Asthma and COPD are serious lung diseases that obstruct airflow in the lungs. Asthma is a chronic inflammatory disorder of the airways and COPD damages the lungs and makes breathing progressively more difficult over time. Medications to control symptoms and prevent exacerbations are the mainstay of management for both conditions.
The global Asthma And COPD Market 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the asthma and COPD market is the increasing prevalence and risk factors of both conditions. According to WHO, 235 million people suffer from asthma globally while over 328 million people suffer from COPD. Growing environmental pollution, rising smoking rates especially in developing countries and aging population which is more prone to airway diseases are fueling the burden of asthma and COPD worldwide. This has created significant demand for effective therapeutic and management options for these conditions.
Strength: Global Asthma And COPD Market Size has strong presence of major player concentrating on new drug development. Increasing prevalence of respiratory disease is boosting the demand in the market.
Weakness: Stringent regulations and high R&D cost associated with new drug development is a challenge in the market. Issues related with diagnosis and management of COPD and asthma poses as weakness.
Opportunity: Rising healthcare expenditure in emerging countries and increasing global geriatric population prone to respiratory disease creates new opportunities. Digital health technologies provide new growth prospects.
Threats: Patent expiry of blockbuster drugs and introduction of generic versions are major threats faced by players. Risk of new substitutes and recession can impact the market growth.
The global Asthma And COPD Market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing pollution levels worldwide. Asia pacific region is witnessing fastest growth due to rising healthcare spending and large patient pool suffering from respiratory diseases.
North America dominates the global market and is expected to continue its dominance over the forecast period owing to advanced healthcare infrastructure and high acceptance of new therapies. Asia Pacific exhibits fastest growth and is expected emerge as lucrative market by 2030 due to improving access to healthcare and increasing healthcare spending in Japan, China and India.
Key players operating in the Asthma And COPD market are AstraZeneca, Novartis AG, GSP plc, Merck & Co., Inc., Verona Pharma plc, Regeneron Pharmaceuticals Inc., Boehringer Ingelheim International GmbH. Companies are focusing on strategic collaborations and new product launch to strengthen market position.