(PharmaNewsWire.Com, June 19, 2019 ) "Market Overview The asthma and COPD drugs market is expected to witness a CAGR of 4.2% during the forecast period. Certain factors that are driving the market growth include increase in incidence and prevalence of asthma and COPD, technological advancements, and growing geriatric population.
- The global population is aging rapidly, owing to reduced birth rates and increasing life expectancy. According to the US Census Bureau’s Statistics, as of 2017, the total number of people aged between 65 years and older, exceeded 50 million. According to the United Nations, during the period of 2015-2030, the number of older persons aged 60 years or over, worldwide, is projected to grow by 56% (from 901 million to more than 1.4 billion).
- Moreover, economic and social commission for Asia and the Pacific (ESCAP), reports that the geriatric population in Asia-Pacific was around 617.1 million in 2015, accounting for more than half of the world’s total elderly population. It is estimated that, by 2050, Asia-Pacific may account for almost two-thirds of the world’s geriatric population. Hence, owing to the fact that asthma is a widely prevalent disease found in people over age 65, the growing geriatric population is expected to drive the market growth over the forecast period. Scope of the Report Asthma is a chronic respiratory disease, which blocks the airways of the lung because of mucus production, inflammation, and tightening of muscles. Similarly, chronic obstructive pulmonary disease (COPD) is caused by the blockade in the airways, further resulting in difficulty in breathing. Asthma and COPD drugs are the drugs which are used to treat these aforementioned respiratory diseases.
Key Market Trends Asthma is Expected to Hold the Largest Market Share in the Indication Type
According to the American Academy of Allergy Asthma and Immunology (AAAI), in 2016, approximately 8.3% of children in the United States were found to have asthma. Boys were to some extent more likely to have asthma than girls at a rate of 9.2% and 7.4%, respectively. Asthma incidence among children increased from 8.7% in 2001 to 9.4% in 2010, and then declined to 8.3% in 2016. Although not all changes were statistically noteworthy, a similar outline was observed among the sub-demographic groups, except the Mexican/Mexican-American children, among whom asthma prevalence increased from 5.1% in 2001 to 6.5% in 2016.
North America Dominates the Market and Expected to do Same in the Forecast Period
According to the AAAI, in 2012, the median annual medical cost of asthma was USD 983 in the United States. This ranged from an average low of USD 833 in Arizona to an average high of USD 1,121 in Michigan. In addition, there were 3,615 asthma-related deaths in 2015. Children under 18 years old made up 219 of those deaths. Asthma prevalence was the highest among workers in the healthcare and social assistance industry, with 8.8% of workers stating that they had asthma at the time of the survey. Workers in the educational services industry reported the second-highest rate (8.2%) of asthma prevalence. Hence, the growing prevalence of asthma is expected to contribute to the significant market share of the North American market over the forecast period.
Competitive Landscape The asthma and COPD drugs market is highly competitive and consists of few major players. Companies, like Abbott Laboratories, AstraZeneca, Boehringer Ingelheim, GlaxoSmithKline, Merck & Co., Grifols, Novartis AG, Pfizer, Roche Holding AG, and Teva Pharmaceutical, among others, hold the substantial market share in the asthma and COPD drugs market.
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