Allergic asthma therapeutics are used for management of symptoms associated with allergic asthma such as shortness of breath, wheezing, chest tightness and coughing. These include inhaled corticosteroids, long-acting beta2 agonists, leukotriene modifiers, theophylline and others. Development of advanced therapies such as monoclonal antibodies and targeted therapies have led to better asthma management and control over symptoms. 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 Opportunity:
The market opportunity lies in overcoming shortcomings of conventional therapies. Conventional therapies for allergic asthma have limitations such as temporary relief of symptoms, need for frequent dosing and development of tolerance over time. Moreover, they are not able to modify or reverse underlying inflammatory processes involved in asthma pathophysiology. Development of targeted therapies such as monoclonal antibodies targeting specific molecules involved in allergy and inflammation offers longer relief from symptoms and better disease control by modifying disease processes. These novel mechanism based therapies have potential to replace conventional drugs and drive the market growth during the forecast period.
Porter's Analysis
Threat of new entrants: High capital requirements and stringent regulations make the entry of new players difficult.
Bargaining power of buyers: Large buyer base increases the bargaining power of buyers and reduces pricing flexibility.
Bargaining power of suppliers: High dependency on raw material suppliers increases their bargaining power.
Threat of new substitutes: Emerging therapies like biologics pose a threat of substitution.
Competitive rivalry: Intense competition among existing players drives innovations.
SWOT Analysis
Strengths: Growing prevalence of allergic asthma drives the market. Advancing technologies improve treatment efficacy.
Weaknesses: High treatment costs impose affordability issues. Side effects of medications hamper compliance.
Opportunities: Untapped emerging markets offer high growth potential. Combination therapies present new opportunities.
Threats: Stringent regulations increase compliance challenges. Patent expiries intensify competition.
Key Takeaways
The Global Allergic Asthma Therapeutics Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 7.26 Bn and is expected to grow at a CAGR of 7.3% during the forecast period.
Regional analysis: North America dominates the global market currently. The high incidence of allergic asthma coupled with advanced healthcare infrastructure drive the North American market. Asia Pacific is anticipated to witness the fastest growth over the forecast period. Improving healthcare settings, rising awareness and increasing patient disposable incomes fuel the Asia Pacific market.
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. Philips, GE Healthcare and Medtronic dominate the market with their wide product offerings.
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