Key segments that contributed to the derivation of the asthma drugs market analysis are medications, route of administration, and distribution channel.
- Based on medications, the asthma drug market is divided into quick-relief medicines and long-term control medications. The long-term control medications segment held the most significant market share in 2023.
- By route of administration, the market is categorized into inhaled, prefilled syringes/vials, and others. The inhaled segment held the largest share of the market in 2023.
- By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment held the largest share of the market in 2023.
Asthma Drugs Market Share Analysis by Geography
The geographic scope of the asthma drugs market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America consists of three countries: the US, Canada, and Mexico. The US is the largest market for asthma drugs, followed by Canada and Mexico. The presence of key market players, the high prevalence of asthma in the US, and the high healthcare spending per capita are expected to drive growth in North America.
Also, efforts, campaigns, and funding from various governmental and private organizations drive asthma drug growth. Research and development efforts towards the development of drugs and the usage of combination drugs, biologics, and monoclonal antibodies are expected to aid market growth.
Asthma is prevalent throughout Asia Pacific; however, it is underdiagnosed and undertreated. Many asthma patients do not utilize inhaled corticosteroids because they are challenging to obtain or, if available, are too expensive. The application of asthma recommendations should be improved to improve asthma care.
Asthma Drugs Market Report Scope
Asthma Drugs Market News and Recent Developments
The asthma drugs market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the asthma drugs market are listed below:
- GSK plc announced that it has completed the acquisition of Aiolos Bio (Aiolos), a clinical-stage biopharmaceutical company focused on addressing the unmet treatment needs of patients with respiratory and inflammatory conditions. (Source: GSK plc, Press Release, February 2024)
- Teva Pharmaceutical Industries Ltd. and Launch Therapeutics, Inc. announced a clinical collaboration agreement to accelerate further the clinical research program of Teva’s ICS-SABA (TEV-‘248). Teva and Abingworth, a leading international life sciences investment group, part of global investment firm Carlyle, also announced a strategic development funding agreement in which Abingworth provides Teva up to US$ 150 million to offset Teva’s ICS/SABA (TEV-‘248) program costs. The collaboration combines Teva’s expertise in respiratory technology development and Launch Therapeutics’ innovative late-stage drug development model to progress Teva’s Dual-Action Asthma Rescue Inhaler (TEV-‘248) program. (Source: Teva Pharmaceutical, Press Release, April 2024)
Asthma Drugs Market Report Coverage and Deliverables
The “Asthma Drugs Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Asthma drugs market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Asthma drugs market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Asthma drugs market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the asthma drugs market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Medications, Route of Administration, and Distribution Channels
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to register a CAGR of 5.00% during 2023–2031.
AstraZeneca, Koninklijke Philips NV, GlaxoSmithKline plc., Boehringer Ingelheim International GmbH, TEVA PHARMACEUTICAL INDUSTRIES LTD., Merck & Co., Inc., Sanofi, Pfizer Inc., Novartis AG
Research activities and product innovations will likely remain a key trend in the market.
Key factors driving the market are the rising prevalence of asthma, leading to increased demand for asthma drugs, favorable regulatory frameworks, and quick approval procedures for novel and creative asthma treatments.
North America dominated the asthma drugs market in 2023
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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