February 23, 2024
Asthma And COPD Market

Rapid Growth Of Tobacco Consumption Projected To Boost The Growth Of Asthma And COPD Market

Asthma and COPD refers to chronic respiratory diseases characterized by airflow limitations. Asthma is a chronic inflammatory disease of the airways while COPD refers to chronic bronchitis or emphysema and is caused by significant exposure to noxious particles or gases. Symptoms of asthma include wheezing, coughing, chest tightness and shortness of breath, while those of COPD include increased mucus production, chronic cough, wheezing and shortness of breath. Drugs for treatment of these diseases include bronchodilators, corticosteroids, leukotriene modifiers and others which provide relief from symptoms. Growing prevalence of tobacco consumption and other air pollutants is increasing the burden of asthma and COPD globally.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Global Asthma And COPD Market Size is the increase in tobacco consumption globally. Cigarette smoking is the single most important risk factor for both asthma and COPD and smoking cessation is the most effective intervention for reducing symptoms and risk of disease progression. However, tobacco use has been steadily increasing, especially in developing regions, propelling the incidence of COPD and worsening of asthma symptoms. According to WHO, the estimated number of tobacco users has increased from 721 million in 1980 to 1.1 billion in 2010. This rapid growth of the key risk factor is expected to positively influence the demand for drugs to treat resulting respiratory diseases over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry mean the threat of new entrants is relatively high in this market. Generic drug manufacturers can easily enter this market.

Bargaining power of buyers: The bargaining power of buyers is moderate to high. Large pharmacy benefit managers and retail pharmacy chains negotiate lower prices from manufacturers.

Bargaining power of suppliers: Suppliers of APIs and drug delivery technologies have moderate bargaining power over manufacturers. Developing complex combination therapies require collaborations.

Threat of new substitutes: Threat from new substitutes is moderate as newer targeted therapies and combination therapies add more options for treatment.

Competitive rivalry: High as major players compete for market share through intensive R&D and product differentiation.

Key Takeaways

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 and growth in smoking population. The market size is estimated to reach US$ 50.5 Bn by 2030 from US$ 35.2 Bn in 2023.

Regional analysis

Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising air pollution levels and growing patient population in China and India. North America currently dominates the market followed by Europe due to established healthcare infrastructure and growing prevalence of respiratory diseases.

Key players

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. AstraZeneca leads the global asthma drugs market with drugs like Symbicort and Pulmicort. Novartis’ Ultibro and Spiriva dominate the COPD drugs segment.