Asthma Therapeutics Market Outlook 2024-2032:
The asthma therapeutics market size reached a value of USD 18 Billion in 2023. Looking forward, the market is expected to reach USD 22.0 Billion by 2032, exhibiting a growth rate (CAGR) of 1.9% during 2024-2032.
The market is driven by the increasing awareness among individuals about the importance of treating asthma, implementation of several programs by governing agencies of various countries that enhance asthma management and increase access to essential medications, improving healthcare expenditure, increasing preferences for personalized treatment approaches, and a high number of clinical research and trials.
Advancements in Biologic Therapies
Advancements in biologic therapies have revolutionized the market by offering significant improvements in the management of severe asthma. Biologic therapies are designed to target specific components of the immune system that contribute to asthma’s pathophysiology, providing a more personalized and effective approach to treatment. These therapies primarily include monoclonal antibodies that inhibit key cytokines and cellular pathways involved in the inflammatory process characteristic of asthma. The efficacy of biologic therapies in reducing asthma exacerbations and improving lung function is impelling the market growth. Patients who do not respond adequately to conventional treatments, such as inhaled corticosteroids and long-acting beta-agonists, benefit significantly from these advanced therapies. Biologics aid in reducing the frequency of severe asthma attacks and the need for oral corticosteroids and enhancing the overall quality of life for patients. This is making biologic therapies as a critical option in the treatment arsenal for severe asthma, especially in cases with an eosinophilic phenotype or high levels of allergic inflammation.
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Furthermore, the development of biomarkers facilitates the identification of patients who are most likely to benefit from biologic therapies, ensuring a more targeted and efficient treatment approach. The ongoing research and development (R&D) efforts in this field are likely to yield new biologics that can address a broader range of asthma subtypes. This innovation not only enhances therapeutic outcomes but also drives market growth by expanding the available treatment options and addressing unmet medical needs. As a result, advancements in biologic therapies represent a transformative approach in the asthma therapeutics market.
Rising Prevalence of Asthma
The increasing prevalence of asthma among individuals worldwide is propelling the market growth. Asthma is a chronic respiratory condition that is characterized by airway inflammation and hyperresponsiveness. People are suffering from asthma due to various factors, including urbanization, environmental pollution, and lifestyle changes. Urbanization is leading to increased exposure to pollutants, such as vehicle emissions, industrial waste, and particulate matter, all of which are known to aggravate asthma symptoms. Additionally, modern lifestyle changes, including sedentary behavior and dietary shifts, contribute to higher rates of obesity, a known risk factor for asthma. Moreover, rising indoor allergens, such as dust mites, pet dander, and mold, among individuals are strengthening the market growth.
Environmental factors also play a critical role. Climate change, resulting in increased levels of pollen and longer pollen seasons, increases the risk of asthma exacerbations. Additionally, tobacco smoke exposure, both active and passive, continues to be a major contributing factor, particularly in regions with high smoking rates.
The increasing prevalence of asthma has significant implications for the healthcare system. It drives the demand for effective therapeutic interventions and comprehensive disease management strategies. Healthcare providers and pharmaceutical companies are investing in R&D activities to create innovative treatments that address the diverse needs of asthma patients. This includes the development of new medications, improved inhaler devices, and personalized treatment plans tailored to individual patient profiles.
Technological Innovations in Inhaler Devices
Technological innovations in inhaler devices benefit in enhancing treatment efficacy, patient adherence, and overall disease management. Traditional inhaler devices often face challenges related to incorrect usage and inconsistent medication delivery. The development of smart inhalers and more sophisticated drug delivery systems aid in improving patient outcomes. Smart inhalers are equipped with sensors and connectivity features that can monitor inhaler usage, track medication adherence, and provide real time feedback to both patients and healthcare providers. By recording the date and time of each dose, smart inhalers help ensure that patients take their medication as prescribed, reducing the risk of exacerbations due to missed doses. Additionally, these inhalers can connect to mobile apps, enabling patients to review their usage history and receive reminders, further promoting adherence. For healthcare providers, access to accurate data on inhaler usage facilitates personalized treatment adjustments and early interventions when adherence issues are detected.
Moreover, advancements in drug delivery systems increase the effectiveness of inhaler devices. Dry powder inhalers (DPIs) and soft mist inhalers (SMIs) offer superior drug delivery mechanisms. DPIs eliminate the need for propellants and rely on the patient’s inspiratory effort to deliver medication, ensuring a more consistent dose. On the other hand, SMIs create a fine mist that enhances deep lung penetration, improving the delivery of medication to the airways. These devices are designed to be user-friendly, minimizing the potential for incorrect usage and increasing patient confidence in their treatment regimen.
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Leading Companies in the Asthma Therapeutics Market:
The market research report by IMARC encompasses a comprehensive analysis of the competitive landscape in the market. Across the global asthma therapeutics market, several notable companies are making waves in the industry by offering innovative solutions, engaging in partnerships, and receiving product approvals related to asthma therapeutics. Companies in the market are investing in the development of innovative biologic therapies. They are creating monoclonal antibodies targeting specific cytokines and cellular pathways involved in asthma’s inflammatory process. Some of the key market players include AstraZeneca PLC, Abbott Laboratories, Amgen Inc., Biogen Inc., Boehringer Ingelheim International GmbH, F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc, Merck Sharp & Dohme Corp., Novartis International AG, Sunovion Pharmaceuticals Inc. and Teva Pharmaceutical Industries Ltd.
In addition, pharmaceutical companies are engaging in strategic partnerships and collaborations to accelerate R&D in asthma therapeutics. Partnerships are crucial for sharing knowledge, reducing R&D costs, and achieving regulatory approvals more efficiently. On 1 August 2023, Viatris and Kindeva Drug Delivery launched Breyna (budesonide and formoterol fumarate dihydrate) inhalation aerosol, the first generic version of AstraZeneca’s Symbicort. Breyna is a metered-dose inhaler (MDI), which contains both budesonide and formoterol. It is indicated for certain patients with asthma or chronic obstructive pulmonary disease (COPD). It is preferred for patients with asthma 6 years of age and older, and as maintenance treatment of airflow obstruction and reducing exacerbations in patients with COPD, including chronic bronchitis or emphysema.
Furthermore, several companies are leveraging advancements in digital health to develop smart inhalers, aiming to improve medication adherence and asthma management. On 27 March 2023, Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd., announced that a respiratory patient monitoring program using data from Teva’s Digihaler System has been implemented within California’s Desert Oasis Healthcare (DOHC) system. The program was designed in collaboration with Rimidi, a leading clinical management platform designed to optimize clinical workflows, enhance patient experiences, and achieve quality objectives. Teva’s Digihaler is the first and only smart inhaler system that can provide objective data to help patients and their doctors better support asthma management.
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Regional Analysis:
The major markets for asthma therapeutics include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to projections by IMARC, North America has the largest patient pool for asthma therapeutics while also representing the biggest market for its treatment.
The rising prevalence of asthma among individuals in the North American region is bolstering the market growth. Various factors contribute to this high prevalence, including environmental pollution, lifestyle changes, and genetic predisposition. The increasing incidence of asthma necessitates robust therapeutics to cater to the medical needs of this large patient pool. Besides this, North America’s advanced healthcare infrastructure significantly supports the asthma therapeutics market. The region has some of the world’s leading hospitals, research institutions, and healthcare providers, ensuring high standards of care and accessibility to cutting-edge treatments. Comprehensive healthcare systems in the United States and Canada offer patients access to a wide range of asthma therapies, ranging from conventional inhalers to advanced biologic treatments. Additionally, extensive insurance coverage and government healthcare programs facilitate patient access to necessary medications and treatments. Furthermore, North America is a hub for medical research and pharmaceutical innovation, driving the development of new asthma therapies.
Key information covered in the report.
Base Year: 2023
Historical Period: 2018-2023
Market Forecast: 2024-2032
Breakup by Product Type:
- Inhalers
- Dry Powder Inhalers
- Metered Dose Inhalers
- Soft Mist Inhalers
- Nebulizers
- Pneumatic Nebulizers
- Ultrasonic Nebulizers
- Mesh Nebulizers
Breakup by Treatment Type:
- Quick-Relief Medications
- Long-Term Asthma Control Medications
Breakup by Route of Administration:
- Inhalation
- Oral
- Parenteral
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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