Virus induced Asthma Treatment Market To Reap Excessive Revenues By 2022 – 2031
The onset of an asthma attack due to a respiratory tract infection is considered as virus-induced asthma. This includes viruses associated with the common cold and flu. It is observed that 50% of all acute asthma attacks are triggered by a respiratory virus. As opposed to poorly controlled asthma—in which attacks occur due to inadequate drug treatment or adherence)—viral-induced asthma can occur even in people with excellent asthma control. The global virus-induced asthma treatment market will rise during the forecast period, with the growing prevalence of asthma and rising approvals for the therapies across the globe.
The virus-induced asthma treatment market is expected to be driven by increase in product approvals by the FDA and other regulatory bodies, Furthermore, the rising prevalence of asthma, and strategic approaches such as collaborations & partnerships by market players is driving the market growth. Also, rise in the opportunities for market players to expand their geographical presence in emerging countries will fuel the growth of the global virus-induced asthma treatment market.
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What are the factors boosting the Growth of the Virus-Induced Asthma Treatment Market?
Despite advancements in treatment in the past two years, asthma prevalence has been increasing. Due to this, the global virus-induced asthma treatment market is also expanding. The prevalence of asthma ranges from 3% to 5% in developing countries, to less than 20% in developed countries, affecting people of all ages. Rising awareness about asthma treatment, including common treatment options such as dry powder inhalers and pressurized meter dose inhalers is driving the global virus-induced asthma treatment market.
Rising success rate of virus-induced asthma treatment using combination therapy, such as long-acting β2-agonist-inhaled corticosteroid (LABA-ICS), long-acting muscarinic antagonist-inhaled corticosteroid (LAMA-ICS), and other combination drugs, and the regulatory approvals have fueled the adoption of combination therapy in the global asthma treatment market. Also, the rising focus on digital or smart inhalers for the administration of asthma drugs is contributing to the growth.
How COVID19 pandemic driving the Virus-induced Asthma Treatment Demand?
Due to the coronavirus outbreak, the demand for various types of asthma drugs is increased, because both the respiratory disorders are closely associated. This is because there is a large patient pool of asthma, and coronavirus is observed to worsen the symptoms of asthma, thus necessitating the demand to effectively manage asthma. During the 2019-2020, Centers for Disease Control and Prevention (CDC) has issued a special guideline for patients suffering from asthma. This is anticipated to spur the growth of the virus-induced asthma treatment market during the forecast period.
What are the Key Challenges that may Restrain the Growth of the Virus-induced Asthma Treatment Market?
There are some restrains that are expected to hamper the growth of the global virus-induced asthma treatment market such as side-effects such as include dysphonia, sore mouth and throat, cough, and spasms of the trachea. Furthermore, several patients have also complained of suffering from increased heart rates, headaches, and tremors, post the intake of drugs. Furthermore, high cost of inhalers is restraining the growth of the virus-induced treatment market, which is the primary treatment for asthma.
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- For instance, the price of a critical asthma drug Advair was US$ 316 IN 2013 increased to US$ 496 IN 2018.
Apart from the high medication costs, there is another major restrain of global virus-induced asthma treatment market that is under diagnosis of asthma. This leads to poorer clinical outcomes of patient who are unable to adopt the appropriate drugs as a treatment for their medical condition.
Key Segments of Virus-induced Asthma Treatment Market Covered in the Report
Based on treatment, the global virus-induced asthma treatment market has been segmented as
- Long-Term Control Medications
- Quick-Relief Medications
Based on route of administration, the global virus-induced asthma treatment market has been segmented as
Based on distribution channel, the global virus-induced asthma treatment market has been segmented as
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Based on the region, the global virus-induced asthma treatment market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Key players such as
- AstraZeneca plc
- Sanofi S.A.
- Novartis AG
- Mylan N.V.
- F.Hoffman-La Roche Ltd)
- Teva Pharmaceuticals Industries Ltd.
- Merck & Co.
- Cipla Limited
- GlaxoSmithKline plc
- others are actively involved in offering treatment for virus-induced asthma.
Why Long-term Control Medications dominating Virus-induced Asthma Treatment Market?
