by Market Overview:
Asthma and COPD are common inflammatory lung diseases that cause obstruction of airflow in the lungs. Asthma is caused by inflammation and narrowing of the airways,while COPD refers to a group of diseases that cause airflow blockage and breathing-related problems. Medications such as bronchodilators, corticosteroids and vaccines are used for treatment and management of symptoms associated with asthma and COPD.
Market key trends:
Rising pollution levels globally have led to increasing prevalence of respiratory diseases like asthma and COPD. According to the Global Initiative for Asthma (GINA), more than 339 million people suffer from asthma worldwide. Adoption of sedentary lifestyle along with increasing smoking rates are major risk factors driving the growth of COPD patient pool. Biologics/novel therapies are recent entrants to boost the inhaled corticosteroid market. Monoclonal antibodies targeting interleukin-5 (IL-5) such as Benralizumab (Fasenra), Mepolizumab (Nucala), and Reslizumab (Cinqair) are gaining prominence for reducing exacerbations in severe eosinophilic asthma.
The global Asthma And COPD Market Demand is estimated to be valued at US$ 35.2 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
One of the key trends observed in the asthma and COPD market is the rising adoption of digital technologies. Patients are increasingly using mobile applications and web-based portals to track their symptoms, monitor medication usage, and consult doctors online. Digital platforms help patients better manage their condition from the comfort of their homes while generating valuable insights for physicians. Furthermore, technology players are developing advanced respiratory devices and sensors that can closely monitor lung functions and alert medical help in case of an emergency. Such devices are expected to gain widespread adoption over the forecast period.
SWOT Analysis
Strength: Large patient pool suffering from asthma and COPD presents a huge target market. Weakness: High treatment and management costs pose challenges in market expansion. Opportunity: Emerging economies with growing pollution levels and aging populations present lucrative opportunities. Threats: Stringent regulations and lengthy product approval processes hamper market revenue growth.
Key Takeaways
The global asthma and COPD market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing pollution levels and growing geriatric population.
Regional analysis:
North America currently dominates the global market and is expected to maintain its lead over the forecast period. However, Asia Pacific is projected to witness the fastest growth owing to rising air pollution, growing patient awareness, and increasing healthcare expenditure in the region.
Key players:
Key players operating in the asthma and COPD market include AstraZeneca, Novartis AG, GSK plc, Merck & Co., Inc., Verona Pharma plc, Regeneron Pharmaceuticals Inc., and Boehringer Ingelheim International GmbH.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
