Increased Popularity Of E-Cigarettes/Vaping Will Drive The Anti-Asthmatics And COPD Drugs Market
E-cigarettes, which is a substitute of direct tobacco smoking, is gaining popularity. E-cigarette smoking/vaping incurs risk of developing asthma among individuals as it contains nicotine extracts from tobacco. E-cigarettes, also known as e-cigs, vaporizer cigarettes, and vape pens, are electronic battery-operated devices that emit doses of vaporized nicotine or non-nicotine solutions, and aims to provide a similar sensation of inhaling tobacco to the user. The usage of e-cigs is increasing with every year. For instance, in the USA, 20.8% of high school students are users of e-cigs, which has increased from 11.7% in 2017. Rising adoption of e-cigs will increase the number of asthma patients in the forecast period and is expected to drive the anti-asthmatics and chronic obstructive pulmonary disease (COPD) drugs market during this period.
The global anti-asthmatics and COPD drugs market was valued at around $40,162 million in 2019, and is expected to grow to nearly $46,664 million in 2022 at a compound annual growth rate (CAGR) of 5.1%. By 2025, the market is expected to reach a value of almost $52,840 million. The anti-asthmatics and COPD drug industry includes establishments that manufacture anti-asthmatics and COPD drugs such as bronchodilators, anti-inflammatory drugs, monoclonal antibodies and combination drugs. These drugs are used to prevent and treat asthma and COPD.
Health insurance policies in many countries are publicly funded, allowing for a wider range of people to access expensive healthcare including advanced devices used for the diagnosis and treatment of chronic respiratory diseases. In the Middle-Eastern countries, nearly 75% of healthcare expenditure is funded by the government. Due to increasing burden of healthcare expenditure, governments are forming partnerships with private health insurers in order to distribute the costs. In the USA, nearly 73 million people are covered under Medicaid. The Affordable Care Act (ACA), enacted in 2010, aims at expanding medical insurance across the country to people earning low incomes, and so far, has reduced the number of uninsured people by 20 million. Increasing public insurance coverage has increased the likelihood of people opting for better treatment and preventive care, thus benefiting the anti-asthmatic and COPD drugs market.
Rising obesity levels will also contribute to the growth of the anti-asthmatic and COPD drugs market. High obesity levels among individuals due to urbanization and busy lifestyles is increasing the risk of developing asthma. Increasing preference for packaged and processed foods, and physical inactivity are the main reasons for obesity. Obesity increases the risk of asthma- according to a study published in April 2018, in the Journal of Allergy and Clinical Immunology, obese children and adults are more likely to have severe asthma than healthy-weight individuals.