July 15, 2024
Asthma And COPD Market

The Growth Of Smart Inhalers Is Anticipated To Openup The New Avanue For Asthma And COPD Market

Market Overview:

Asthma and COPD are chronic respiratory diseases that cause inflammation and narrowing of airways. The common types of products available in this market are inhaled corticosteroids, long-acting beta2-agonists, anti-IgE monoclonal antibody, interleukin blockers and others. These products are available both as prescription drugs and over-the-counter drugs. Smart inhalers with digital sensors are gaining popularity as they monitor medication adherence and send data to physicians.

Market Dynamics:

The growth of the asthma and COPD market is driven by the rising prevalence of these diseases and technological advancements in respiratory delivery devices. According to WHO, around 235 million people suffer from asthma globally while over 300 million people suffer from COPD. The increasing pollution levels and changing lifestyle are major causes of respiratory diseases. Additionally, introduction of combination therapies that allow treatment with two or more drugs in a single inhaler and development of targeted monoclonal antibody therapies with improved efficacy are also fueling the market growth. Introduction of smart inhalers integrated with sensors is revolutionizing respiratory drug delivery by monitoring medication use and wireless transmission of data to physicians. This is enabling better disease management and driving compliance.

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.

Segment Analysis

The global asthma and COPD market can be segmented based on disease type, drug class, distribution channel, and geography. Based on disease type, the market is segmented into asthma and chronic obstructive pulmonary disease (COPD). The asthma segment currently dominates the market and is expected to continue its dominance over the forecast period. This is mainly due to the rising incidence of asthma cases across the world.

PEST Analysis

Political: The governments of various countries are taking initiatives to increase awareness and affordability of drugs for asthma and COPD treatment. For instance, favorable drug coverage or reimbursement programs.
Economic: Rising healthcare expenditures driven by growing economic conditions will positively impact the market growth. However, high treatment costs remain a concern.
Social: Increasing pollution levels leading to growing prevalence of respiratory diseases. Additionally, growing health consciousness and adoption of sedentary lifestyle are fueling the demand.
Technological: Rapid adoption of innovative inhalers and nebulizers, coupled with development of novel therapeutics will support the market expansion over the coming years.

Key Takeaways

The global asthma and COPD market size was valued at US$ 35.2 billion in 2023 and is expected to grow at a CAGR of 4.9% during the forecast period. The increasing prevalence of respiratory diseases such as asthma and COPD primarily drives this high growth.

Regional analysis: North America currently dominates the global market owing to the growing patient pool and presence of favorable reimbursement policies. However, Asia Pacific is expected to grow at the fastest rate over the forecast period supported by growing geriatric population, increasing environmental pollution, and rising healthcare spending.

Key players: Key players operating in the asthma and COPD market are AstraZeneca, Novartis AG, GSK plc, Merck & Co., Inc., Verona Pharma plc, Regeneron Pharmaceuticals Inc., and Boehringer Ingelheim International GmbH. These companies are focusing on expanding their product portfolios through acquisitions and partnerships with local players. For instance, AstraZeneca acquired the Respiratory Inhaler business of Takeda.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it