Asthma Drugs Market Size (2024 - 2029)

Asthma Drugs Market Analysis

The Asthma Drugs Market size is estimated at USD 25.90 billion in 2024, and is expected to reach USD 36.73 billion by 2029, growing at a CAGR of 5.88% during the forecast period (2024-2029).

Factors such as an increase in the incidence and prevalence of asthma, the growing geriatric population, and technological advancements are boosting the growth of the asthma drug market.

The prevalence of asthma is increasing globally due to various reasons, such as air pollution, occupational chemicals and dust, frequent lower respiratory infections during childhood, tobacco smoking, and other environmental factors, which boost the growth of the asthma drug market. World Health Organization (WHO) included asthma in the Global Action Plan for the Prevention and Control of Noncommunicable Diseases (NCDs). As per the latest update on World Asthma Day 2023, the prevalence of asthma is increasing globally, affecting approximately 339 million people. This showed a significantly high burden of asthma globally, likely to boost the demand for asthma drugs and propel the market’s growth over the forecast period.

Rising cases of smoking worldwide are increasing the risk of asthma in people. For instance, according to an article published by BMC Pulmonary Medicine in April 2022, smoking was widely recognized as a significant risk factor for various noncommunicable diseases, notably lung cancer and chronic respiratory conditions such as asthma. The harmful chemicals in tobacco smoke can cause inflammation and damage to the respiratory system, increasing the likelihood of developing asthma or exacerbating existing symptoms. Thus, the increasing number of cases of tobacco smoking is raising the demand for asthma drugs for their treatment.

The continuous evolution of technology, particularly in the development of biomarkers, is expected to create significant opportunities for the market. The inherent limitations of conventional treatments, such as delayed therapeutic effects and reduced effectiveness, drive the market toward the innovation of new targeted therapies. This shift is anticipated to fuel market growth. For instance, in January 2023, AstraZeneca's Tezspire (tezepelumab) received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) for its use in a prefilled pen for self-administration. This approval, which allows patients with severe asthma aged 12 years and older to self-administer the drug, enhances the flexibility and convenience of treatment options.

Therefore, increasing cases of asthma and technological advancements are propelling the growth of the asthma drug market. However, stringent government regulations for product approval and side effects associated with drugs are restraining the market growth.

Asthma Drugs Industry Segmentation

As per the scope of the report, asthma is a chronic respiratory disease that blocks the airways of the lungs because of mucus production, inflammation, and muscle tightening. Asthma drugs are used to treat these respiratory diseases.

The asthma drug market is segmented by drug class and geography. By drug class, the market is segmented into bronchodilators, anti-inflammatory drugs, monoclonal antibodies, and combination drugs. The bronchodilators are further segmented into short-acting beta-2 agonists, long-acting beta-2 agonists, and anticholinergic agents. The anti-inflammatory drugs are further segmented into oral and inhaled corticosteroids, anti-leukotrienes, phosphodiesterase type-4 inhibitors, and other anti-inflammatory drugs. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for countries across major regions globally. The report offers the value (USD) for all the above segments.