Asthma is considered to be a chronic disorder, thus the primary treatment for such disorders is often term control medications. Hence, long-term control medications dominated the virus-induced asthma treatment market in 2020. Some of the key drug classes of long-term control medications is leukotriene modifiers, anticholinergics, immunomodulators, and inhaled and combined corticosteroids.
How Increasing R&D to Augment Virus-induced Asthma Treatment Market Growth?
The strong and robust R&D being undertaken by major players for developing advanced therapeutics for virus-induced asthma treatment market is the key trend in the market. Since, asthma is a chronic disorder, that affects a huge number of population every year, a number of pharmaceutical companies are involved in the development of drugs for asthma. This is due to the presence of several strong pipeline candidates for virus-induced asthma treatment in various stages of clinical trials.
For instance, In September, 2019, Novartis announced positive results from the phase III IRIDIUM study of inhaled combination QVM149 in patients diagnosed with uncontrolled asthma.
This drug is being observed to be very effective in treating patients by better controlling their virus-induced asthma symptoms. This leads to better improvements in the functioning of lungs. These type of positive clinical developments is likely to further propel the virus-induced asthma treatment market growth.
What strategies are the Key Players adopting for Increasing their Market Share in the Virus-induced Asthma Treatment Market?
Key players are involved in mergers and acquisition to strengthen their market position, owing to increasing competition frequent innovations are taking place in the market. The virus-induced asthma treatment market is a monopolistic market, with the presence of numerous companies. In the market, two companies AstraZeneca plc and GlaxoSmithKline plc are dominating the market with their strong product portfolio and presence across the world. However, there are other prominent players in the market such as Merck and Teva. This is projected to positively impact the market during the forecast period.
Major companies are focusing on enhancing their marketing strategies, reduction in cost, expanding geographical presence and increasing sales networking in order to gain maximum market share. Various macroeconomic factors, market trends and technological advancements play a vital role in the growth of global virus-induced asthma treatment market.
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Why is the U.S. a Big Market for Virus-induced Asthma Treatment?
In recent years, the prevalence trends of asthma indicate a growth in the number of new diagnoses. In 2010, 2011 and 2016 saw the highest prevalence of asthma diagnoses in the U.S. Medical care costs for respiratory disorders have also shown to be increasing in recent years. Patients face higher medical costs and indirect costs of missed workdays and illness time without proper treatment. Furthermore, the presence of major players in the country and robust R&D are likely to increase the market in the region. U.S. is the most dominating country in the market and is expected to continue during the forecast period.
Why India dominating Asia Pacific in Virus-induced Asthma Treatment Market?
The rising prevalence of respiratory disorder and rising geriatric population in the country is likely to drive the India virus-induced asthma treatment market. Also, the higher number of medical tourism activities in the country drives the market. India is a developing country with many cities undergoing rapid urbanization and increased awareness; hence, it is expected to show a significant rise in the prevalence of asthma and other allergies. The burden of asthma morbidity is higher in developed countries and is increasing in developing countries. This is likely to create a huge opportunity for the virus-induced asthma treatment market to expand during the forecast period.
What is the Impact of the Pandemic on the Growth of the Virus-Induced Asthma Treatment Market?
The emergence of COVID-19 has brought the world to a halt. The health crisis has brought an unprecedented impact on businesses across all the industries. However, this is considered to be a temporary effect. The increasing support from governments and several companies can help in the battle against this coronavirus pandemic. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic. In the light of COVID-19 pandemic, there is a greater demand for various types of treatment drugs for respiratory disorders. The rising demand for virus-induced asthma treatment has led to the U.S. FDA issuing priority regulatory approvals to a number of asthma drugs. The rising product approvals and launches are further undertaken in order to ensure that there are no significant virus-induced asthma medications shortages. The above factors combined with the need for efficient therapeutics is further projected to fuel the demand for these drugs and boost the global virus-induced asthma treatment market.
The Report Covers Exhaustive Analysis on:
- Virus-induced asthma treatment Market Segments
- Virus-induced asthma treatment Market Dynamics
- Historical Actual Market Size, 2016 – 2020
- Virus-induced asthma treatment market Size & Forecast 2021 to 2031
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
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Regional Analysis Includes
- North America
- South Asia
- East Asia
- Middle East & Africa
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