by Allergic asthma is a chronic inflammatory disease of the airways characterized by recurrent attacks of breathlessness and wheezing, which varies in severity and frequency from person to person. Allergic asthma therapies aim to prevent symptoms, control airway inflammation, and improve lung function. Key products include bronchodilators, anti-inflammatories, and biologics. Bronchodilators are primarily used for as needed, quick relief of acute asthma symptoms by relaxing muscles in the airways to widen them. Anti-inflammatory preventers help reduce the swelling and mucus production in the airways through regular long-term use to better control the condition. Biologics target specific proteins that play a key role in triggering inflammatory responses and are often used as an add-on treatment for severe allergic asthma. 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:
Increase in respiratory allergies due to pollution and changing climate has led to a rise in allergic asthma cases globally. According to the World Allergy Organization, over 300 million people currently suffer from asthma worldwide. Air pollution is also associated with exacerbation of symptoms and increased risk of asthma-related hospitalization and mortality. As a result, there is greater focus on developing advanced long-acting therapies targeting specific inflammatory pathways connected to allergies and providing better asthma control. Oral and injectable biologics represent one of the fastest growing segments. Combination therapies leveraging properties of different drug classes are also gaining interest in order to achieve superior efficacy with consistent response. Growing disease prevalence along with drug development pipeline focused on precision and personalized medicine are expected to propel the allergic asthma therapeutics market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Allergic Asthma Therapeutics market is low due to high costs involved in R&D.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a large number of established players offering alternative treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many ingredient/drug suppliers and establish supply chain networks of leading companies.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for allergic asthma currently.
Competitive rivalry: The competitive rivalry is high among the key players to lead the market through product innovation.
Key Takeaways
The Global Allergic Asthma Therapeutics Market Size is expected to witness high growth. The market size for 2023 is US$ 7.26 Bn and projected to reach over US$ 12.5 Bn by 2030, growing at a CAGR of 7.3% during the forecast period.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to the increasing awareness about allergic asthma management and developed healthcare infrastructure in the region. Asia Pacific is expected to be the fastest growing market led by expanding patient pool, improving access to healthcare facilities, and rising healthcare expenditures in the region.
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. Koninklijke Philips N.V. leads the market with its diversified portfolio of asthma diagnostic and management solutions. Other prominent players are continuously focusing on new product launches and strategic collaborations to strengthen their market position.
