The global Allergic Asthma Therapeutics Market caters to the growing demand for therapeutics to treat allergic asthma triggered by allergens such as dust mites, pollen, pet dander and cockroach. Allergic asthma therapeutics include inhaled corticosteroids, long-acting beta agonists, anti-IgE therapies, monoclonal antibodies and others which provide relief from symptoms such as wheezing, shortness of breath, chest tightness and coughing. The global Allergic Asthma Therapeutics Market is estimated to be valued at US$ 7.26 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising prevalence of asthma is a key driver propelling growth of the allergic asthma therapeutics market. As per the Centers for Disease Control and Prevention (CDC), in 2019 asthma affected around 26 million people in the U.S. with 1.1 million emergency room visits due to asthma exacerbation. Allergic asthma is triggered by exposure to allergens and prevalence has been on the rise due to increasing pollution levels and changing climate conditions which increase levels of pollen and other outdoor allergens. The growing patient population renders significant market opportunities for companies offering innovative treatment therapies for allergic asthma.
SWOT Analysis
Strength: Allergic asthma therapeutics market benefits from increasing awareness and diagnosis of allergic asthma. Growing healthcare spending in emerging economies is expected to drive market growth.
Weakness: High costs associated with allergic asthma treatment and maintenance limit widespread adoption in price-sensitive regions.
Opportunity: Untapped growth potential exists in developing new drugs with novel mechanisms of action and lesser side effects. Emerging partnerships focused on digital health solutions provide opportunities for remote monitoring.
Threats: Patent expiries of blockbuster drugs result in higher generic competition. Stringent regulatory norms for drug approvals delay market entry of new products.
Key Takeaways
The Global Allergic Asthma Therapeutics Market Size is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates market share and is expected to continue leading over the forecast period supported by major healthcare industry players and high healthcare expenditure.
Regional analysis: North America holds the highest market share currently attributed to higher disease awareness, clinical applications of new drugs and devices, and increased healthcare expenditure. Asia Pacific is expected to witness fastest growth supported by growing medical tourism, healthcare infrastructure investments, and expansion of key market players into emerging countries.
Key players: Key players operating in the allergic asthma therapeutics market are Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine. Industry leaders are focusing on developing combination therapies and digital solutions to improve patient outcomes by enabling remote monitoring.
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