Global asthma therapeutics market is expected to reach USD 25.6 billion by 2024, according to a new study by Grand View Research, Inc.
The increasing prevalence of asthma coupled with the adoption of biologics as a long-term treatment option to treat the severe form of asthma is expected to offer this market with lucrative growth opportunities. According to the statistics published by the World Allergy Journal, in May 2014, patients suffering from asthma registered around 300 million and the number is expected to soar due to a large number of individuals inclining towards unhealthy dietary habits and sedentary lifestyles.
In addition, patent expiration of branded drugs, such as Singulair, Advair and other major drugs during the forecast period has led to a stiff generic competition, which will negatively impact the asthma therapeutics market growth in the coming years. On the contrary, the introduction of biologics is accruing towards the increasing market share of the asthma therapeutics segment, and is anticipated to continue during the forecast period.
The enhanced demand for personalized medicine approach as opposed to the conventional medication prescription pattern for treatment of severe asthma is anticipated to aid the emergence of asthma therapeutics market in the future. In addition, development of technologically advanced products, such as pressurized metered dose inhalers and smart inhalers, equipped with sensor technology and inbuilt wireless communication system is further expected to propel the asthma therapeutics market growth in the next seven years.
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Further key findings from the study suggest:
- The anti-inflammatory drug class is expected to exhibit rapid growth at a lucrative CAGR of 3.4% over the forecast period owing to the introduction of affordable and innovative biologics targeting the severe asthma condition. In addition, the awareness gained pertaining to the benefits rendered by the biologics and monoclonal antibodies is anticipated to exhibit an upward shift in the market expansion in the coming years.
- The dry powder inhalers (DPIs) are expected to be the fastest growing segment due to the increasing adoption of these devices because of their high clinical efficiency than other inhalers. They are able to deliver both, small and large-sized drug components and dispense specialty engineered molecules. These related merits have spiked the adoption rates thereby contributing towards the risen market penetration.
- Rising number of individuals opting for alternative treatment options, such as inhaled fixed-dose combination drugs for asthma medication is anticipated to serve this market with future growth opportunities. The inhalers market is expected to grow at a CAGR of above 2.0% over the forecast period.
- Some of the key players operating in the asthma therapeutics market include AstraZeneca Plc, Philips Healthcare, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline Plc, Sanofi-Aventis SA, CareFusion Corporation, Sunovion Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Roche Diagnostics, and Merck& Co., Inc.
- Market leaders are focusing on the introduction of technologically advanced devices and novel, improved biologics to gain a competitive advantage. The asthma therapeutics segment has a very strong pipeline as there are almost 100 novel molecules that are in the development phase and manufacturers are focusing on the development of personalized medication. The aforementioned factors collectively strengthen the industry growth in the near future.
- For instance, drug molecules, such as Cinquil by Teva Pharmaceutical Industries Ltd., Lebrikizumab by Roche (Phase III), Mastinib by AB Science (Phase II/III), and Bosatria by GlaxoSmithKline Plc (Phase III), are in the development stage undergoing clinical research trials. Their commercial availability during the forecast period is expected to provide a boost to this vertical.
Grand View Research has segmented the global asthma therapeutics market on the basis of drug class, product, route of administration, and region: