Phenomenal Growth in Prevalence of Asthma and Growing Obesity Pool Driving the Global Asthma and COPD Drugs Market

calendar_today 12 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global asthma & COPD drugs market was pegged at ~US$ 33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~4.5% from 2022 to 2030.

The increase in the incidence and prevalence of asthma and COPD, technological developments, and the number of older adults are some of the reasons propelling the market expansion. Globally, both men and women are affected by the widespread, preventable, and treatable chronic lung condition known as a chronic obstructive pulmonary disease (COPD). The World Health Organization (WHO) 2021 report states that COPD, which affected 3.23 million lives in 2019, is the third-leading cause of mortality globally. More than 80% of these fatalities occurred in low- and middle-income nations (LMIC).

Additionally, the worldwide ageing population is driving market expansion. For instance, the World Ageing 2020 research estimates that 727 million people worldwide will be 65 years or older in 2020. In 2050, it is expected that there will be 1.5 billion senior people. Globally, the proportion of people 65 and older climbed from 9.3% in 2020 to 16% by 2050. Asthma is a disease that adversely impacts those over 65. Hence the growing geriatric population is predicted to drive market expansion throughout the forecast period.

Furthermore, it is projected that technological developments will start opening profitable business chances for the marketplace. The late start of the action and limited efficacy of conventional therapies are predicted to promote the development of novel targeted medications, increasing market growth. For instance, in February 2021, Sanofi initiated a Phase III clinical trial in partnership with Regeneron Pharmaceuticals to evaluate the effectiveness and safety of itepekimab on the annualised rate of acute moderate-to-severe COPD exacerbations in former smokers with moderate-to-severe chronic obstructive pulmonary disease (COPD). Completion of the trial is anticipated for July 2024.

The development of new treatments is anticipated to fuel market growth for COPD and asthma globally. For instance, a phase 3 multicenter Study reported that when compared to placebo treatment, masitinib dramatically reduced the rate of asthma exacerbations in patients with severe asthma that was not managed by oral corticosteroids. However, the high cost of treating asthma is anticipated to hinder market expansion. For instance, the average yearly medical expense for asthma in the United States is US$ 4,000. Moreover, patients with asthma must take numerous precautions and undergo a prolonged treatment process. Due to the expensive cost of the treatment, people frequently stop receiving it in the middle. This is also anticipated to restrain market expansion.

Despite having a smaller market in terms of population, the U.S. market has profited from factors including the high cost of COPD and asthma medications and the attention that customers pay to their health and wellness. Despite having a smaller market in terms of population, the U.S. market has profited from factors including the high cost of asthma & COPD drugs and the attention that customers pay to their health and wellness.

The second-largest market for asthma and COPD drugs is predicted to be in Europe throughout the forecast period. The regional market expansion is anticipated to be aided by the increased awareness of asthma and COPD in Europe. Furthermore, the prevalence of asthma & COPD is rising in Europe, further driving the market expansion.

The fastest-growing market is predicted to be in the Asia Pacific due to the growing awareness of COPD and asthma. For instance, the Koninklijke Philips launched a campaign in May 2019 to promote asthma awareness on World Asthma Day in India. The increased prevalence of COPD and asthma contribute favourably to market expansion.

Some of the prominent market players in the global asthma & COPD drugs market include GlaxoSmithKline PLC, Amgen, Inc., Abbott Laboratories, Merck & Co. Inc., AstraZeneca PLC, Boehringer Ingelheim GmbH, Novartis AG, Hoffmann-La Roche Ltd, Sanofi S.A., Teva Pharmaceuticals Industries Ltd., Vectura Group Plc., Dr Reddy’s Laboratories, Cipla Limited, Mylan N.V., Glenmark Pharmaceuticals Limited and Aurobindo Pharma Limited and others. To expand their market shares, the market players use various strategies, including new launches, developments, collaborations, acquisitions, and expansions.

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