Retail pharmacies will drive the highest sales of asthma therapeutics with an estimated value of around US$ 17 Bn by 2027, as rapid expansion of retail pharmacies makes asthma therapeutics more accessible to patients. According to a recent Fact.MR study, hospital pharmacies with large drug inventories would also remain a crucial distribution channel in the asthma treatment market. As patients find it convenient to purchase drugs immediately after diagnosis, hospital pharmacies are likely to catalyse sales of asthma therapeutics during the forecast period (2020-2027). The study finds that, hospital pharmacies hold the potential to drive sales tantamount to US$ 10 Bn by 2027, in the asthma treatment market.
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Key Highlights of Asthma Treatment Market Study
- Sales of long-term asthma control medications would remain 59% higher as compared to quick-relief medications by 2027, as rescue medications have limited application scope (only used during asthma attacks), while long-term medications possess high efficacy to control asthma attacks.
- Loss of patent exclusivity of branded drugs could affect the position of leading players in the asthma treatment market, as generic drugs gain ground. For instance, patents of Symbicort Turbuhaler and Qvar manufactured by AstraZeneca and GlaxoSmithKline PLC respectively, are to expire in the very near future. High availability of generic drugs to treat mild to severe asthma is projected to adversely affect revenue potential of the asthma treatment market during the forecast period.
- Sales of inhalers are projected to cross US$ 14 Bn by 2027, and oral route of administration is likely to grow as the second-most attractive section in the asthma treatment market.
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- Relaxed FDI policies in India and China are projected to shift focus of leading players towards Asia Pacific to achieve reduced overhead costs and meet growing demand for asthma therapeutics in these countries. According to the Lung India Journal, India accounts for one in every 10 asthma patients. On the back of increasing demand for asthma therapeutics and improving supply chain, the Asia Pacific asthma treatment market is projected to witness growth in the market.
A senior research analyst at Fact.MR opines, “Growing acceptance of online shopping channels offering next-day/ same-day delivery features and attractive deals would increase sales through online pharmacies. The trend of ordering medications through online pharmacies would gain more prominence by 2027.”
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High Reliance of Leading Players on Organic Growth Strategy
Leading players in the consolidated asthma treatment market, accounting for 60% of the total share, rely on organic growth strategy to develop an extensive product portfolios. These players aim to develop novel therapies and drugs through high investments in R&D activities. For instance, in 2018, AstraZeneca and its partner Amgen Inc., announced that the Food and Drug Administration (FDA) had granted Breakthrough Therapy designation to Tezepelumab, which is used for the treatment of severe asthma. Continuous introduction of new therapeutics strengthens their portfolios, and well-established brand identity of leading players further increases their sales prospects.
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