The allergic rhinitis treatment market is estimated to be valued at US$ 18.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic rhinitis, also known as hay fever, is a long-term condition in which the nose becomes inflamed and causes symptoms after exposure to something that triggers allergy in a person. Common symptoms include sneezing, nasal congestion, runny nose and itchy eyes. Treatment options for allergic rhinitis include oral and nasal antihistamines and decongestants, immunotherapy (allergy shots), nasal irrigation (rinsing of nasal passages), mast cell stabilizers and leukotriene modifiers.
Market Dynamics:
The allergic rhinitis treatment market is primarily driven by increasing prevalence of allergic rhinitis globally. According to a 2022 study by American Academy of Allergy, Asthma & Immunology, allergic rhinitis affects approximately 10-30% of the population and is one of the most common chronic illnesses in the United States. Also, growing adoption of combination drug therapies over single drug treatments provides better control of symptoms and is expected to positively influence the market growth over the forecast period. Changing lifestyle and environmental factors increasing allergens like pollution and climate change are further contributing to increased incidents of allergy and rhinitis. However, side effects associated with medications and alternative treatment therapies like homeopathy could hamper the market growth.
SWOT Analysis
Strength:
Growing prevalence of allergic rhinitis worldwide is increasing the demand for effective treatment.
Availability of various treatment options such as antihistamines, corticosteroids, monoclonal antibodies etc. is allowing tailored treatment plans.
Increasing awareness regarding allergic rhinitis and its management through patient education programs.
Weakness:
Allergic rhinitis treatment mainly controls symptoms and does not provide a permanent cure.High cost of newer biologic therapies for allergic rhinitis such as monoclonal antibodies limits their widespread adoption.
Opportunity:
Emergence of novel drug classes such as IL-33 and IL-13 inhibitors offers promising opportunities to target the underlying cause of allergies.
Growing geriatric population prone to allergic conditions increases the scope for allergic rhinitis treatment.
Threats:
Generic competition from expiration of patents poses pricing challenges for established brand drugs.
Changing climate and environmental triggers are making allergic rhinitis diagnosis and management more complex.
Key Takeaways
The global Allergic Rhinitis Treatment Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing pollution and changing environmental conditions leading to rising allergy cases.
Market size: The allergic rhinitis treatment market size reached US$ 18.17 Mn in 2023 and is anticipated to surpass US$ 25 Mn by 2030.
Regional analysis: North America dominates the global market currently owing to developed healthcare infrastructure and aggressive adoption of new treatment methods. Asia Pacific is projected to witness the highest growth rate during the forecast period with increasing healthcare spending and patient awareness in major Asian countries.
Key players: Key players operating in the allergic rhinitis treatment market are 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€TMs Laboratories Ltd, ALK-AbellÃ3 A/S, and Revolo Biotherapeutics.
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