Allergy is an abnormal response to foreign substances by the body's immune system. It can cause complications including hay fever, asthma, and food allergies. Allergy treatment helps reduce symptoms and makes sufferers feel more comfortable. Growing pollution and changes in lifestyle and environment have increased allergies. Allergy medicines like antihistamines, decongestants, and corticosteroids provide symptom relief for conditions like allergic rhinitis.
The global Allergy Treatment Market is estimated to be valued at US$ 20007.78 Mn 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 key trends:
The increasing healthcare expenditure to treat allergies along with the rising awareness about available treatment options have accelerated the growth of the allergy treatment market. According to the World Allergy Organization, over 1.6 billion people globally suffer from allergic rhinitis and asthma each year. Growing prevalence of allergies has boosted the demand for therapies like subcutaneous and sublingual immunotherapy. Manufacturers are also introducing novel allergy testing technologies to offer customized immunotherapy solutions tailored to patient’s specific allergens. This is expected to drive the allergy treatment market during the forecast period.
Segment Analysis
The global allergy treatment market is dominated by antihistamines sub segment. Antihistamines are the first line of treatment for allergies and it accounts for over 40% of the market share. Antihistamines work by blocking the effects of histamine that the body produces during an allergic reaction. Popular antihistamine drugs are fexofenadine, loratadine, cetirizine etc. These drugs are available both over the counter and by prescription. rising incidences of allergies and greater access and affordability of antihistamines are contributing to the dominance of this sub segment.
Key Takeaways
The Global Allergy Treatment Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing environmental pollution levels and adoption of western lifestyle.
Regional analysis: North America dominates the global allergy treatment market currently accounting for over 35% market share. This is primarily due to growing cases of allergies like asthma, rhinitis, eczema in the region. Moreover, high adaptation of newer therapies and drugs and robust healthcare infrastructures also supports the dominance of North America. Asia Pacific region is expected to witness fastest growth over the coming years supported by improving access to healthcare, increasing pollution levels and changing environmental conditions in heavily populated countries like India and China.
Key players: Key players operating in the allergy treatment market are Entegris Inc., Resonac Holding Corporation, AGC Inc., Fujifilm Corporation (Fujifilm Holdings Corporation), and Fujimi Corporation (Fujimi Incorporated). Entegris Inc. is one of the largest players with wide range of offerings in antihistamines and allergy immunotherapy products. Resonac Holding Corporation is another major player focusing on nasal sprays and eye drops for allergy treatment.
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https://healthcarelatesteditionnews.blogspot.com/2023/12/the-global-allergy-treatment-market.html
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