Long-term asthma control medications are projected to witness a sluggish CAGR of around 2.6% during the forecast period (2020-2027).
Rockville, United States - January 6, 2020 /MarketersMedia/ —
Asthma is widely recognized ailment, which arises from the chronic inflammation of airways, which needs to be diagnosed or treated at an early stage, or alternatively requires long term management. At present some of the most common forms of treatment for asthma include larger doses of corticosteroids.
Anti-inflammatory agents are the first line of treatment followed by most health care professionals for cases of persistent asthma. For more severe cases, inhalation of corticosteroids is used. Therapeutic options, which can be complemented with beta-2 agonists. Manufacturers have also started to develop specialized inhalers, which provide patients simultaneous dosage of both medications.
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Medication for asthma can be broadly divided on the basis of application of quick relief, or long term medication. Both types of medications are witnessing sluggish CAGRs of ~1.7 per cent and ~ 2.6 per cent respectively through the forecast period till the end of 2027. The overall market will grow at a sluggish CAGR of 2.3 per cent.
Modernization in Health Care Increases Growth in Asia Pacific
Across the global asthma treatment market, North America is set to continue its dominance throughout the forecast period. This can be attributed to the large number of top manufacturers in the region for the development of branded drugs.
However, while the region is set to hold major market share, it is set to lose out incrementally to countries in the Asia Pacific, especially in major emerging economies such as India and China, where companies are seeking to leverage lucrative opportunities for low cost production. On the other hand, the Asia Pacific region is also dominating in terms of the development of generic medications.
These trends have affected the market in North America adversely, as numerous medicines reach their dates of patent expiry. This will result in a substantial increase of the presence of the Asia Pacific market.
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Rising Prevalence of Alternative Therapies Restrict Opportunities
The demand for therapeutics to treat asthma is expected to grow stronger in the near future, which can be attributed to the rising awareness among patients about such a condition. This will lead to linear growth, with growing sales in terms of generic alternatives of medications, even as the number of patent expires is on the rise.
While antibiotics are used often to treat asthma, such medications also result in a number of side effects in patients, including tremors, dysphonia, higher heart rates, and sore throat among others. This will encourage patients for the adoption of alternative therapies against asthma.
Unani and yoga, are some of the more popular alternative therapy options, which reduce the risk of toxicity and immunosuppression. These treatments are more prevalent in China and India, where most of these treatments originated. These treatments suppress drivers of inflammation while improving lung function, as in the study In addition, the rapid growth of medical tourism practices in the Asia Pacific is also expected to support the rise of sales for alternative therapies for Asia Pacific.
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