Medications used to treat allergic asthma include controllers like inhaled corticosteroids to reduce airway inflammation and prevent respiratory symptoms. Short acting beta-agonists provide fast symptom relief during asthma attacks. However, targeted biologicals that block specific immune pathways have emerged as a promising new class of biological therapeutics for allergic asthma.
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 Opportunity:
Targeted biologicals that specifically block immune pathways involved in allergic responses present a major market opportunity. IL-5 targeted biologics like mepolizumab and reslizumab have shown efficacy in reducing exacerbations for patients with eosinophilic asthma. Drugs targeting IL-4/IL-13 pathways like dupilumab are also effective in controlling symptoms for patients with allergic inflammation. With their superior efficacy over standard corticosteroids and ability to control disease even in severe allergic asthma, targeted biologics are expected to gain increasing market share over the forecast period. Their role as add-on therapies makes them complementary rather than replacing standard medications, ensuring sustainable long term market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the allergic asthma therapeutics market requires significant investments in R&D to develop novel drugs.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of generic drugs and the life-threatening nature of asthma increases bargaining power of patients.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials suppliers have less control over pricing however branded drugs give suppliers an edge over pricing.
Threat of new substitutes: Threat of new substitutes is low as asthma has no perfect cure and substitutes provide temporary relief only.
Competitive rivalry: High as top players compete on the basis of drug efficacy, safety, frequent product launches and regional expansion.
SWOT Analysis
Strengths: Strong pipeline of drugs, increasing investment in R&D and strategic collaborations to develop novel therapeutics.
Weaknesses: High costs associated with drug development, risks of failure during clinical trials and patent expiries of blockbuster drugs.
Opportunities: Growing allergic asthma patient population worldwide, improving diagnostic rate in developing nations and emergence of biologics.
Threats: Side effects associated with long-term corticosteroid use, preference for alternative treatment modes like Ayurveda and strong regulations delaying drug approvals.
Key Takeaways
The global allergic asthma therapeutics market is expected to witness high growth over the forecast period of 2024 to 2031 supported by growing asthma prevalence worldwide. The market size for 2024 is estimated at US$ 8.37 Bn registering a CAGR of 13% during the forecast period.
Regional analysis indicates that North America will dominate the global market owing to rising healthcare expenditure and stringent regulations mandating etiology-based asthma treatment. However, Asia Pacific is expected fastest growing market led by India and China on account of improving access to healthcare facilities and increasing patient awareness.
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). These players are focusing on expanding their product portfolios through mergers, acquisitions and frequent drug approvals.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it