The global Allergy Treatment Market is estimated to be valued at US$ 20007.78 Million in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergy treatment products include antihistamines, corticosteroids, decongestants, and eye drops etc. which are used for treatment of various allergies such as rhinitis, asthma, food allergies and conjunctivitis. Growing cases of allergies triggered by environmental factors such as pollen, pollution and food allergies are driving large patient pool opting for allergy treatment products.
Market Dynamics:
The allergy treatment market is witnessing significant growth due rising prevalence of allergic diseases globally. According to World Allergy Organization, more than 50 million Americans and over 1 billion people globally suffers from allergic diseases annually. Moreover, changing environmental conditions and increasing pollution levels are major factors responsible for surging allergic reactions among people. This growing patient pool is fueling demand for anti-allergy drugs and treatment products. Furthermore, increasing availability of generic drugs and over-the-counter products along with technological advancements in allergy testing instruments are playing a key role in market growth during forecast period.
SWOT Analysis
Strength: The Allergy Treatment Market has high treatment options available. The treatment options available are highly effective in treating different types of allergies. Rising healthcare expenditure is increasing access to affordable treatment options.
Weakness: High cost associated with immunotherapy deters patients from opting for it. Side effects associated with few drugs discourage patients to adhere to the treatment.
Opportunity: Growth opportunities in developing nations owing to rising incidences of allergic diseases. New product launches to widen treatment options and better efficacy.
Threats: Patent expirations of blockbuster drugs impact revenues of companies. Stringent regulatory environment for approval of new drugs.
Key Takeaways
The global Allergy Treatment Market Share is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing prevalence of allergic diseases globally. According to statistics, over 50 million Americans are affected by some form of allergy. Rising air pollution levels and changing lifestyle practices are key factors driving the incidence of allergic diseases.
Regional analysis North America dominated the global market and is expected to continue its dominance over the forecast period. This is attributed to growing patient awareness regarding available treatment options and favorable reimbursement policies in the region. Moreover, high healthcare expenditure and presence of key players in the region also supports the market growth. Asia Pacific is expected to exhibit the fastest growth over the forecast period, owing to rising air pollution levels and health consciousness in developing countries of the region.
Key players operating in the Allergy Treatment Market are Stallergenes Greer PLC, Sanofi SA, Novartis International AG, Dermapharm Holding SE, Leti Pharma, Johnson & Johnson, GlaxoSmithKline PLC, Nicox SA, F. Hoffmann-La Roche Ltd., Allergy Therapeutics PLC, AbbVie Inc. (Allergan), Bausch Health Companies Inc., Teva Pharmaceutical Industries, ALK-Abello AS, and Alembic Pharmaceuticals Limited, among others. Key players are focusing on new product launches to expand their product portfolios and increase market shares.
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