by The allergy rhinitis treatment market involves products that provide relief from symptoms arising due to allergic reactions and anaphylaxis. The symptoms include sneezing, coughing, itchy nose and throat. The rise in environmental pollution levels and changes in climatic conditions have led to a spike in the prevalence of allergic conditions globally. Commonly prescribed drugs for allergic rhinitis include oral and intranasal antihistamines, decongestants, leukotriene inhibitors, and intranasal corticosteroids. Additionally, immunotherapy which involves gradual exposure of allergens through subcutaneous or sublingual administration is gaining traction. This specialized treatment aims to modulate the immune system by exposing minimum dosage of allergens to induce tolerance.
The Global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 20.94 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Allergic Rhinitis Treatment Market are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric.
The market provides numerous growth opportunities such as the rising demand for generic drugs due to their lower costs. Additionally, the demand for effective drugs with minimal side effects will support market growth.
Recent advancements in immunotherapy techniques such as sublingual and subcutaneous methods are gaining traction. This specialized treatment aims to modulate the immune system by exposing minimum dosage of allergens to induce tolerance.
Market Drivers
The growing patient awareness about the availability of effective therapeutic options is a key driver for the allergic rhinitis treatment market. Increased adoption of immunotherapy owing to its promise for long term control of symptoms without major dependence on drugs will further support market growth over the forecast period.
Current challenges in Allergic Rhinitis Treatment market
The Allergic Rhinitis Treatment market is facing various challenges currently which is hindering its growth. Majority of the available treatment options only provide symptomatic relief and do not cure the root cause of rhinitis. Also, recurrence of symptoms is common. Moreover, lack of Disease-modifying therapies is a big challenge. Increased pollution levels globally have led to rise in allergic rhinitis cases posing treatment challenges. Healthcare resources crunch due to Covid-19 pandemic has also adversely impacted the market. Rising resistance to antihistamines is another important challenge. Further, lack of approved treatments for intermittent/mild rhinitis patients limits market growth potential.
SWOT Analysis
Strength: Availability of variety of treatment options with different mechanisms of action provides flexibility.
Weakness: Treatment adherence and compliance issues due to need for long term management.
Opportunity: Growing knowledge about triggers identification and avoidance measures can boost demand. Untapped potential in emerging economies.
Threats: Increasing anti-pollution regulations may reduce rhinitis prevalence over long run diminishing market. Patent expiries of blockbuster drugs allow generics entry.
In terms of value, Europe and Asia Pacific account for the largest share of allergic rhinitis treatment market currently. This is attributed to high pollution levels, changing lifestyle and dietary patterns leading to increased prevalence. North America follows next driven by well-established healthcare systems and high diagnosis rates in countries like US.
Latin America is expected to be the fastest growing regional market for allergic rhinitis treatment during the forecast period. Burgeoning middle class population, medical tourism boost and strong initiatives for healthcare accessibility are driving market growth in the region. Further, rising environmental pollutants along with genetic predisposition makes people susceptible to allergies in Latin America.
