The allergic rhinitis treatment market is estimated to be valued at US$ 14,916.9 million in 2023 and is expected to exhibit a 4.1% CAGR over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic rhinitis is an inflammatory disease of the nasal airways caused by an allergen that creates symptoms like sneezing, itchy nose and eyes, nasal congestion, and runny nose. Treatment options include allergen immunotherapy, antihistamines, decongestants and intranasal corticosteroids.
Market Dynamics:
Two major drivers contributing to the growth of allergic rhinitis treatment market are growing prevalence of allergic diseases and increasing adoption of allergen immunotherapy. According to a report by Asthma and Allergy Foundation of America, allergic rhinitis affects over 60 million Americans annually with cost of treatment estimated to be over $5 billion in the U.S. Further, adoption of sublingual and subcutaneous allergen immunotherapy is on the rise owing to their benefits of long term relief from symptoms along with fewer side effects as compared to conventional pharmacotherapy. Novel therapies delivering immunotherapeutic allergens to the nasal epithelium are also being developed to improve efficacy.
Market key trends:
The Allergic Rhinitis Treatment Market Size is witnessing high growth due to the increasing prevalence of allergic rhinitis conditions globally. According to a recent study, nearly 1 in 5 people suffer from allergic rhinitis. Growing environmental pollution levels and changing climatic conditions have significantly contributed to the rising allergies. Moreover, the development and growing adoption of novel drugs with enhanced effectiveness is fueling market revenues. Manufacturers are focusing on R&D to develop advanced biologics with minimal side effects.
SWOT Analysis
Strength: Wide product portfolio and strong geographic presence of key players. Strong pipeline of innovative drugs in clinical trials.
Weakness: Presence of alternative treatment options like immunotherapy and generics. Higher treatment cost of biologics.
Opportunity: High unmet needs in developing countries. Increasing healthcare expenditure in emerging nations.
Threats: Side effects associated with few drugs may limit uptake. Patent expiries of blockbuster drugs.
Key Takeaways
The global allergic rhinitis treatment market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing environmental pollution levels.
Regional analysis: North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to developed healthcare infrastructure, increasing pollution levels, and growing adoption of biologics in the region. Asia Pacific is projected to exhibit the fastest growth over the coming years due to improving access to healthcare facilities, rising living standards, and increasing patient awareness.
Key players: Key players operating in the allergic rhinitis treatment market include Merck & Co., Inc., Boehringer Ingelheim International GmbH, AstraZeneca, GSK plc., Johnson & Johnson Services, Inc. Teva Pharmaceutical Industries Ltd., Novartis AG, Mylan N.V., Aytu BioPharma, Inc., Glenmark Pharmaceuticals Ltd, Himalaya Wellness Company, Regeneron Pharmaceuticals Inc., Allergy Therapeutics, Stallergenes Greer, Bayer AG, Dr. Reddy’s Laboratories Ltd, ALK-Abelló A/S, and Revolo Biotherapeutics.
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