The global Allergic Asthma therapeutics market is projected to reach USD 8503.2 million by 2028, from USD 6867.7 million in 2023, at a CAGR of 2.6% from 2023-2028.
Impact of Covid-19 on Allergic Asthma Therapeutic Market:
The pandemic situation helps in the understanding of the importance of respiratory health, for raising awareness and attention to measure diseases like asthma. The pandemic highlighted focus on driving attention to research and development in the field of allergic asthma therapeutics leading to new treatment options in the future. The recession during the pandemic caused a financial burden including redirected healthcare budget and economic downturn, which had affected research funding for allergic asthma therapeutics. The Availability of reduced funding during a pandemic, hinder the progress of ongoing research project and also limits future innovation in this field.
During the pandemic cases of allergic asthma were found, in India, there were approximately 1595 patients found with allergic asthma, as pollen is a frequent allergen that triggers allergic asthma attacks in people, but because of lockdowns, social isolation, and mandatory wearing of the mask by people causes reduced exposure to pollen trigger which can help to reduce cases during a pandemic. The pandemic also hamper the diagnosis and treatment of allergic asthma, due to the heavy burden on healthcare authorities and prioritization of COVID-19 patients, many individuals with allergic asthma experienced a delay in diagnosis and treatment causing delays in identifying and managing allergic asthma cases.
MARKET DRIVERS:
An increase in pollution levels is one of the major factors driving the growth of the allergic asthma therapeutics market. Nowadays due to rapid industrialization and globalization there is an increase in the level of pollution day by day which causes a rapid increase in respiratory diseases and also the long-term heavy disease such as allergic asthma, In 2022 about 66 million tons of pollution were emitted into the atmosphere, due to these emitted pollutant there is an increase in the respiratory diseases such as allergic asthma thus increase in pollution level causes increase In the incidence of allergic asthma which causes need of proper care and therapies, air pollution have negative impact on asthma causes decrease in lung function, which later need proper therapy for the treatment of allergic asthma which boosting the growth of allergic asthma therapeutic market during forecasted period.
The increasing prevalence of chronic respiratory disorders is another critical factor driving the growth of the allergic asthma therapeutics market. Approximately 763 million people had a chronic respiratory disorder in 2022, Asthma is considered one of the most critical disorders worldwide and this has particularly driven the need for advanced therapeutics for asthma treatment. The sedentary lifestyle, changes in diet, and increased exposure to indoor allergens contribute to an increase in the prevalence of allergic asthma, which needs advanced therapies to treat properly thus this factor also helps in boosting the market growth during the forecasted period.
The another driver driving the growth of the allergic asthma therapeutic market is the advancement in medical research and technology led to the development of innovative and targeted options for allergic asthma. Many pharmaceutical companies now invested more in research and development to discover new medications, and inhalers that can provide symptom control and improve the quality of life for patients with allergic asthma. Due to innovation in technologies and advanced therapeutic application help in treatment of the allergic asthma and proper diagnosis and treatment of allergic asthma. This advancement in technologies and treatment options boosted the growth of the therapeutic market for allergic asthma. For the proper diagnosis and treatment of diseases need the use of advanced technologies for the proper treatment of allergic asthma, nowadays there is an increase in the innovation of techniques for proper treatment of diseases this causes boosting the growth of the market during the projected period.
Other significant factors propelling the growth of the allergic asthma therapeutic market are a worldwide increase in patients with various types of allergies, an increase in the level of environmental pollution, growing demand for clinics, research centers, and hospitals, growing demand for cost-effective treatment are some of the key driver boosting the growth of allergic asthma therapeutics market.
MARKET RESTRAINTS:
Although many elements are boosting the market for treatments for allergic asthma, there are also some factors preventing its growth. The high cost of allergic asthma treatment can make it unaffordable for some patients due to a lack of resources or insufficient health insurance coverage, which results in improper medication and therapies that impede the market growth for allergic asthma treatment. Due to certain concern such as affordability and insurance coverage, many physicians did not prescribe expensive and treatment for allergic asthma which causes a restriction on the utilization of specific therapies, which affect the growth of the overall allergic asthma treatment market. Thus these are some factors that restrain the market growth.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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Segments Analysed |
Based on medication, Adjunct therapy, route of administration, distribution channel and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Analysed |
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
By categorizing the allergic asthma therapeutics market based on important elements such as distribution channel, Adjunct therapy, route of administration, medication, and geographical regions, the segmentation offers a framework for understanding the market and analyzing which segment dominates the market in the future and also which segment provides the highest opportunity in future.
Allergic Asthma Therapeutics Market- Based on Medication
Based on medication, the long-term control medication segment dominates the market at growing at the highest CAGR during the forecasted period. This segment accounted for the largest share 64.05% in 2022. The increasing prevalence of asthma is expected to drive the market growth of this segment during the forecast period. The people with asthma need long-term controller drugs that must be taken daily, asthma exacerbations are majorly prevented by controller medication which reduces chronic inflammation thus this is the longest segment based on medication dominating the market during the forecasted period.
