March 2, 2024

Rising Prevelance Of Allergic Asthma To Boost Growth Of Allergic Asthma Therapeutics Market

Market Overview:

Allergic asthma is a type of asthma caused by an allergic reaction in the airways. Some common allergens that can trigger allergic asthma include dust mites, pollen, animal dander, and mold. Allergic asthma therapeutics are used to treat symptoms associated with allergic asthma such as wheezing, coughing, chest tightness and shortness of breath. The global allergic asthma therapeutics market offers a wide range of products including monoclonal antibodies, anti-leukotriene agents, antihistamines, mast cell stabilizers and corticosteroids. These therapeutics help in relieving symptoms, preventing exacerbations and improving lung function and quality of life in people with allergic asthma.

Market key trends:

The global allergic asthma therapeutics market is witnessing increasing demand for novel biologic treatments such as monoclonal antibody therapies. Biologics target specific proteins or cells involved in allergic inflammation and show promise in reducing severe exacerbations. Moreover, the market is witnessing a growing preference for combination therapies using biologics along with conventional drugs for better management of persistent allergic asthma. Additionally, companies are focusing on developing novel drug delivery systems such as dry powder inhalers and metered dose inhalers to improve drug delivery and patient compliance in asthma management.

Porter’s Analysis
Threat of new entrants: The allergic asthma therapeutics market consists of several large players with an established pipeline of drugs. New entrants will find it difficult to gain market share in this competitive environment.

Bargaining power of buyers: Buyers have low bargaining power due to the availability of limited treatment options for allergic asthma. However, the presence of generic drugs provides some bargaining power to large buyers.

Bargaining power of suppliers: Suppliers including raw material providers, contract manufacturers, and contract research organizations have moderate bargaining power due to limited availability and high R&D costs associated with drugs.

Threat of new substitutes: There exists a threat of new substitutes considering the high prevalence of allergic asthma and ongoing R&D in the domain. However, development and approval of novel drug candidates take considerable time and investment.

Competitive rivalry: The market witnesses high competitive rivalry among existing players aiming to develop novel drugs with superior efficacy and improved safety profiles.

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. The market size for 2023 is estimated to be US$ 7.26 Bn.

Regional analysis
North America is expected to dominate the global allergic asthma therapeutics market over the forecast period. This is attributed to the rising incidences of allergic asthma, developed healthcare infrastructure, and availability of advanced treatment options in the region. Asia Pacific exhibits high growth prospects for allergic asthma therapeutics, driven by increasing healthcare spending, growing awareness regarding allergic asthma, and rapid adoption of novel drug therapies.

Key players
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. These players are focused on developing innovative drug candidates to expand their product portfolios.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it