The global asbestosis treatment market was estimated to reach a valuation of US$ 1.67 Billion in the year 2022. With a robust CAGR of 11.2 % from 2023 to 2033, this market is expected to reach US$ 1.85 Billion by 2023 and US$ 5.36 Billion by 2033.
Being a reliable insulator, asbestos is frequently employed in construction, and it may also be used to fortify products like fabric, cement, paper, and plastic. Asbestos fibers, on the other contrary, can become permanently ingested or breathed into the body. This opens the door for asbestosis, a progressive lung disease brought on by asbestos. Asbestos fibers lodged in the body may cause scarring, inflammation, and genetic harm. Moreover, asbestos exposure can result in cancer and other serious health issues.
The market for asbestosis treatments is expected to rise significantly as a result of:
The increasing population in the mining sector is another factor anticipated to drive the market for asbestosis treatments. Over 125 million people are exposed to the particles of asbestos at work, as reported by the World Health Organization, and those who work in industrial and mining areas are expected to be most affected. As a result, this aspect is anticipated to spur the market for asbestosis treatment in the years to come.
The market for treatments for asbestosis is expected to rise with the prednisone sector. A synthetic glucocorticoid called prednisone is used to reduce inflammation and reduce the immune system's strength. Prednisone is a pro-drug that the liver uses to make prednisolone, the drug's active ingredient. Before being converted to prednisolone via hepatic metabolism, prednisone had no biological effects. Prednisone is also an anti-inflammatory that helps to lessen the inflammation brought on by the illness, thus it is anticipated that its use will increase greatly throughout the forecast period. On the other hand, salbutamol as well as acetaminophen are projected to contribute to the expansion of the global market for the treatment of asbestosis.
The market for treatment for asbestosis is expanding with assistance from the inhalation segment. Given that many individuals prefer inhalation over swallowing pills or tablets, the inhalation category is expected to generate the highest income. It has long been established that inhalation is a reliable way to deliver medications to the lungs for the therapy of breathing disorders. In contrast to oral tablets, inhaled drugs are delivered directly to the lungs, allowing for the administration of a lower dose, a faster onset of action, and fewer side effects. Market expansion is anticipated to be fueled by the increased incidence of respiratory conditions including asthma, COPD, and cystic fibrosis. Asthma afflicted more than 25 million people in the United States in 2021, or 7.7% of adults and 8.4% of children, as reported by the Centers for Disease Control and Prevention (CDC). Thus, such factors are expected to propel the growth of the asbestosis treatment market during the forecast period.
Throughout the anticipated period, North America is anticipated to drive market expansion. North America held the largest revenue share of roughly 44% in the global market for Asbestosis Treatments in 2022 due to the region's well-established healthcare system. The standard regulatory requirements and Route of Administration of practice rules for the region's healthcare organizations may also be considered a contributing factor to the expansion. Also, the number of treatments carried out in the USA has grown due to the country's growing elderly population. Factors such as these have been accelerating the market for asbestosis treatment in the region.
| Data Point | Key Statistics |
|---|---|
| Expected Market value in 2023 | US$ 1.85 Billion |
| Expected Market value in 2033 | US$ 5.36 Billion |
| Growth Rate (2023 to 2033) | 11.2% from 2023 to 2033 |
The major factor expected to drive the growth of the asbestosis treatment market is the increasing prevalence of asbestosis. Increasing exposure to asbestosis particles is also expected to boost the growth of the asbestosis treatment market.
Growing development in the healthcare expenditure and awareness programs by the government and public organizations are also expected to contribute towards the growth of the asbestosis treatment market. Another factor that is expected to lead to the growth of asbestosis treatment market is the increasing population in the mining.
However, lack of awareness among huge population in developing regions expected to hinder the growth of asbestosis treatment market. Another that is expected to restrict the growth of this market is the high cost of asbestosis treatment.
The COVID-19 outbreak has already started to have impact asbestosis treatment market. The worldwide lockdowns could result lowering the sales of the market in current situation. However, the asbestosis treatment market is expected to pick up the pace and could also grow substantially in the upcoming years.
Based on drug type, the global asbestosis treatment market is segmented into salbutamol, guaifenesin, acetaminophen, prednisone and others. Prednisone is expected to grow substantially during the forecast period as it is an anti-inflammatory which will help in reducing the inflammation caused due to the disease.
However, salbutamol and acetaminophen are also expected to contribute towards the growth of the global asbestosis treatment market.
Based on route of administration, the global asbestosis market is divided into oral, inhalation, intravenous and others. The inhalation segment is expected to contribute highest revenue as a large no. of people prefer inhalation, as the route of administration instead of popping the pills or tablets.
Geographically, the asbestosis treatment market is segmented into seven regions viz. South Asia, East Asia, Europe, Latin America, North America, Oceania and Middle East and Africa. The North America is expected to account for the largest share in the asbestosis treatment market due to increasing prevalence of asbestosis.
Europe is expected to have the second largest market for global asbestosis treatment market. However, East Asia is expected to witness a substantial growth in the asbestosis treatment market due to availability of funds for research and development.
On the other hand, South Asia is anticipated to experience fastest growth in the asbestosis treatment market as a result of rise in exposure to asbestosis particles due to increasing mining activities in the developing countries.
Developing medical infrastructure may lead to steady growth in Latin America. In the Middle East and Africa the market growth is expected to be limited due to slow economic growth, underdeveloped infrastructure and lower access to technological advancement.
Some of the players identified in the asbestosis treatment market include:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Tentatively, the global asbestosis treatment markethas been segmented on the basis of type of drugs, route of administration and distribution channel.
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