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Asthma treatment Market
Increasing asthma prevalence, alongside innovations in biologics & inhaler technologies drives growth and diversification across global asthma treatment market.
AUSTIN, TX, UNITED STATES, October 30, 2024 /EINPresswire / -- The Asthma Treatment
market was valued at USD 26.7 billion in 2023 and is projected to reach USD 42.13 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2032.
Expanding Potential and Future Opportunities in the Asthma Treatment Market Driven by Innovation and Increased Awareness
The asthma treatment market is likely to grow drastically due to the increasing asthma prevalence globally, mainly driven by increased urbanization and pollution levels. Further support for the growth of the market will come from improved awareness of asthma management and adherence to treatment plans. Advances in treatment modalities, including biologics and personalized medicine, should improve patient outcomes and will support the growth of this market.
The asthma treatment market is going to be huge in the future, especially considering the emerging markets with a strong healthcare infrastructure. Digital health technologies- mobile apps and telemedicine will make patient engagement and adherence to treatments an easy affair. Further research work on novel therapeutic approaches as well as combination therapies in the pipeline is likely to bring innovative solutions for treating asthma, thus ensuring that the asthma treatment market will evolve well to meet diverse patient requirements.
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Major Key Players Included are:
➢AstraZeneca
➢Teva Pharmaceutical Industries Ltd.
➢Merck & Co., Inc.
➢Boehringer Ingelheim International GmbH
➢GlaxoSmithKline PLC
➢Sanofi
➢Mylan N.V.
➢Genentech, Inc. (F. Hoffmann-La Roche Ltd)
➢Regeneron
➢Novartis AG
The Global Increase in Asthma Prevalence as a Key Driver for Growth in the Asthma Treatment Market
The high incidence of asthma worldwide is one of the growth factors for the asthma treatment market. Urbanization, environmental pollution, and lifestyle change are causing an increase in asthma cases. Healthcare providers and pharmaceutical companies are focusing on innovative treatments and management strategies due to increased demand from more individuals seeking medical intervention for symptoms. A steadily increasing patient population further makes this an important opportunity in terms of adequate asthma care and management solutions available in the market.
Increasing Awareness and Improved Diagnosis as Crucial Drivers for the Asthma Treatment Market
Asthma awareness and associated risk factors are major drivers for the asthma treatment market. Programs aimed at educating patients and highlighting the importance of recognizing symptoms have encouraged a majority of patients to see their doctors and obtain correct diagnoses. As healthcare providers continue to adopt accurate assessments and tailored treatment plans, the demand for asthma management solutions will continue to grow. Heightened awareness also empowers patients and motivates them to adhere to treatment protocols, which contributes to better health outcomes and drives market growth.
Market Segmentation
By Treatment
➢Long-Term Control Medications
➢Quick-Relief Medications
By Route of Administration
➢Injectable
➢Inhaled
➢Oral
By Distribution Channel
➢Online Pharmacies
➢Retail Pharmacies & Drug Stores
➢Hospital Pharmacies
Inhaled Treatments Lead the Asthma Treatment Market While Oral are Projected for Rapid Growth from 2024 to 2032
Inhalations have been the market dominator in the treatment of asthma, which garnered the highest revenue share in the year 2023 because it is delivered directly to the lung, which improves the rapidity of action and effectiveness of the drug. It, therefore, comprises treatments with inhaled corticosteroids and bronchodilators, which help in controlling acute severe symptoms and chronic states. Conversely, oral asthma medication will have the highest growth CAGR from 2024 to 2032 with increasing patient preference for a more convenient dosing procedure as well as further advanced formulation, which increases their effectiveness and reduces side effects
Retail Pharmacies and Drug Stores Lead the Asthma Treatment Market Due to Accessibility and Consumer Preference
In the year 2023, retail pharmacies and drugstores constituted the largest revenue share. This is due to them being the most easily available and accessible establishments to a patient. The pharmacies range from inhalers to other oral medications, hence easier for the consumer to have their prescription drugs faster. The presence of competent pharmacists also increases the prospect of educating the patient regarding their treatment plan. This role retail pharmacies would continue playing in the expansion and change of the market would still be crucial due to the growing demand for easier access to drugs and targeted support for more people.
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North America's Dominance in the Asthma Treatment Market and Asia Pacific's Projected Rapid Growth from 2024 to 2032
The North American region has maintained the asthma treatment market share at its highest with the highest revenue share in 2023 owing to the advanced healthcare infrastructure and the high level of awareness related to asthma management along with the robust research and development efforts. The range of effective treatment options available, coupled with strong support from healthcare providers, supports the dominant position of North America in this market.
Conversely, the Asia Pacific region is expected to experience the highest CAGR from 2024 to 2032 due to increased urbanization, the escalating level of pollution, and increased healthcare expenditure. While education about asthma is going up and more availability of health care boosts the prospect of effective treatment options, the asthma therapies market for this region will be poised for significant growth in the future.
Key Developments in the Asthma Treatment Market
➢In March 2023, Teva Pharmaceuticals partnered with Rimidi to launch a respiratory patient monitoring program at Desert Oasis Healthcare in California, using data from Teva's Digihaler System. The smart inhaler provides objective data that enhances asthma management.
➢AstraZeneca's Tezspire, known as tezepelumab, received a positive opinion from the CHMP for self-administration via a prefilled pen in patients aged 12 and older with severe asthma, offering them more flexibility and convenience.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.