Asthma Treatment Market to Reach USD 26.01 Billion by 2027; Completion of Phase III Clinical Trial by Cipla to Foster Growth

The global asthma treatment market size is predicted to reach USD 26.01 billion by 2027. The increasing incidence of noncommunicable diseases such as asthma will promote the healthy growth of the market during the forecast period. As per the World Health Organization, Asthma is a public health problem not just for high-income countries; it occurs in all countries regardless of the level of development. Most asthma-related deaths occur in low- and lower-middle-income countries, mentioned in a report, titled “Asthma Treatment Market Size, Share & Industry Analysis, By Treatment (Long-Term Control Medications, and Quick-Relief Medications), By Route of Administration (Injectable, Oral, and Inhaled), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Drug Stores, and Online Pharmacies), and Regional Forecast, 2020-2027” the market size stood at USD 18.08 billion in 2019 and is predicted to exhibit a CAGR of 4.5% between 2019 to 2027.

FDA Approval for Teva’s Digital Inhaler to Encourage Sales

Teva Pharmaceutical Industries Ltd, a multinational pharmaceutical company with headquarters in Petah Tikva, Israel, and Parsippany announced that it has received approval from the Food and Drug Administration for its AirDuo Digihaler Inhalation Powder. The innovative AirDuo Digihaler is a combination therapy digital inhaler with built-in sensors that can connect to a smartphone application, designed to treat asthma in people 12 years and older. It delivers a multi-dose dry powder of 113mcg of fluticasone propionate and 14 mcg of salmeterol. The launch of the digital inhaler by Teva can be a vital factor in stimulating the growth of the market owing to its built-in sensors that can detect and measure inspiratory flow rates. Moreover, the data from the sensors is guided to the smartphone application via Bluetooth. Besides the user can review data over time and also share it with healthcare providers. Also, the growing digitalization and advancement in diagnosis and therapeutics will bode well for the market.

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Launch of Advanced Therapeutics and Products to Accelerate Growth

The introduction of advanced therapies to cater to the demand of patients will enable speedy expansion of the market. The increasing demand for asthma drugs has led the U.S. FDA to issue priority regulatory approvals to several asthma drugs, which includes key generic equivalents. For instance, in April 2020, the U.S. FDA provided regulatory approval to Cipla’s key generic asthma drug and a similar generic equivalent from Lupin is likely to receive approvals. Similarly, to ensure no shortage of asthma medications, various products are being launched. Besides, the increasing clinical trials by companies will subsequently aid the asthma treatment market growth. For instance, Cipla Inc. announced the successful completion of phase III clinical study of a generic asthma drug, fluticasone propionate and salmeterol inhalation powder, which is indicated for the treatment of asthma and chronic obstructive pulmonary disorder (COPD)

Presence of AstraZeneca and GlaxoSmithKline to Support Robust Development

The global market is dominated by two major companies AstraZeneca, and GlaxoSmithKline due to their strong product portfolio in asthma drugs. For instance, the product offerings of GlaxoSmithKline include Advair and Flovent HFA / Flovent Diskus. Whereas for AstraZeneca, the main drugs for asthma involve Pulmicort Flexhaler and Symbicort. Furthermore, other prominent market players such as Merck, and Teva, are focused on R&D activities for the development of innovative drugs and therapies. In addition, the majority of the company are fixed on expanding its product portfolio to reinforce their position in the market, which in turn, will benefit the market share.

The Report Lists the Key Companies in the Asthma Treatment Market:

• AstraZeneca
• GlaxoSmithKline plc
• Teva Pharmaceutical Industries Ltd.
• Merck & Co., Inc.
• Mylan N.V.
• Boehringer Ingelheim International GmbH
• Regeneron
• Sanofi
• Genentech, Inc. (F. Hoffmann-La Roche Ltd)
• Novartis AG
• Sumitomo Dainippon Pharma Co., Ltd.
• Others

Further Report Findings:

• Regional Analysis: The market size in North America stood at USD 9.40 billion in 2019 and is expected to rise exponentially during the forecast period owing to the rising prevalence of asthma. The presence of major biopharmaceutical companies and their strong product offerings will influence growth in the region.
• Leading Segment: The long-term control medications is likely to dominate the global market during the forecast period owing to the demand for long-term medications for the control and management of asthma symptoms.

The Market is Segmented into: