According to our latest study, “Asthma Drugs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Medications, Route of Administration, and Distribution Channels,” the asthma drugs market size is projected to grow from US$ 24,239.17 million in 2021 to US$ 34,136.10 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report highlights the key factors driving the market and prominent players with their developments.
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Asthma is a chronic respiratory disease blocking the lungs’ airways because of inflammation, mucus production, and tightening of muscles. Asthma can usually be managed with rescue inhalers to treat symptoms (salbutamol) and controller inhalers that prevent symptoms (steroids). Severe cases may require longer-acting inhalers that keep the airways open (formoterol, salmeterol, tiotropium) and inhalant steroids. The growing incidence of asthma and other breathing syndromes is one of the significant elements increasing the market’s progress. The growth of the asthma drugs market is primarily attributed to the growing environmental implications & genetic implications of air pollution and more vulnerability in specific ethnic groups. On the other hand, unmet medical needs and lack of treatment adherence are hindering the market’s growth
Based on distribution channels, the asthma drugs market is segmented into online pharmacies, hospital pharmacies, and retail pharmacies. Online pharmacies are expected to witness the highest growth over the forecast period. The internet unquestionably impacted every part of our lives, including work, learning, and purchasing. The recent global pandemic of COVID-19 strengthened the position of digital commerce, which experienced rapid and sustained growth. The second COVID-19 wave increased sales by 25-65% for online pharmacies in India. Online sales also increased in countries such as the Czech Republic, Slovakia, and Nigeria. Furthermore, 70% of Czechs made at least one online purchase in their lives and nearly 59% in the last 12 months; in Slovakia, 63%of citizens aged 16 to 74 made an online purchase in the last year. The sales of online pharmacies for asthma products are expected to increase tremendously over the next few years due to the continued prevalence of COVID-19. Asthma patients prefer ordering medications online due to the fear of being exposed to the virus and the dread of insufficient availability.
AstraZeneca; TEVA PHARMACEUTICAL INDUSTRIES LTD; GlaxoSmithKline plc; Boehringer Ingelheim International GmbH; Merck & Co., Inc; Koninklijke Philips N.V.; Sanofi, Pfizer Inc. (Arena Pharmaceutical GmbH); Novartis AG; and Abbott are among the key players operating in the asthma drugs market.
The report segments the Asthma Drugs market as follows:
Based on medications, the asthma drugs market is segmented into quick relief medications and long-term control medications. Based on route of administration, the asthma drugs market is segmented into inhaled, prefilled syringe/vials, and others. Based on distribution channels, the asthma drugs market is segmented into online pharmacies, hospital pharmacies, and retail pharmacies. Based on geography, the asthma drugs market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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