Bronchial Spasm Market size is expected to reach revenue by the end of 2033, witnessing around CAGR of 5% during the forecast period, i.e., 2023-2033. Further, the market generated noteworthy revenue in the year 2022. The growth of the market can primarily be ascribed to the rising cases of asthma across the globe. Based on the statistics provided by the World Health Organization (WHO), it was noticed that almost 262 million people were living with asthma in 2019 causing 455,000 deaths worldwide.
Global bronchial spasm market trends such as, the spiking number of fungal, viral, and bacterial infections of the lungs and skyrocketing prevalence of dust, pet, pollen, and other sorts of allergens are projected to influence the growth of the market positively over the forecast period. allergies are anticipated to be the 6th leading cause of death, for instance, over 45 million Americans are projected to be affected by allergies every year. Moreover, bronchial spasm is a condition in which the bronchi (airways in the lungs) get inflamed or tighten. The bronchial spasm can cause coughing, wheezing, and other respiratory diseases. Therefore, such factors are anticipated to push the growth of the market over the forecast period.
Growth Drivers
Growing Demand for Inhalers to Boost the Market Growth - For instance, more than 5000 individuals are recommended to use reliever inhalers annually worldwide.
Increasing Prevalence of Fungal Infection - For instance, more than 100 million cases of fungal infections are diagnosed worldwide annually and nearly 1.5 million deaths are caused by these fungal infections.
Rising Cases of COPD Across the Globe- As of 2019, approximately 3 million people died due to chronic obstructive pulmonary disease (COPD) making it 3rd leading disease to cause death globally.
Remarkable Increment in the Healthcare Expenditure- World Bank released a set of data stating the health expenditure to hit USD 1,121 per capita in 2019.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~5% |
Treatment Type {Short-Acting Bronchodilators (Albuterol, Levalbuterol)
The global bronchial spasm market is segmented and analyzed for demand and supply by treatment type into short-acting bronchodilators (albuterol and levalbuterol), long-acting bronchodilators (aclidinium, salmeterol, formoterol, indacaterol, and others), and inhaled & oral steroids, out of which, the short-acting bronchodilators segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to their higher demand to treat asthma attacks and COPD. For instance, about 10 people lose their lives due to asthma each day in the USA, while in 2020, nearly 4000 individuals died due to asthma in a similar region.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Our in-depth analysis of the global market includes the following segments:
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By Treatment Type |
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By Diagnosis
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By Cause |
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By End-User |
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Regionally, the global bronchial spasm market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be attributed to the escalation in the number of asthma patients. For instance, nearly 22 million people are estimated to be suffering from asthma, and about 18 million adults under 18 are anticipated to be living with asthma in the United States. Furthermore, higher penetration of major key players and the presence of well-structured healthcare infrastructure in the region is also expected to propel the market growth over the forecast period.
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Sunovion Pharmaceuticals Inc. to provide support for the Next Generation of Innovators with the Red Sox Foundation. The program is entirely on assisting the scholars who are exploring STEM and life sciences. Furthermore, the program is also becoming advantageous for students to receive better mentoring and coaching.
Author Credits: Radhika Pawar
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