The global severe asthma treatment market is expected to garner a market value of USD 22 Billion in 2023 and is expected to accumulate a market value of USD 36.18 Billion by registering a CAGR of 5.1% in the forecast period 2023 to 2033.
Growth of the severe asthma treatment market can be attributed to growing prevalence of asthma along with wide presence of treatment options. The market for severe asthma treatment registered a CAGR of 3.3% in the historical period 2018 to 2022
Severe asthma is a chronic respiratory disease that affects a small percentage of asthma patients who experience persistent symptoms despite treatment with high doses of inhaled corticosteroids and other asthma medications. Severe asthma treatment aims to reduce symptoms and improve quality of life for patients who have difficulty controlling their asthma with conventional therapies.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 22 Billion |
| Anticipated Forecast Value (2033) | USD 36.18 Billion |
| Projected Growth Rate (2023 to 2033) | 5.1% CAGR |
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According to market research and competitive intelligence provider Future Market Insights- the market for Severe asthma treatment reflected a value of 3.3% during the historical period, 2018 to 2022.
The market was mainly driven by the increasing prevalence of severe asthma, the development of novel biologic therapies, and the rising awareness of the disease among patients and healthcare providers. The emergence of several biologic therapies for severe asthma, such as mepolizumab, reslizumab, benralizumab, and dupilumab are expected to drive market growth. Additionally, the availability of advanced diagnostic tools for the accurate diagnosis of severe asthma is likely to further boost market growth.
Thus, the market for Severe asthma treatment is expected to register a CAGR of 5.1% in the forecast period 2023 to 2033.
Development of innovative treatment options driving market growth
Asthma is a common chronic respiratory disease, and the number of people living with asthma is increasing worldwide. This is expected to drive demand for severe asthma treatment in the coming years. The development of new and innovative treatment options for severe asthma is expected to drive growth in the severe asthma treatment market. This includes the development of biologic medications and other targeted therapies that offer improved efficacy and fewer side effects compared to traditional asthma medications.
As healthcare spending continues to increase worldwide, there is expected to be a greater focus on the development and adoption of new treatments for chronic diseases like severe asthma. As awareness of severe asthma grows, more patients are being diagnosed with the condition. This is expected to drive demand for severe asthma treatment in the coming years.
Government initiatives and funding for research and development of new severe asthma treatments is expected to drive growth in the market. This includes initiatives aimed at improving access to care for patients with severe asthma, as well as funding for research into new treatment options.
Availability of medications boosting the development of severe asthma treatment market
Severe asthma treatment may involve a combination of medications, lifestyle changes, and specialized care from a team of healthcare professionals. Some of the most common treatments for severe asthma include
Regulatory challenges and lack of awareness derailing market growth
Severe asthma treatment can be expensive, especially biologic medications, which can cost thousands of dollars per year. This high cost can limit access to treatment for some patients, especially those in low-income countries or without adequate insurance coverage.
Severe asthma treatment often requires specialized care from a multidisciplinary team of healthcare professionals, including pulmonologists, allergists, and respiratory therapists. However, access to such specialized care may be limited in some regions, which can limit the availability of effective treatment options for severe asthma patients.
Although there are several treatment options available for severe asthma, some patients may not respond well to these treatments or may experience significant side effects. This can limit the efficacy of existing treatments and create a need for new and more effective therapies.
Many patients with severe asthma may not be aware of the full range of treatment options available to them, which can limit their ability to effectively manage their symptoms and improve their quality of life.
The severe asthma treatment market is highly regulated, which can create barriers to entry for new products and treatments. This can limit innovation in the market and restrict the availability of new and potentially more effective treatments for severe asthma.
Overall, the severe asthma treatment market faces several challenges, including high treatment costs, limited availability of specialized care, limited efficacy of existing treatments, lack of patient awareness, and regulatory challenges. Addressing these challenges will be critical to improving access to effective treatment options for patients with severe asthma.
Advancements in treatment options spurring growth of severe asthma treatment
The North America severe asthma treatment market is expected to grow significantly in the coming years due to several factors, including the high prevalence of asthma in the region, increasing awareness and diagnosis of severe asthma, and advancements in treatment options.
In the United States, an estimated 25 Billion people have asthma, and approximately 5-10% of these individuals have severe asthma that is difficult to control with conventional treatments. This represents a significant patient population that is in need of specialized care and effective treatment options.
In recent years, there have been several advancements in severe asthma treatment options, including the development of biologic medications and other targeted therapies that offer improved efficacy and fewer side effects compared to traditional asthma medications. These advancements are expected to drive growth in the severe asthma treatment market in North America as more patients seek out and receive effective treatment. Thus, North America is expected to possess 45% market share for severe asthma treatment market in 2023.
Government initiatives aiming at improving treatment access for asthma patients in Europe
In Europe, an estimated 30 Billion people have asthma, and approximately 5-10% of these individuals have severe asthma that is difficult to control with conventional treatments. This represents a significant patient population that is in need of specialized care and effective treatment options.
In addition, the Europe severe asthma treatment market is expected to continue to grow in the coming years as more patients are diagnosed with severe asthma and as new and innovative treatment options become available. Additionally, government initiatives aimed at improving access to care and increasing awareness of severe asthma may also help to drive growth in the market. Thus, Europe is expected to possess 39% market share for severe asthma treatment market in 2023.
Easier accessibility to affected region maximizing use of inhalation therapy
Inhalation therapy is often the preferred route of administration for the treatment of severe asthma. Inhalation therapy includes the use of inhalers and nebulizers, is often the preferred route of administration for the treatment of severe asthma.
This is because inhalation therapy delivers medication directly to the lungs, where it can provide quick relief of asthma symptoms and target the underlying inflammation that causes asthma. Thus, inhaled route of administration is expected to possess 40% market share for severe asthma treatment market in 2023.
Key players in the severe asthma treatment market are Teva Pharmaceutical, AstraZeneca, GlaxoSmithKline, Novartis, Sanofi, Regeneron Pharmaceutical, 4D Pharma plc, AB Pharma, Morphosys, Roche, Avalo Therapeutics, Suzhou Connect Biopharmaceuticals, Pieris Pharma, Biosion
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 22 Billion |
| Market Value in 2033 | USD 36.18 Billion |
| Growth Rate | CAGR of 5.1% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Drug Class, Route of Administration, Device Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Rest of Latin America, Germany, United kingdom, France, Spain, Italy, Rest of Europe, India, Malaysia, Singapore, Thailand, Rest of South Asia, China, Japan, South Korea, Austria, New Zealand, GCC countries, South Africa, Israel, Rest of Middle East and Africa(MEA) |
| Key Companies Profiled | Teva Pharmaceutical; AstraZeneca; GlaxoSmithKline; Novartis; Sanofi; Regeneron Pharmaceutical; 4D Pharma plc; AB Pharma; Morphosys; Roche; Avalo Therapeutics; Suzhou Connect Biopharmaceuticals; Pieris Pharma; Biosion |
| Customization | Available Upon Request |
The market is estimated to be valued at USD 22 billion in 2023.
The key market players are AstraZeneca, GSK, and Teva.
India, Japan, and China dominate the Asian market.
The market is estimated to reach USD 36.18 billion by 2033.
North America is projected to emerge as a lucrative market.
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Severe Asthma Treatment Market
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