Asthma Drugs Market (By Medication: Quick Relief Medications, Long-term Control Medications, Others; By Mode of Administration: Tablets and Capsules, Liquids, Inhalers, Injections, and Sprays and Powders; By Organization Type: Public, Private; By Application: Pediatric, Adults, Adolescent) - Global Market Size, Share, Growth, Trends Analysis, Regional Outlook and Forecasts 2024 - 2033
The global asthma drugs market was estimated at USD 23.93 billion in 2023 and is predicted to reach over USD 39.35 billion by 2033, growing at a CAGR of 5.09% during the forecast period 2024 to 2033.
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The U.S. asthma drugs market size was estimated at USD 8.36 billion in 2023 and is anticipated to reach around USD 13.76 billion by 2033, growing at a CAGR of 5.11% from 2024 to 2033.
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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.
Crucial factors accountable for market growth are:
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.
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.
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.
| Report Highlights | Details |
| Market Size in 2023 | USD 23.93 Billion |
| Market Size by 2033 | USD 39.35 Billion |
| Growth Rate From 2022 to 2030 | CAGR of 5.09% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Medication, Mode of Administration, Organization Type, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | GlaxoSmithKline, Pfizer, Vectura Group, Boehringer Ingelheim, Roche, Novartis, Merck, AstraZeneca, Teva Pharmaceutical |
The quick relief medications segment held the largest share of the asthma drugs market in 2023. Quick relief medications, such as short-acting beta-agonists (SABAs) like albuterol, provide rapid relief from asthma symptoms such as wheezing, chest tightness, and shortness of breath. Their fast-acting nature makes them essential for managing acute asthma attacks. Quick relief medications are often recommended as the first-line treatment for acute asthma symptoms and exacerbations. They are the go-to medications during asthma attacks to provide immediate relief and prevent worsening of symptoms.
The inhalers segment held the largest share of the asthma drugs market in 2023 and the segment is observed to sustain the position throughout the forecast period. Inhalers are compact, portable, and easy to use, making them convenient for asthma patients to carry with them wherever they go. This allows patients to have quick access to their medication whenever they experience symptoms or asthma exacerbations. Inhalers deliver medication directly to the lungs, bypassing the digestive system and minimizing systemic side effects commonly associated with oral medications. This targeted delivery helps to reduce the risk of adverse reactions and improves the safety profile of asthma drugs.
The public segment led the asthma drugs market in 2023. Public organizations are responsible for managing healthcare infrastructure, including hospitals, clinics, and public health programs. They ensure the availability and accessibility of asthma drugs to patients through government-funded healthcare services and distribution networks. Public organizations collaborate with pharmaceutical companies, academic institutions, and research organizations to conduct clinical trials, advance scientific research, and develop innovative asthma treatments. These collaborative efforts drive drug discovery and development in the asthma therapeutics market.
The adults segment dominated the asthma drugs market in 2023. Asthma is a chronic respiratory condition that often persists into adulthood. The prevalence of asthma tends to be higher among adults compared to children, leading to a larger patient population in the adult segment. As the global population ages, the proportion of adults with asthma is increasing. Older adults may develop asthma later in life or have existing asthma that requires ongoing management with medication.
Major Market Segments Covered:
By Medication
By Mode of Administration
By Organization Type
By Application
By Geography
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