Asthma and COPD Market is Expected to Witness High Growth Due to Rising Prevalence of Respiratory Diseases
Asthma and chronic obstructive pulmonary disease (COPD) are major respiratory diseases that affect millions worldwide. Asthma is characterized by airway inflammation and narrowing of the airways that obstruct airflow from the lungs. COPD refers to a group of lung diseases including emphysema and chronic bronchitis that causes airflow blockage and breathing-related problems. Both conditions require lifelong treatment and management to control symptoms and reduce the risk of exacerbations. The disease burden of asthma and COPD has been increasing globally due to rising pollution levels, tobacco smoking, aging population and other environmental factors.
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 from 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.
Key opportunities in the market include increasing demand for combination therapies, expanding application of biomarker-based drugs, development of personalized medicines, and growing medical tourism in emerging countries.
The market is witnessing rising adoption across major markets globally due to increasing awareness regarding respiratory diseases, growth of the respiratory specialty care segment, and favorable regulatory environment.
Market drivers
The high growth of the asthma and COPD market can be attributed to the rising prevalence of respiratory diseases due to growing pollution levels and aging population. According to WHO, over 300 million people currently suffer from asthma, while over 210 million have COPD. Moreover, chronic respiratory diseases are among the top 5 causes of death and disability worldwide. As a result, the demand for effective drugs and therapies continues to surge. This is expected to drive the market growth over the forecast period.
PEST Analysis
Political: Government policies related to increasing accessibility and affordability of drugs for asthma and COPD conditions. Implementing stringent regulations and quality checks for ensuring drug safety.
Economic: Rising healthcare spending globally due to increasing prevalence of these conditions. Growth opportunities for companies due to high treatment cost of these diseases.
Social: Increasing pollution and changing lifestyle factors leading to rising cases of respiratory illnesses. Growing health awareness helping in early diagnosis and treatment.
Technological: Advancements in delivery methods, development of combination therapies, innovative drugs and biomarkers assisting treatment. Digital health solutions aiding remote monitoring of patients.
North America region leads in terms of asthma and COPD drugs market value currently. The region accounts for more than 40% value share globally due to developed healthcare infrastructure, high treatment cost and growing patient population. Asia Pacific region provides immense growth opportunities with second highest market currently. The region is poised to witness fastest CAGR over forecast period given rising pollution levels, growing economies and improving accessibility in emerging countries.
Europe follows North America region in terms of asthma and COPD market value currently. Western European countries contribute major share led by factors like pollution, aging population and high healthcare spending. Latin America and Middle East & Africa regions offer growth opportunities in future due to improving medical facilities and supportive initiatives from governments and global organizations to curb disease burden.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.
