Asthma Treatment Market to Exhibit a CAGR of 4.5% by 2027; High Death Risks in Asthma Patients During COVID-19 to Spur Sales Opportunities

The global asthmatreatment market size is expected to reach USD 26.01 billion by 2027,exhibiting a CAGR of 4.5% during the forecast period. The growing incidence ofrespiratory diseases such of chronicobstructive pulmonary disease (COPD), chronic bronchitis, emphysema, lungcancer, asthma, and pleural effusion will spur demand for asthma treatment during the forecast period, mentioned in a report,titled “Asthma Treatment Market Size, Share &Industry Analysis, By Treatment (Long-Term Control Medications, andQuick-Relief Medications), By Route of Administration (Injectable, Oral, andInhaled), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies &Drug Stores, and Online Pharmacies), and Regional Forecast, 2020-2027” the market size stood at USD 18.08 billion in 2019. The increasing riskof death in asthma patients amid the COVID-19 pandemic will fuel demand forpre-diagnosis, which, in turn, will aid the market. For instance, According to theCenters for Disease Control and Prevention (CDC), during the 2019-2020 corona viruspandemic, individuals suffering from moderate to severe asthma, were at a greaterrisk of falling ill with acute respiratory disease.

An Overview of the Impact of COVID-19 on this Market:

Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.

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Market Driver:

Surge in Asthma Cases to ExpediteBusiness Expansion

Theincreasing prevalence of chronicrespiratory diseases such as asthma has led to the expansion of the marketduring the forecast period. Asthma is considered to be the most common chronicdisease worldwide. The growing need for advanced therapeutics will subsequentlypromote the growth of the market. According to the American Academy of Allergy,Asthma & Immunology (AAAAI), in the United States, in 2016, it wasestimated that approximately 8.3% of children in the U.S. had asthma. Thelaunch of low cost-effective therapeutics such as generic equivalents can be anessential factor in augmenting the growth of the market during the forecastperiod. The growing demand for asthma drugs due to the outbreak of coronaviruswill significantly enable the healthy growth of the market. For instance,patients with chronic illnessessuch as asthma are more prone to catch thevirus. The Centers for Disease Control and Prevention (CDC), in the time ofcoronavirus pandemic, has issued special guidelines to patients of asthma andalso advocated greater precaution for asthma patients.

MarketRestraint:

ExpensiveAsthma Medications to Dwindle Market Growth

The high costs associated with asthma inhalers, which areoften considered the primary treatment for Asthma will limit the adoption ofasthma therapeutics. For instance, the prices of Advair, a critical asthma drughas risen from US$ 316 in 2013 to US$ 496 in 2018, documenting an increase of56.0%. Furthermore, the under diagnosis of asthma in developing countries willsubsequently restrict the growth of the market during the forecast period. Underdiagnosis of asthma leads to poor clinical outcomes for the patient and theadoption of in appropriate asthma pharmaceuticals as a treatment for theirmedical condition. These factors together are likely to restrict the growth ofthe market.

RegionalAnalysis:

RisingAwareness Among Patients to Support Growth in North America

The market size in North America stood at USD 9.40billion in 2019. The growth in the region is attributed to the risingprevalence of asthma and the awareness of advanced and efficient asthma therapeuticsamong patients. The market in Asia Pacific is likely to hold the largest sharein the forthcoming years owing to the presence of key products in the region,For instance, the strong growth of Pulmicort, a key asthma drug in China. Theincreasing prevalence of chronic respiratory diseases and growing launches ofkey products including efficient generic asthma therapeutics is predicted tobode well for the market in Asia Pacific during the forecast period.

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