NewswireToday - /newswire/ -
London, United Kingdom, 2012/08/15 - The global asthma drugs market looks set for a positive future, with new drugs being introduced by the leading players that look set to revolutionize the industry - CompaniesAndMarkets.com.
The global asthma drugs market has been forecast to increase at a compound annual growth rate (CAGR) of 5.7% over the next five years, to increase from a market value of $15.3 billion recorded in 2012, to hit $20.2 billion by 2017.
Asthma is a respiratory condition in which the airways become inflammed and constrict, usually in response to one or more environmental triggers. As a serious and potentially fatal condition if left untreated, asthma can be managed by avoiding triggers and with drug therapy.
Over 300 million people suffer from asthma, which translates to a drug market worth over $15 billion. While drugs to manage asthma have existed for several decades, pharmaceutical companies have developed faster acting and more effective products over the years.
GlaxoSmithKline's Advair and AstraZeneca's Symbicort are the latest additions to the asthma drugs market, and are poised to take over the industry as older products go generic.
In the overall Asthma and COPD market, Advair remained the market leader with a value of $7,802 million in 2011, and Singulair was the second largest drug in terms of revenue at $5,479 million.
The chronic obstructive pulmonary disease (COPD) prescription drugs sector is expected to increase from $5.3 billion in 2012 to $5.6 billion in 2017, a CAGR of 1.2%.
The global market for the two types of drugs combined was valued at $34.9 billion in 2011. This figure is projected to reach $38 billion in 2012 and $47.1 billion in 2017, increasing at a five-year compound annual growth rate (CAGR) of 4.4%.
Asthma and COPD are two diseases experiencing increasing prevalence globally due to a combination of factors, including a globally aging population, increasing pollution levels, an increase in the number of people smoking and numerous heredity factors.
Even treatments within the global asthma drugs market enjoy tremendous commercial success, there still remains a perceived high level of unmet need in this market in terms of treatment options for asthma and COPD patients.
Looking ahead, the global asthma drugs market looks set to change due to generic erosion and the launch of new drug combinations with a longer duration of action and better safety and efficacy profiles than existing drugs.
Follow us on Twitter @CandMResearch