May 27, 2024

Allergic Asthma Therapeutics Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Allergic Asthma

Allergic asthma is a type of long-term inflammatory disease in which the airways of lungs become inflamed and swell due to exposure to allergens in the environment such as dust mites, pollen, mold, etc. Major symptoms of allergic asthma include wheezing, breathlessness, chest tightness and coughing.

The global allergic asthma therapeutics market is estimated to be valued at US$ 8.37 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the major drivers bolstering the growth of the allergic asthma therapeutics market is the increasing prevalence of allergic asthma globally. As per statistics by the World Health Organization, around 262 million people worldwide currently suffer from asthma and there are an estimated additional 100 million people who are likely to be diagnosed with asthma by the end of 2025. Growing environmental pollution levels along with changing climate have been attributed to driving the cases of allergic asthma over the past few decades across both developed and developing regions. The rising global disease burden of allergic asthma is prompting research activities aimed at developing more effective therapeutic regimens. This in turn is estimated to fuel demand for allergic asthma therapeutics over the forecast period.

SWOT Analysis
Strength: Allergic asthma therapeutics market has various treatment options available to treat allergic asthma symptoms. The availability of multiple drugs belonging to different therapeutic classes provides patients with alternative treatment options. Increased research capabilities and R&D budgets of pharmaceutical companies enabling them to develop advanced treatment options.

Weakness: High treatment cost and lack of universal healthcare coverage puts asthmatic drug treatment beyond the reach of many patients. Substantial proportion of asthma population remains undertreated due to limited access and affordability issues. Dependence on seasonal factors make allergic asthma management challenging.

Opportunity: Rising prevalence of allergic asthma worldwide presents a huge patient pool requiring treatment. Increasing healthcare expenditure in developing nations likely to boost demand. Emerging economies represent major untapped market potential. Development of affordable generic drugs could expand access in low and middle-income countries.

Threats: Presence of alternative treatment therapies poses competition in the market. Risk of side effects and complications associated with long-term drug usage. Stringent regulatory approval process delay market entry of new drugs. Vulnerability to environmental factors beyond individuals’ control.

Key Takeaways
The global Allergic Asthma Therapeutics market is expected to witness high growth over the forecast period.

Regional analysis: North America holds the largest share of the global allergic asthma therapeutics market due to supportive healthcare infrastructure and reimbursement framework. However, Asia Pacific region is poised to witness highest growth during the forecast period on the back of developing healthcare systems across China and India combined with rising asthma incidence in these regions.

Key players: Key players operating in the Allergic Asthma Therapeutics market are Ansarada Pty Ltd., Brainloop AG (Diligent Corporation), CapLinked, Citrix Systems Inc., Datasite Global Corporation, DealRoom Inc., EthosData, Firmex Inc, FORDATA sp. z o.o., iDeals Solutions Group, Intralinks Holdings Inc. (SS&C Technologies), SecureDocs Inc., ShareVault (Pandesa Corporation) and SmartRoom (BMC Group).

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