The global asthma drugs market size is predicted to reach USD 37.3 billion by 2030 from USD 20.6 billion in 2020, growing at a CAGR of 5.2% during the forecast period 2021 to 2030.
Key market Insights:
Increasing prevalence of asthma and growth in the old age population are driving factors for the growth of asthma market. Ongoing R&D activities and technological advancements can create lucrative growth opportunities for the key players operating in the global asthma drugs market. High costs associated with the research and development of the asthma drugs is key factor hampering growth of the global market. Key players operating in the target market are focusing on the technological advancements as well as research and developments in order to produce low cost drugs. Increasing launches of pipeline drugs and strategic developments by the major players are creating numerous growth prospects in the target industry.
Crucial factors accountable for market growth are:
COVID-19 Impact on Global Asthma Drugs Market
The COVID-19 impacted commercials market areas across the globe, but asthma drug industry is an exception. Since, COVID-19 as well as asthma are nothing but the respiratory diseases, the demand for the asthma treatment is increasing which in turn boosting growth of the target market. Also, asthma is deliberated as common chronic disease. Increased patient pool is expected to create need for asthma drugs. However, because of COVID-19, target market faced certain unexpected things like raw materials price volatility, uncertainty of the supply chain, insufficient manpower in the production facility worldwide. However, after the launch of covid vaccine, companies are coming back to their original position by resuming to the work with greater speed.
Future of Global Asthma Drugs Market
Foremost players of the global asthma drugs industry are focusing on the strategic partnerships similar acquisitions, mergers in order to enhance their position in the global market and to get the comparative edge. Further companies are launching advanced products in order to fulfill the customized demands of the end-users. These trends are anticipated to continue and will fuel growth of target market over the forecast time-frame. Growing use of asthma drugs for the effective treatment for COVID-19 is key trend witnessed in the target market, this trend is anticipated to continue and will boost growth of this industry in the near future. Asthma drugs that are used to help prevent the symptoms of asthma, are being touted as the silver bullet for COVID-19. Asthma drugs reduce severity of asthma attack by preventing inflammation in the lungs and can be inhaled directly to the lungs using a nebulizer. As the COVID-19 and asthma are respiratory illnesses, most of the end-user is also using asthma inhalers for treatment of COVID-19.
Long-term Control Medications Type Segment Reported Foremost Market Stake in 2020
Long-term control medications segment is expected to hold the prime revenue share by medication type due to increasing need for the long-term control medications in order to treat chronic diseases that are considered as asthma.
Tablets and Capsules Mode of Administration Segment Reported Foremost Market Stake in 2020
Tablets and capsules segment is expected to hold the prime revenue share by mode of administration due to increased demand for the tablets and capsules by the end use consumers across the world.
North America is Likely to be the Largest Market for Asthma Drugs
The research report deals with the industry prospects of asthma drugs products around regions including Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. Asthma Drugs market is taken by North America owing to increasing numbers of patients suffering from the asthma diseases, advanced healthcare infrastructure, favorable government policies, and growing ageing population U.S. of the North America. Addition to this, presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future. Asia Pacific is likely to list the noteworthy CAGR, on account of growth in the demand for the asthma drugs in emerging economies owing growing prevalence. Also, most of the key players operating in the industry are investing heavily in order to get the competitive edge in the asthma drugs market in Asia Pacific. Further, the Latin America as well as Middle East and Africa regions will likely to register moderate growth in the coming.
Top Players contending in the Market:
Major companies operating in this area are:
For improved status of asthma drugs, and strategies accepted by Precedence Research projected the upcoming growth of the asthma drugs market.
Key Market Developments:
Major Market Segments Covered:
By Mode of Administration
By Organization Type
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