Allergic Asthma Therapeutics Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Asthma
The allergic asthma therapeutics market is estimated to be valued at US$ 7.26 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic asthma therapeutics include medicines for the treatment of asthma triggered by allergies such as drugs, immunotherapy, and other methods. These products provide relief from asthma symptoms such as wheezing, chest tightness, shortness of breath caused due to allergies.
Market Dynamics:
The increasing prevalence of asthma globally is expected to drive the growth of the market during the forecast period. As per the Centers for Disease Control and Prevention (CDC), in 2018 asthma affected around 26 million people in the U.S., including 6.1 million children. Another factor expected to propel the market growth is rising pollution levels worldwide. Air pollution has emerged as a significant risk factor for asthma as various pollutants can trigger asthma symptoms. Furthermore, growing adoption of immunotherapy for allergic asthma is also anticipated to offer lucrative opportunities over the forecast timeframe. However, high costs associated with asthma medications may hinder the market growth.
SWOT Analysis
Strength: Allergic asthma therapeutics market has a large patient base globally. Key players are focusing on R&D to develop innovative bioelogics and small molecule drugs. Growing awareness about allergic asthma management is driving the market growth.
Weakness: High costs associated with development of novel drug molecules. Stringent regulatory approvals delays market introduction of new drugs.
Opportunity: Emerging economies are expected to provide major growth opportunities due to improving healthcare infrastructure and increasing healthcare spending. Developing asthma biosimilars provide opportunity for generic manufacturers.
Threats: Patent expiries of blockbuster drugs enhances competition resulting into price erosion. Increased adoption of alternative treatment modes like acupuncture and physiotherapy poses threat.
Key Takeaways
The Global Allergic Asthma Therapeutics Market Demand is expected to witness high growth, exhibiting CAGR of 3.0% over the forecast period, due to increasing prevalence of allergic asthma globally. As per American Academy of Allergy Asthma & Immunology, over 50 million Americans suffer from allergies every year.
Regional analysis
North America dominates the allergic asthma therapeutics market currently due to high adoption of new therapies and increasing healthcare expenditure. Asia Pacific represents the fastest growing region owing to rising incidences of asthma cases and growing medical tourism in countries like India, China and Malaysia.
Key players operating in the Allergic Asthma Therapeutics are ASLAN Pharmaceuticals, Takeda Pharmaceutical Company Limited, CHIESI Farmaceutici S.p.A., CSL, NIOX, Fountain Therapeutics, Eli Lilly and Company, GSK plc., Infinity Pharmaceuticals, Inc., Mabtech, Kineta Inc., Marinomed Biotech AG, Mycenax Biotech Inc., AstraZeneca, and Panacea Biotec.
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