There are lucrative opportunities for market players to enter potential markets in developed economies such as the U.S. and European countries, where the prevalence of chronic pulmonary diseases (COPD) is high.
According to an analysis of the ISAAC (International Study for Asthma and Allergy in Childhood) in 2018, it is indicated that the prevalence of allergic asthma among adolescents and children is higher in developed countries. Among underprivileged communities of these countries, the rate of uncontrolled asthma is higher. On the other hand, according to secondary analysis of data generated by the World Health Organization (WHO) in 2018, symptoms of allergic asthma are less frequent in middle-income countries compared to high and low income countries
The growing prevalence of respiratory diseases is expected to boost the growth of the global allergic asthma therapeutics market during the forecast period. For instance, according to the WHO, in 2018, around 235 million people were suffering from asthma and more than 200 million were suffering from chronic obstructive pulmonary disease (COPD).
Global Allergic Asthma Therapeutics Market - Impact of Coronavirus (Covid-19) Pandemic
The allergic asthma therapeutics market growth is hugely impacted by the sudden outbreak of COVID-19 all across the globe. Though the risk of asthma patients to be affected by COVID-19 is higher, authorities are taking utmost precaution to make the critical solutions (ventilators, inhalers) available to the patients. Supply for respiratory medications have not been affected due this pandemic.
The comprehensive version of the report will include COVID-19’s impact and the projected changes in the future outlook of the industry, by taking into the account the social, economic, political, and technological parameters.
The allergic asthma therapeutics market is estimated to be valued at US$ 6,704.8 million in 2020 and is expected to exhibit a CAGR of 2.9% during the forecast period (2020-2027).
Figure 1. Global Allergic Asthma Therapeutics Market Share (%) Analysis, By Application, 2020
The launch and approvals of novel drugs for asthma treatment are expected to boost the growth of the global allergic asthma therapeutics market
Approvals and launch of novel drugs in the mark et are expected to propel the market growth and create lucrative growth opportunities for the market players during the forecast period.
For instance, in June 2017, Teva Pharmaceuticals Industries Limited received U.S. FDA approval for its two products; ArmonAirTM RespiClick and AirDuoTM Respiclick. These products are asthma inhalers for adolescent and adult patients suffering from asthma. ArmonAir RespiClick and AirDuo RespiClick are available to patients in the U.S. through prescription. The approved strength of AirDuo is 232/14 mcg, 113/14 mcg, and 55/14 mcg, whereas, the approved strengths of ArmonAir is 232 mcg, 113, mcg, and 55 mcg directed as one inhalation twice daily.
Furthermore, key players in the industry are strategically expanding to strengthen their position in the global market. For instance, in May 2019, ASLAN Pharmaceuticals, a Singapore-based clinical-stage immunology and oncology-focused biopharma company, amended its license agreement with CSL Limited (CSL). ASLAN’s aim behind this agreement was to have full global rights to develop, manufacture, and commercialize ‘ASLAN004’ in all indications. ASLAN004 is a fully human monoclonal antibody that helps in triggering the symptoms of allergic asthma such as coughing, wheezing, exacerbations of the disease, and shortness of breath.
In October 2018, Sanofi and Regeneron Pharmaceuticals, Inc. announced the FDA approval of Dupixent (dupilumab) as an added maintenance therapy for patients suffering from moderate-to-severe asthma that are aged 12 years and above with an oral corticosteroid-dependent or eosinophilic phenotype asthma.
Global Allergic Asthma Therapeutics Market: Restraints
However, the rising patent expiration of drugs is a major factor which is expected to hamper the growth of the allergic asthma therapeutics market. Also, lower awareness about novel drugs in rural areas of Asia Pacific and Africa are expected to result in slower adoption of allergic asthma therapeutics and hinder growth of the allergic asthma therapeutics market.
Moreover, an increase in the use of generic drugs in such regions is also expected to restrict the growth of the allergic asthma therapeutics market during the forecast period.
|Base Year:||2019||Market Size in 2019:||US$ 6,704.8 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||2.93%||2027 Value Projection:||US$ 8,209.0 Mn|
Aslan Pharmaceuticals Pte. Ltd., Baxalta Incorporated, Axikin Pharmaceuticals, Chiesi Farmaceutici SpA, CSL Limited, Circassia Pharmaceuticals Plc, Fountain Biopharma Inc., Hydra Biosciences, GlaxoSmithKline Plc, Infinity Pharmaceuticals, Mabtech Limited, Kineta, Marinomed Biotechnologie Gmb, NeoPharm Co., Mycenax Biotech Inc., Panacea Biotec Limited, and Oxagen Limited.
|Restraints & Challenges:||
Global Allergic Asthma Therapeutics Market – Regional Analysis
North America accounted for majority of share in the global allergic asthma therapeutics market in 2019 owing to the presence of major market players and approvals of novel drugs in the market For instance, in September 2018, Novartis AG received the US Food and Drug Administration (FDA) approval for its prefilled syringe formulation, Xolair (omalizumab). Xolair has been approved for 75 mg and 150 mg single dose for both chronic idiopathic urticaria (CIU) and allergic asthma.
Moreover, diagnosis of this condition is critical for an effective treatment regimen. For instance, in September 2019, Genentech and Abionic entered a joint agreement to develop and provide quick point-of-care tests for asthma in the U.S. Genentech is funding the clinical and regulatory costs, whereas, Abionic has managed the pre-market procedure for the specific asthma panel.
Furthermore, Asia Pacific is expected to witness significant growth in the global allergic asthma therapeutics market owing to initiatives taken by key players. Companies such as Aslan Pharmaceuticals, Kineta, and others are investing in research and development of novel drugs for allergic asthma.
Figure 2. Global Allergic Asthma Therapeutics Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Global Allergic Asthma Therapeutics Market - Competitive Landscape
Key players operating in the global allergic asthma therapeutics market are Aslan Pharmaceuticals Pte. Ltd., Baxalta Incorporated, Axikin Pharmaceuticals, Chiesi Farmaceutici SpA, CSL Limited, Circassia Pharmaceuticals Plc, Fountain Biopharma Inc., Hydra Biosciences, GlaxoSmithKline Plc, Infinity Pharmaceuticals, Mabtech Limited, Kineta, Marinomed Biotechnologie Gmb, NeoPharm Co., Mycenax Biotech Inc., Panacea Biotec Limited, and Oxagen Limited.
Asthma is a long-term inflammatory lung disease which is caused by inflammation and narrowing in the air passage resulting from environmental and genetic influences. Allergic asthma is one of the most common types of asthma. Allergic asthma is triggered by inhaling allergens such as mold, pollen, pet dander, and dust mite allergen resulting in symptoms of allergic asthma which include chest tightness, rapid breathing or shortness of breath, wheezing, and coughing.
The rising incidence of respiratory diseases and the growing demand for cost-effective treatments are expected to propel the allergic asthma therapeutics market growth in future. Additionally, an increase in pollution levels and an upsurge in cases of chronic obstructive pulmonary diseases (COPD) are other factors boosting the market growth. According to the World Health Organization (WHO), more than 200 million people suffer from COPD and around 235 million have asthma all across the globe.
Allergic asthma therapeutics are cost-effective and gaining popularity among patients and healthcare professionals due to launches of novel drugs by key players. This is estimated to drive the market growth during the forecast period.
Moreover, governments are taking initiatives to provide better care and treatment for patients, and are focusing on increasing awareness about allergic asthma which is contributing to the allergic asthma therapeutics market growth. However, the increasing use of generic drugs and upsurge in patent expiry of drugs are predicted to restrict the market growth in the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.