by The asthma and COPD market is primarily driven by the rising prevalence of respiratory diseases globally. Asthma is one of the most common chronic diseases among children. Biologics drugs used for the treatment of asthma and COPD exhibit high efficacy and reduce the risk of side effects associated with conventional drugs. Biologics drugs such as monoclonal antibodies inhibit cytokine activity and reduce the hypersensitivity and inflammation associated with respiratory diseases.
The Global asthma and COPD market is estimated to be valued at US$ 40.56 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Asthma And COPD Market are AbbVie Inc., AstraZeneca, Bristol-Myers Squibb Company, Dendreon Pharmaceuticals LLC., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, Pfizer Inc., Sanofi, Ferring B.V., Enzo Biochem Inc., Celldex Therapeutics, Atara Biotherapeutics, Inc., Apexigen, BioNTech SE, Blueprint Medicines Corporation, Regeneron Pharmaceuticals Inc., CytomX Therapeutics, Inc., Agenus Inc., Betta Pharmaceuticals Co., Ltd., CStone Pharmaceuticals, Amgen Inc., MediMergent, LLC, Gilead Sciences, Inc., and ONKO-INNATE.
The key opportunities in the asthma and COPD market include increasing healthcare expenditure, rising research and development investment by key players, and growing demand for digital health solutions. Biologics and targeted therapies are likely to witness high adoption in the asthma and COPD treatment owing to technological advancements.
Market Drivers
The increasing air pollution levels across the world is a major driver for the growth of the asthma and COPD market. Rising cigarette smoking rates and growing geriatric population suffering from respiratory diseases will also contribute to the market growth. Growing preference for combination therapy drugs due to better management of respiratory symptoms will further aid in market expansion over the forecast period. The government initiatives undertaken to increase disease awareness and availability of low-cost treatment options are expected to boost the market growth.
Current Challenges in Asthma and COPD Market:
The asthma and COPD market is facing several challenges currently. The diagnostic methods for these respiratory diseases need improvements for early and accurate diagnosis. Environmental factors like air pollution are significant triggers for asthma and COPD exacerbations. However, controlling and reducing air pollution levels is a major challenge globally. Adherence to medication therapy is another challenge as many patients do not take their inhalers and drugs as prescribed. This leads to poor management of symptoms and increased risk of attacks. The development of new drugs requires huge investments but the success rate is relatively low. High development costs make these drugs expensive for many patients globally.
SWOT Analysis
Strength: Growing prevalence of asthma and COPD presents large target patient population. Advances in diagnostic tools and treatment options provide growth opportunities.
Weakness: High development and marketing costs of new drugs put price pressures. Environmental pollution is difficult to control completely.
Opportunity: Untapped markets in developing countries offer promising growth potential. Digital health tools can help improve medication adherence and management. Development of combination drug therapies can enhance treatment effectiveness.
Threats: Patent expiries of blockbuster drugs lead to revenue loss. Stringent regulatory approvals delay market entry of new products. Impact of lifestyle changes on triggering environmental factors is uncertain.
Geographical Regions with Highest Market Concentration
North America accounts for the largest share of the asthma and COPD market currently, in terms of value. This is due to high diagnosis and treatment rates supported by advanced healthcare infrastructure and spending capabilities in the US and Canada. Europe is the second largest regional market led by countries like Germany, the UK, and France.
Fastest Growing Regional Market
Asia Pacific region is poised to be the fastest growing market for asthma and COPD over the forecast period from 2024 to 2031. This is attributed to rising pollution levels, growing patient awareness, increasing healthcare spending, and expanding access to treatments in highly populated countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
