The global asthma therapeutics market accounted for USD 20.7 billion as of 2015 and is anticipated to exhibit a sluggish growth rate of 2.2% over the forecast period. This is attributed to the generic erosion faced by leading brands, such as Advair and Symbicort. On the other hand, increasing incidences of respiratory diseases coupled with the demand for cost-effective treatment options is expected to drive the asthma therapeutics market growth during the forecast period from 2016 to 2024.
According to the estimates published by the Global Initiative for Asthma (GINA), in the year 2013, around 300 million patients globally were reported to be afflicted with this disease and the number is expected to grow in the coming years. This is one of the crucial reasons for increasing adoption of asthma therapeutics worldwide. Furthermore, factors, such as the rising indoor and outdoor causative agents including pollution, allergens, and dust, among others, coupled with the changing lifestyles that influence the incidences of asthma are additionally fueling the demand for asthma therapeutics over the forecast period.
However, a decline in the asthma therapeutics market growth is anticipated during the forecast period due to patent expiration of leading brands, such as Advair and Symbicort, in January and November 2018, respectively. In addition, the delayed commercialization and marketing of asthma generic alternatives in the market is expected to further cause a slump in the market.
U.S. asthma therapeutics market share, by drug class, 2013-2024 (USD Million)
Drug Class Insights
The combination therapy segment including inhaled corticosteroids with long-acting beta agonists dominated the overall therapeutic class market in 2015. This segment captured over 48.0% of the global market share and this drug class boasts of the following benefits: enhanced therapeutic effect, extensive availability, and enhanced patient medication adherence.
The high efficacy and adoption rates of asthma therapeutics related to the dual-action combination therapy accounted for the larger revenue share as compared to the other drug combinations. Moreover, the increasing research and development efforts pertaining to the development of novel biologics, such as Duplimab and Lebrikizumab, in conjunction with expected launch of pipeline products including Cinqair (reslizumab) during the forecast period are anticipated to contribute towards the growth of anti-inflammatory drugs market segment as this is expected to diminish the impact of generic competition.
Inhaler segment includes dry powder, metered dose, and soft mist inhalers. The metered dose inhalers (MDIs) segment dominated the overall market in 2015 in terms of revenue share at over 45.0%.This is majorly attributed to reliability, versatility, self containment, easy availability, portability and cost efficient medical aerosol delivery option among others. Increasing requirement for emergency treatment options aimed against sudden asthma attacks and portable devices constitute the crucial determinants contributing towards the largest market share possessed by the dry powder inhalers (DPIs) product segment.
The nebulizer delivers the drug in liquid form, which is dispensed by the compressed air. The optimal design of the nebulizers facilitates the administration of medication in debilitated, geriatric and pediatric patients. Compressor, ultrasonic, and mesh nebulizers represents the major types of nebulizers available commercially. These devices demonstrate significant benefits in the home healthcare section which is expected to provide this segment with future growth opportunities. Nebulizers are small portable and are able to dispense medication directly into the respiratory track. These associated benefits are expected to boost its usage rates in the future.
Route of Administration Insights
The inhaled drugs segment held the largest market share of over 40.0% owing to the higher penetration rates and better patient medication compliance of pulmonary drug delivery systems in asthma treatment plans. The heightened patient awareness levels of alternative asthma therapeutic options and ease of use associated with these enhanced drug delivery systems are gaining prominence thereby encouraging the segment growth over the forecast period.
North America dominated the overall asthma therapeutics market in terms of revenue share in 2014 at over 50.0%. The escalated incidence rate of asthma, increased awareness levels pertaining to treatment options, and the rising adoption of inhaled therapeutics are some of the major factors attributing the largest revenue share of this region. The European market is set to witness steady growth mainly due to the presence of a considerably developed pharmaceutical industry and the significant demand for asthma-related therapeutics. With the increasing geriatric population, susceptible to acquire respiratory conditions, such as asthma, will further support to the growth of regional market in the U.S.
Asia Pacific on the other hand is expected to be the fastest growing market by registering a CAGR of over 3.5% during the forecast period attributable to the generic competition, increasing asthma prevalence, and the demand for cost-effective treatment options for patients.
Competitive Market Share Insights
Some of the key players in this industry include AstraZeneca Plc, Philips Healthcare, Teva Pharmaceutical Industries Ltd., GlaxoSmithKline Plc, Sanofi-Aventis SA, CareFusion Corporation, Sunovion Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Roche Diagnostics, and Merck & Co., Inc. The market for asthma therapeutics is expected to experience steady growth primarily due to the branded drugs approaching their impending patent expiration dates and the intensive generic competition in the developing nations.
For instance, the patent for Singulair (montelukast) by Merck & Co., Inc. expired in 2012 that resulted in the fall of 90% of the sales in a period of 4 weeks. Furthermore, the patent expiry of seven more anti-inflammatory drugs during the forecast period is expected to impact the asthma therapeutics market growth. However, introduction of monoclonal antibodies holds a huge potential in offsetting the high asthma prevalence and reducing the daunting disease burden; these new technologies emerging in the market are expected to further augment the growth in the next seven years.
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