China and the United States will have an increased market for COPD and asthma in the ensuing years, claims a report conducted by Transparency Market Research. By 2024, the Compound Annual Growth Rate (CAGR) of the said market will increase by 4.1 percent.
According to the research, there are three factors that drive the increase in the drug market both in China and the United States. These are the increase in the number of patients affected by asthma or COPD, a better diagnosis rate for the respiratory illnesses, and increased awareness for patient concerning treatment options.
For the first part of the predicted period, there will be a moderate growth in the drug market, which is due to the expiration of leading medication brands as well as the price erosion. But by 2020, new drugs will be made available to treat asthma and COPD patients.
A report from the World Health Organization (WHO) as cited by Article Pole said that COPD accounted for more than 3 million deaths in 2012 or a total of 6 percent of deaths reported around the world.
By 2030, WHO reported that COPD would be the third primary cause of death across the globe.
But these statistics are already manifesting in China and the United States. In these two nations, COPD is the third leading cause of death.
Asthma and Allergy Foundation of America also reported that in China, a sizable population of persons affected with COPD is either misdiagnosed or underdiagnosed each year.
"A large proportion of these deaths are avoidable with proper treatment and care," the research said. "Thus, the existence of an unmet medical need is clearly evident and is anticipated to augment the asthma and COPD drug market."
The drugs market in the United States and China has been classified according to their drug class into anti-inflammatory drugs, bronchodilators, monoclonal antibodies and combination of drugs.
Moreover, the drug markets for asthma and COPD in the United States and China will be classified according to their indications.