Market Trends of Global Hypoxia Treatment Industry
This section covers the major market trends shaping the Hypoxia Treatment Market according to our research experts:
Asthma are Expected to Witness Healthy Growth Over the Forecast Period
Asthma is one of the most widespread illnesses in the world and a potentially fatal condition that impairs patients' ability to breathe normally. It is a chronic condition that tightens and stretches the lungs' airways, leading to recurrent episodes of shortness of breath, bronchospasm, and reversible airflow obstruction. In addition, there has been a significant increase in cigarette use, which aggravates asthma symptoms. Additionally, as industrialization has grown, so has the number of asthma cases, which could increase the demand for asthma medications in the future. The segment growth is anticipated to be boosted by the rising number of asthma cases. The substantial increase in prevalence and incidence of asthma has led to an increase in the patient population, which has, in turn, increased the demand for these drugs. According to the World Health Organization (WHO) 2021 factsheet, asthma is a major non-communicable disease (NCD), affecting both children and adults. Globally, it affected an estimated 262 million people in 2020 and caused 461,000 deaths.
Furthermore, increasing research and development activity and product launches by the market players are likely to boost the growth of the market. For instance, in March 2021, GlaxoSmithKline PC, in collaboration with IQVIA Pty Ltd, initiated a Phase III clinical trial to evaluate the efficacy and safety of GSK3511294 (Depemokimab) in adult and adolescent patients with severe uncontrolled asthma. The trial is expected to be completed in October 2023. Similarly, in February 2021, AstraZeneca PLC, in collaboration with Amgen Inc., initiated a Phase I clinical trial to evaluate the pharmacokinetic (PK) profile of a single subcutaneous (SC) dose of tezepelumab in children aged 5 to 11 years with asthma. The trial is expected to be completed in September 2021. Thus, the aforementioned factors are expected to drive segment growth over the forecast period.
Thus, all aforementioned factors such as the rising prevalence of hypoxia in asthmatic patients expected to boost the market growth over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America dominates the global market for hypoxia because of the prevalence of hypoxia, rising research and development spending, and rising personal disposable income. hypoxia is majorly associated with respiratory diseases such as asthma, COPD, and Pneumonia and thus the rising incidence of conditions like COPD and asthma contributes to the market's expansion. For instance, according to the National, Heart, Lung, and Blood Institutes updates in March 2022, more than 15 million persons in the United States suffer from COPD each year. The fourth-leading cause of death in the United States was COPD, which is a significant cause of impairment.
Moreover, as per Asthma Canada Annual Report 2021, every day, an estimated 317 Canadians are diagnosed with asthma. Every year, asthma attacks cause over 70,000 hospitalizations. Asthma is the third most common chronic disease in Canada, affecting more than 3.8 million Canadians each year. The high number of patients affected by asthma and COPD increases the demand for drugs for the treatment of the target disease, thereby boosting the growth of this region.
Moreover, growing research and development activity by various institutes likely to propel the growth of the market is expected to witness high growth. For instance, in August 2022, Pgharmazz Inc (United States) received clearance for investigational drug application from the Central Drug Control Organization to conduct phase II clinical trials for Sovateltide in the condition of hypoxic ischemia. Additionally, in January 2022, OxiWear, the first non-intrusive wearable for medical-grade, continuous oxygen monitoring, raised USD 1.25 million in funding.
Thus, all above-mentioned factors are expected to boost the market over the forecast period.