Quick relief medication is also expected to dominate the market during the forecasted period. This medication uses for the acute asthma, these are short-term drugs that include inhalers, which are used to treat chest tightness, and shortness of breath these are quick reliever thus many patients who need daily medication prefer the quick relief medication thus this segment also dominate the market during the forecasted period.
Allergic Asthma Therapeutics Market- Based on Route of Administration
Based on the route of administration, Inhalers are expected to dominate the market at the highest CAGR during the forecasted period. Inhalers accounted for the largest market share over 74.06% in 2022, and expected to continue during the forecasted period. Inhalers are the most common and effective way to get asthma medication into the lungs thus this segment dominates the market during the forecasted period.
The prefilled syringe is also expected to dominate the market during the forecasted period. The pandemic situation causes a rise in the demand for the prefilled syringe. The prefilled syringed segment is expected to value at USD 25280 million by 2028.
Allergic Asthma Therapeutics Market- Based on Adjunct therapy
Based on adjunct therapy, the long-acting beta antagonistic segment garnered a market share of 65.3% in 2022 and is projected to reach with a CAGR of 5.2% during the forecast period of 2023-2028. This Adjunct is used with a longer duration of action and this medication is used for symptom prevention and used to prevent asthma attacks, Thus this segment is expected to dominate the market during the forecasted period. Long-acting muscarinic antagonistic is also expected to dominate the market at a healthy CAGR during the forecasted period.
Allergic Asthma Therapeutics Market- Based on Distribution Channel
Based on the distribution channel, the online pharmacies are expected to dominate the market, this segment accounted for the largest revenue around 43.2% in 2022, and this segment is projected to reach a CAGR of 5.8% during the forecasted period. The pandemic situation strengthened the digital commerce platform which sustained the rapid growth of online pharmacies thus this segment is expected to dominate the market during the forecasted period.
Hospital pharmacies have more opportunities to dominate the market during the forecasted period. This segment is projected to reach a CAGR of 2.08% during the forecasted period 2023-2028. Breathing complications associated with novel coronavirus boosted the hospital pharmacies.
Allergic Asthma Therapeutics Market- Based on Region
Based on region, the North American segment is expected to dominate the market during the projected period. This segment is expected to reach a CAGR of 3.05% over the forecasted period. The presence of major biopharmaceutical companies, Greater awareness of advanced and efficient asthma therapeutics drive the market growth in this region
Europe is the second largest region that dominates the allergic asthma therapeutics market. Asthma is the most common non-communicable disease among the adults and children, thus for the proper diagnosis and treatment needs advanced therapeutics thus this segment also dominates the market with a healthy CAGR of 4.5% over the projected period.
Asia-pacific region is anticipated to show the fastest growth during the projected period, and the increasing presence of key products in this region is anticipated to drive the demand for the asthma allergic therapeutic market.
The increasing prevalence of chronic respiratory diseases, increase in pollution levels, and launches of key products such as generic therapeutics for asthma fuel the market demand in Latin America, middle-east and Africa during the forecasted period.
KEY MARKET PLAYERS:
The worldwide prominent key player in the allergic asthma market are Aslan Pharmaceuticals Pte. Ltd., Axikin Pharmaceuticals, Inc., Baxalta Incorporated, Chiesi Farmaceutici SpA, Circassia Pharmaceutical Plc., CSL Limited, Fountain Biopharma Inc., GlaxoSmithKline, Hydra Biosciences Inc. Infinity Pharmaceutical Inc., Kineta Inc., Mabtech Limited, Neopharm Co., Ltd., Oxagen limited.
RECENT MARKET DEVELOPMENTS:
Frequently Asked Questions
The growth of the allergic asthma therapeutics market is primarily driven by factors such as the increasing prevalence of allergic asthma worldwide, rising awareness and diagnosis of the condition, advancements in treatment options, and the growing demand for effective medications to manage allergic asthma symptoms.
The allergic asthma therapeutics market is globally distributed, with different regions contributing to its growth. However, regions with high prevalence rates of allergic asthma, such as North America and Europe, often hold a significant market share due to the higher demand for therapeutics in these areas.
Some challenges and restraints faced by the allergic asthma therapeutics market include the high cost of certain medications, regulatory complexities surrounding drug approval processes, potential side effects associated with medications, and the need for continuous research and development to improve treatment outcomes.
Yes, there are several emerging trends and innovations in the allergic asthma therapeutics market. These include the development of personalized medicine approaches, novel drug delivery systems, the use of digital health technologies for monitoring and managing asthma, and the exploration of new therapeutic targets through ongoing research and clinical trials.
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