Eosinophilic Esophagitis Market Expected To Witness High Growth Due To Increasing Disease Prevalence
Eosinophilic esophagitis (EoE) is a chronic allergic inflammatory disease of the esophagus characterized by eosinophil-predominant esophageal inflammation and dysfunction. The condition causes difficulty swallowing, abdominal and chest pain, nausea and food impactions. Key treatments include topical corticosteroids, dietary therapies, and proton pump inhibitors. The global eosinophilic esophagitis market is expanding rapidly to meet the needs of the growing EoE patient population.
The global Eosinophilic Esophagitis Market is estimated to be valued at US$ 245.92 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing disease prevalence is the primary driver fueling growth of the eosinophilic esophagitis market. According to recent studies, the prevalence of EoE has increased significantly in the last two decades across North America and Europe. Improved awareness and diagnostic capabilities have enabled identification of more EoE cases globally. Rising patient numbers are translating to increased demand for therapeutic drugs and treatment options in the market. Further, ongoing clinical trials evaluating promising drug candidates are expected to introduce novel treatment alternatives, thereby providing additional momentum to market revenues over the forecast period.
SWOT Analysis
Strength: Eosinophilic esophagitis is a growing health concern globally and awareness regarding the condition is increasing. This raises the demand for treatment options. Medical science is advancing rapidly and new treatment alternatives are being explored continuously which promises hope for patients. Research studies are ongoing to better understand the causes and effective management of the disease.
Weakness: Eosinophilic esophagitis has complex and diverse causes and current treatment options only manage the symptoms and do not treat the underlying causes. Full cure is still elusive which is a major limitation. High cost of biologics and lack of insurance coverage in many countries poses affordability challenges for patients.
Opportunity: Emerging economies in Asia Pacific and Latin America present lucrative opportunities for market players as diagnosis and treatment rates are expected to rise steeply over the coming years owing to growing medical infrastructure and awareness. Development of novel therapeutic alternatives especially targeted therapies holds promise to address unmet needs.
Threats: Stringent regulatory approval pathways for new drugs increase costs and risks for pharmaceutical companies. Supply chain disruptions and emergence of alternative treatment options especially generics post patent expiry of blockbuster drugs pose threats.
Key Takeaways
The global Eosinophilic Esophagitis Market Growth is expected to witness high growth. Growth will be driven by factors such rising prevalence globally, improved diagnostics, increasing research funding towards novel treatment alternatives and awareness programs. The global Eosinophilic Esophagitis Market is estimated to be valued at US$ 245.92 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030.
Regional analysis: North America presently dominates the market owing to high diagnosis and treatment rates supported by favorable reimbursement scenario. Asia Pacific is expected to witness fastest growth over the forecast period supported by rapidly growing economies, increasing medical infrastructure, low treatment penetration currently providing scope for volume growth. Key players are expanding their presence in the region through collaborations and partnerships to leverage growth opportunities.
Key players: Key players operating in the Eosinophilic Esophagitis market are Thermo Fisher Scientific, Quidel Corporation, Siemens Healthcare, Hycor Biomedical, Euroimmun AG, INOVA Diagnostics, Inc. Key players are focusing on developing new treatment alternatives especially targeted biologics to address unmet needs and expand offerings. Strategic collaborations for clinical trials are also ongoing to strengthen product pipelines.
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