Eosinophilic Esophagitis Market Estimated To Witness High Growth Owing To Increasing Disease Awareness
Market Overview:
Eosinophilic Esophagitis is a chronic allergic immune-mediated esophageal disease characterized by eosinophil accumulation in the esophagus and symptoms of esophageal dysfunction. The major symptoms include difficulty swallowing, abdominal pain, heartburn, and food impaction. The disease requires long-term medical treatment to manage inflammation and symptoms. Products available in the market include anti-inflammatory steroids, proton pump inhibitors, leukotriene modifiers, and immunomodulators. Rising disease prevalence and awareness is boosting the demand for these drugs.
Market Dynamics:
Growth of the eosinophilic esophagitis market can be attributed to increasing disease awareness programs by various foundations and non-profit organizations. For instance, the Eosinophilic Esophagitis Awareness Week in April and Foundation for Eosinophilic Gastrointestinal Diseases aim to promote understanding about symptoms, diagnosis, and treatment of the disease among patients and healthcare providers. This is facilitating early diagnosis and management of the condition.
The global Eosinophilic Esophagitis Market Growth is estimated to be valued at US$ 245.92 Mn in 2023 and is expected to exhibit a CAGR of 33.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Further, rising research funding for developing novel targeted therapies is also fueling market revenue growth. In July 2021, Landos Biopharma announced positive results from Phase 2 coastal trial of omilancor (LANSOPRAZOLE) for EE. The results demonstrated improvement in endoscopic and histologic measures. Such late stage trials indicate robust product pipeline which will expand treatment options and drive market gains over the forecast period.
SWOT Analysis
Strengths:
Eosinophilic Esophagitis Market has strong growth potential due to rising prevalence of the disease. Growing R&D activities by key players for developing advanced treatment options have strengthened the market. Furthermore, increase in awareness programs about EE have boosted the market growth.
Weaknesses:
Lack of approved drug therapies makes treatment challenging. Difficulty in early diagnosis of the disease due to nonspecific symptoms poses as a major weakness.
Opportunities:
Huge scope for developing novel drug therapies for EE presents lucrative opportunities. Growing healthcare expenditures in developing nations are anticipated to create new opportunities.
Threats:
High costs associated with drug discovery and development may threaten the growth of the market. Rising availability of alternative treatment methods can hamper the market growth.
Key Takeaways:
The global Eosinophilic Esophagitis market is expected to witness high growth, exhibiting CAGR of 33.% over the forecast period, due to increasing prevalence of EE across the globe. According to recent studies, around 1 in every 2,000 people suffers from EE worldwide. Rise in risk factors such as food allergies and environmental factors have significantly contributed to the growing disease prevalence.
Regional analysis:
North America is presently dominating the global market and is expected to continue its dominance during the forecast period. This is attributed to growing awareness about EE, increasing healthcare expenditure, and availability of advanced treatment options in the region. According to market estimates, the North American market accounted for over 45% of the global market share in 2023. Meanwhile, Asia Pacific region is projected to witness fastest growth owing to growing patient population, improving healthcare infrastructure, and rising investment by key market players.
Key players operating in the Eosinophilic Esophagitis market are Ellodi Pharmaceuticals, EsoCap AG, GlaxoSmithKline plc., Teva Pharmaceutical Industries Ltd., Cipla Limited, Sun Pharmaceutical Industries Limited, AstraZeneca Plc, Sanofi S.A., Arena Pharmaceuticals, Inc., Takeda Pharmaceutical Company Limited, Revolo Biotherapeutics, Allakos Inc., Bristol-Myers Squibb Co, Calypso Biotech, DBV Technologies, Landos Biopharma, Inc., Glenmark Pharmaceuticals, Alkem Laboratories Ltd., Quorum Innovations LLC, and Dr. F\
Read More: https://blogger-veritas.blogspot.com/2023/11/biologics-is-fastest-growing-segment.html
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