The global aspirin exacerbated respiratory disease market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increased research and development activities. The aspirin exacerbated respiratory disease is characterized by chronic sinus with asthma, nasal polyps, and sensitivity to aspirin, and other non-steroidal anti-inflammatory drugs (NSAIDs). The disease is not caused by the intake of aspirin or NSAIDs, but the disease gets worse if the patients take these medicines. According to the report given by the American Academy of Allergy, Asthma & Immunology, approximately 9% of all adults with asthma have aspirin exacerbated respiratory disease. Moreover, the number of asthma patients is mushrooming worldwide. As per the data published by the World Health Organization, the number of asthma patients was 262 million in 2019. The number is estimated to grow rapidly, subsequently causing the boost in the growth of the global aspirin exacerbated respiratory disease market during the forecast period. Moreover, governments all over the world are allotting humongous budgets for the betterment of the health sector. The data released by the World Bank shows that 9.84% of the total world GDP is current health expenditure, as of 2019. The escalating health expenditure is likely to propel the global aspirin exacerbated respiratory disease market growth during the forecast period. Moreover, clinical studies are a prominent part of drug development. The number of registered clinical trials has increased stupendously and is estimated to reach up to 410 thousand clinical studies in March 2022, which was merely around 2100 in the year 2000. Hence, rising research is likely to fuel the global aspirin exacerbated respiratory disease market growth.
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The market is segmented by distribution channel into hospital pharmacies, retail stores, and online pharmacies. Out of which, the retail pharmacies segment is anticipated to hold the largest share in the global aspirin exacerbated respiratory disease market on account of the easy availability of the products. Since retail pharmacies are easily available to people, which is the reason the market growth is estimated to shoot up during the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global aspirin exacerbated respiratory disease market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness modest growth over the forecast period on the back of the presence of a plethora of pharmaceutical companies. It is estimated that in the USA alone there are 2100 pharmaceutical manufacturing businesses. Furthermore, asthma patients in the region are also drastically increasing. The data released by the Asthma and Allergy Foundation of America states that approximately 25 million people in the USA have asthma. The surging asthma cases in the North America region are anticipated to propel the global aspirin exacerbated respiratory disease market growth during the forecast period.
The Asia Pacific region is also estimated to offer lucrative opportunities for the growth of the global aspirin exacerbated respiratory disease market during the forecast period. The region is highly populous and large economies such as, India and China are allotting humongous budgets to the health care sector. Furthermore, the report published by the WHO states that 1 in every 10 asthma patients globally is living in India. Hence the rising cases of asthma are also projected to foster regional growth.
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The global aspirin exacerbated respiratory disease market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global aspirin exacerbated respiratory disease market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Surging cases of asthma are expected to be the major factors driving the growth of the global aspirin exacerbated respiratory disease market during the forecast period.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Pfizer Inc., Teva Pharmaceuticals Industries Ltd., and Cadila Healthcare Ltd. (CHL).
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, route of administration, distribution channel, and by region.
The retail pharmacy sub-segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.
Lack of awareness amongst people is estimated to hamper market growth.
The North America region is estimated to provide more business opportunities for the growth of the market owing to the presence of well-established healthcare sector.
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