Digital Health Is Fastest Growing Segment Fueling The Growth Of Asthma And COPD Market
Market Overview:
The asthma and COPD market comprises products that help relieve symptoms, prevent asthma attacks and exacerbations, and improve lung function. These include bronchodilators, anti-inflammatories, and digital health solutions. Digital health solutions help patients better manage their condition through remote monitoring and analyzing lung function data.
Market key trends: One of the key trends in the asthma and COPD market is the rise of digital health solutions. Growing penetration of smartphones and tablets is enabling increased adoption of digital health tools. These include connectivity devices that attach to inhalers and nebulizers to track medication use. Patient data is shared with doctors to help optimize treatment plans. Advances in data analytics are also helping providers gain insights into triggers and risk factors. This is improving outcomes while reducing healthcare costs through prevention of exacerbations.
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.
Segment Analysis
The global asthma and COPD market can be segmented based on disease type, product type, distribution channel and region. Based on disease type, the market is segmented into asthma and COPD. Among these, the asthma segment dominates the market as it has high prevalence rate globally. Based on product type, the market is divided into bronchodilators, anti-inflammatory drugs, monoclonal antibodies and combination therapies. Bronchodilators form the largest and dominating segment as they are widely used as first line therapy to relieve symptoms of asthma and COPD.
Key Takeaways
The global asthma and COPD market is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing environmental pollution and growing elderly population being more vulnerable to these respiratory diseases.
Regional analysis: North America is currently the dominant as well as the fastest growing regional market for asthma and COPD drugs. This is attributed to the increasing prevalence of asthma and COPD as well as high adoption of innovative drugs in the region. Asia Pacific region is projected to register the highest CAGR during the forecast period owing to rapidly increasing patient pool and improving healthcare infrastructure in emerging countries like India and China.
Key players: Key players operating in the asthma and COPD market are AstraZeneca, Novartis AG, GSK plc, Merck & Co., Inc., Verona Pharma plc, Regeneron Pharmaceuticals Inc., and Boehringer Ingelheim International GmbH. AstraZeneca is the leading player with robust portfolio of respiratory medicines including Symbicort, Pulmicort and Anoro Ellipta.