Asthma is one of the most common diseases afflicting the world's population, as well as a life-threatening condition that affects a patient's regular breathing. It is a chronic condition that causes breathlessness, bronchospasm, and reversible obstruction of airflow by stretching and narrowing the lungs' air passages. Furthermore, there has been a significant increase in the number of smokers, which contributes to asthma symptoms. Furthermore, increased industrialization has contributed to an increase in the number of asthma cases, which will drive demand for asthma drugs during the forecast period.
Asthma prevalence and incidence have increased significantly, resulting in an increase in the patient population, which has increased demand for these drugs. Asthma is a major noncommunicable disease (NCD) that affects both children and adults, according to the WHO factsheet for 2021. In 2019, it impacted an estimated 262 million people worldwide, resulting in 461,000 deaths. The major companies in the asthma drugs market have begun to invest heavily in the research and development of asthma drugs, as well as strategic collaborations such as mergers and acquisitions.
The factors that drive the growth of this market include an increase in the incidence and prevalence of asthma and COPD, a growing geriatric population, technological advancements in the treatment of asthma and COPD diseases, and an increase in government and non-government initiatives implemented globally. Government regulations for product approval, patent expiration of branded drugs, and drug side effects, on the other hand, limit the market growth.
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