The global Asthma And COPD Market Demand 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 Overview:
Asthma and COPD are chronic respiratory diseases characterized by difficulty in breathing and inflammation of the airways. Asthma causes the airways of the lungs to swell and narrow temporarily, making it difficult to move air in and out of the lungs. COPD refers to a group of lung diseases that cause airflow blockage and breathing-related problems. Common risk factors for asthma and COPD include smoking, exposure to air pollution or other lung irritants, family history of asthma, respiratory infections, obesity, etc. The increasing prevalence of these respiratory diseases due to rising pollution levels, smoking, aging population has fueled the adoption of therapies for their treatment and management.
Market key trends:
One of the key trends driving the growth of asthma and COPD market is rising urbanization. As per UN statistics, over 50% of global population resides in urban areas currently and it is estimated to increase to 68% by 2050. Higher population density coupled with increasing vehicle emission and industrial pollution in cities are significant contributors to poor air quality. This has led to surge in incidence of respiratory diseases like asthma and COPD. Further, growing aging population suffering from chronic respiratory conditions has augmented the demand for therapeutics. Also, development of combination therapies, biosimilars and affordable medications have provided new avenues of treatment aiding the expansion of market.
Porter’s Analysis
Threat of new entrants: The asthma and COPD market requires substantial R&D investments and high capital requirements for developing novel drugs and therapies, limiting the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of substitutes and need for continuous medication. However, severity of diseases increases dependence.
Bargaining power of suppliers: Major pharmaceutical companies developing innovative drugs have significant bargaining power over suppliers of raw materials and drug delivery technologies.
Threat of new substitutes: Threat of new substitutes is low as diseases require long-term management with no alternatives available currently.
Competitive rivalry: The market is dominated by few large pharmaceutical players investing heavily in R&D of novel drugs, intensifying competitive rivalry.
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 levels and growing patient awareness.
Regional analysis: North America dominates the market due to supportive reimbursement policies and high healthcare spending. However, Asia Pacific is expected to grow at the fastest pace owing to rising air pollution and the growing smoking population in 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., and Boehringer Ingelheim International GmbH. Key players are focused on developing targeted therapies and combinations to enhance treatment efficacy and compliance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
