The Asthma And Copd Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic Respiratory Diseases
Market Overview:
Asthma and COPD are chronic respiratory diseases that cause obstruction of airflow in the lungs. Asthma is caused by inflammation and narrowing of the airways while COPD majorly includes chronic bronchitis and emphysema. The key products in this market are inhaled corticosteroids (ICS), inhaled bronchodilators, antibiotics, monoclonal antibodies, and vaccines. These drugs provide relief from symptoms and help improve lung function and quality of life for patients.
Market Dynamics:
The asthma and COPD market is primarily driven by the increasing prevalence of chronic respiratory diseases due to growing pollution levels and aging population globally. As per the Global Burden of Disease Study, approximately 251 million people suffer from COPD worldwide. Moreover, the COPD prevalence is highest in China, accounting for nearly 1 in every 6 COPD deaths globally. Additionally, increasing guidelines by health organizations to control asthma and COPD symptoms is also fueling the market growth. For instance, the global initiative for asthma (GINA) and global initiative for chronic obstructive lung disease (GOLD) provide evidence-based guidelines for effective management of chronic respiratory diseases.
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.
SWOT Analysis
Strength:
- Increasing research and development activities focused on developing novel therapeutics. Several drugs are in the pipeline which can drive the market growth.
- Growing awareness regarding respiratory diseases like asthma and COPD. This is encouraging people to seek proper treatment.
- Large patient pool suffering from asthma and COPD worldwide presents a huge market potential.
Weakness:
- High cost associated with branded drugs makes treatment inaccessible for many patients.
- Lack of awareness in some developing regions. Underdiagnosis and late diagnosis remains an issue.
Opportunity:
- Untapped opportunities in developing markets of Asia Pacific and Latin America due to growing aging population.
- Advent of combination therapies that provide both relief and control of symptoms. This can boost the demand.
Threats:
- Risk of resistance and adverse reactions associated with long-term use of drugs.
- Threat from alternative treatment methods like traditional medicines and pulmonary rehabilitation programs.
Key Takeaways
The global Asthma And COPD Market is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing prevalence of respiratory diseases worldwide. As per estimates, over 500 million people worldwide suffer from asthma or COPD. Moreover, rising environmental pollution and cigarette smoking are major contributors.
Regional analysis
North America currently dominates the global market and is expected to remain the largest market during the forecast period owing to high healthcare spending. In Europe, the market is driven by the growing aging population susceptible to respiratory issues. Asia Pacific is projected to witness the highest growth rate due to improving access to diagnosis and treatment in heavily populated countries like China and India.
Key players operating in the Asthma And COPD market are AstraZeneca, Novartis AG, GSP plc, Merck & Co., Inc., Verona Pharma plc, Regeneron Pharmaceuticals Inc., Boehringer Ingelheim International GmbH. These players are focusing on developing more potent and targeted therapies to strengthen their market position.
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