Physiologically, acute asthma has two components:

Exposure to an allergen or trigger causes a characteristic form of airway inflammation in susceptible individuals. This is exemplified by mast cell degranulation, the release of inflammatory mediators, infiltration by eosinophils, and activated T lymphocytes. 

Multiple inflammatory mediators may be involved, including interleukin (IL)–3, IL-4, IL-5, IL-6, IL-8, IL-10, IL-13, leukotrienes, and granulocyte-macrophage colony-stimulating factors (GM-CSFs). These, in turn, incite the involvement of mast cells, neutrophils, and eosinophils. Here's a diagram to understand asthma and its effect on our cells.

To the layperson, hyperventilation is associated with ''panting'' and is connected with ''panic attacks. So, in a clinical setting, it often comes as a surprise to patients to find that their unobtrusive and habitual breathing patterns are hyperventilating and are responsible for a wide range of physiological and psychological disorders.

As said earlier, panic attacks have a significantly less physiological or genetic footprint. Hyperventilation could also be termed as overbreathing. It could have causes that are not due to any underlying disease. When you breathe, you inhale oxygen and exhale carbon dioxide. Excessive breathing may lead to low carbon dioxide levels in the blood, which causes many of the symptoms you may feel if you hyperventilate. The causes could range from exercise to nausea, panic, or anxiety.

Also Read: Is there anything like too much oxygen?

Psychological factors such as fear, panic, anxiety, stress, and depression could exacerbate bronchoconstriction and cause hyperventilation. In the early stages of acute asthma, hyperventilation may result in respiratory alkalosis. It is a condition that can dangerously predispose the body's smooth muscular tubes (arteries, the lining of the lungs, etc.) to spasm, increasing blood pressure, restricting breathing by an ''asthma'' type attack, and by coronary artery spasm, increasing the likelihood of a heart attack.

Hyperventilation that leads to asthma attacks shows that obstructed lung units (slow compartment) are less numerous than unobstructed lung units (fast compartment). The carbon dioxide removal from the lungs happens via the fast compartment when a person is hyperventilating. 

However, as asthma progresses and more lung units are obstructed, an increase in the slow compartments occurs, resulting in a decreased ability for carbon dioxide removal and eventually causing hypercarbia ( increased CO2 in the bloodstream)

The following excerpt from a research paper becomes particularly relevant here.

A 20-year study involving almost 600 adults in Switzerland revealed a significant connection between these two conditions. Those with asthma faced a 4.5-fold increased risk of developing panic disorder, while persons with panic disorder were six times more likely to develop asthma. This research study was published in June 2005 in the American Journal of Respiratory and Critical Care Medicine.

My impression is that people with asthma shouldn't be prescribed drugs and steroids for long-term usage. Many adults have similar issues, and I believe that even those benefiting from inhalers in the short term should develop their natural breathing and get off the inhalers as soon as possible. 

The side effects of pharmaceuticals are nothing but illnesses disguised as mild and benign reactions to the so-called harmless drugs. If you were not sick and had the prescription drug side effect, it would have been called an illness!

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