Singapore Asthma and COPD Therapeutics Market Analysis

Singapore Asthma and COPD Therapeutics Market Analysis: Executive Summary

The Singapore Asthma and COPD Therapeutics Market is at around US $40 Mn in 2022 and is projected to reach US $63 Mn in 2030, exhibiting a CAGR of 5.80% during the forecast period.

Asthma and chronic obstructive pulmonary disease (COPD) are respiratory disorders that impact the airways, resulting in difficulties breathing. Asthma is characterized by inflammation and constriction of the airways, often triggered by irritants, allergens, or physical exertion. Common symptoms include wheezing, shortness of breath, chest tightness, and coughing, along with risk factors such as respiratory infections and a family history of asthma. Conversely, COPD encompasses emphysema and chronic bronchitis, both of which cause obstruction of the airways. Smoking is a primary risk factor for COPD, leading to symptoms like fatigue, increased mucus production, and a persistent cough. Treatment for both conditions typically involves bronchodilators to alleviate airway constriction and anti-inflammatory medications to reduce inflammation. Pharmaceutical companies such as GlaxoSmithKline, AstraZeneca, and Boehringer Ingelheim are widely acknowledged for providing treatments for both COPD and asthma.

Singapore boasts one of the highest asthma prevalence rates worldwide, estimated to be around 20%, while the prevalence of COPD is estimated to be approximately 6%. These statistics are directly proportional to the rising incidence of smoking, air pollution, and other factors. The market is being fuelled by factors such as the upward trend in prevalence of asthma and COPD, growing disposable income, increased awareness, and others. However, limited affordability due to high costs and poor patient adherence are a few factors that limit the market's potential.

Market Dynamics

Market Growth Drivers

Rising prevalence: The estimated prevalence of COPD is around 6% for adults in Singapore. Subsequently, the prevalence of asthma is steadily rising and is as high as 20% for children, making it the country with one of the highest prevalence rates of asthma around the globe. The elevated prevalence of asthma in Singapore is influenced by factors such as air pollution, indoor allergens, smoking, and a family history of the condition.

Rising disposable income: Singapore's robust economy and increasing disposable incomes empower patients, making them more inclined and financially capable of affording advanced and costly medications for COPD and asthma. Government efforts to enhance healthcare access and insurance coverage, exemplified by initiatives like Medisave and Medishield, additionally bolster affordability and contribute to the growth of the market.

Strong potential market space: Singapore's appeal to prominent pharmaceutical companies with research and development facilities results in enhanced accessibility to innovative and advanced treatment options for patients. Additionally, local pharmaceutical companies play a role in the market by providing generic versions of medications at more affordable prices, catering to patients who prioritize cost-effectiveness.

Growing awareness: Groups such as the COPD Association Singapore and initiatives like the Singapore National Asthma Programme actively work to raise awareness about asthma and COPD through public health campaigns and educational initiatives, promoting early diagnosis and treatment, thereby increasing demand in the market.

Market Restraints

High cost and limited affordability: Branded medications for COPD and asthma, despite receiving subsidies from Singapore's healthcare system, can still be costly, posing a financial burden for certain patients and potentially affecting their adherence, thereby impacting outcomes. The focus on cost-effectiveness within the Singaporean healthcare system puts pressure on pharmaceutical companies to provide competitive pricing, potentially restricting access to newer, innovative medications.

Regulatory hurdles: The Health Sciences Authority (HSA) of Singapore follows a stringent approval process for new medications, which could lead to potential delays in making newer treatment options available for patients.

Low patient adherence: Maintaining consistent adherence to prescribed medication regimens can be challenging, influenced by factors such as cost, side effects, or inconvenient administration methods.

Notable Updates

April 2022, scientists at the National University of Singapore (NUS) identified a new characteristic of a protein present in human lungs, potentially paving the way for the creation of biologic drugs to address COPD.

Healthcare Policies and Regulatory Landscape

Singapore's healthcare policy and regulatory structure involve several essential authorities and agencies. The Ministry of Health (MOH) is the primary entity responsible for overseeing healthcare regulations and licensing in the country. The MOH is tasked with formulating national health policies, coordinating and advancing medical and healthcare reforms, and overseeing the administration of healthcare services throughout Singapore.

To secure a license for healthcare products in Singapore, compliance with the regulations established by the MOH is necessary. For pharmaceuticals and medical devices, companies must obtain registration and marketing authorization from the Health Sciences Authority (HSA), which operates as a statutory board under the MOH. This process involves submitting technical and scientific data to validate the product's safety, quality, and effectiveness.

Competitive Landscape

Key Players

• GlaxoSmithKline
• Novartis
• AstraZeneca
• Teva Pharmaceutical Industries
• Boehringer Ingelheim Pharmaceuticals
• Merck Sharp & Dohme
• Chiesi Pharmaceutical
• Sanofi
• Pfizer
• Abbott Laboratories