The global 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.
Allergic rhinitis, commonly known as hay fever, occurs when the body’s immune system reacts to allergens in the air like pollen, dust mites, pet dander, or mold spores. This causes inflammation in the nasal passages. Common symptoms include sneezing, itchy and runny nose, nasal congestion, and itchy throat, mouth, nose or eyes. Allergic rhinitis treatment options include oral and intranasal antihistamines, decongestants, leukotriene inhibitors, intranasal corticosteroids and allergen immunotherapy. Intranasal corticosteroids are considered as the first line of treatment.
Market key trends:
One of the major trends in the allergic rhinitis treatment market is the development of combination drugs. Leading pharmaceutical companies are developing combination products that include intranasal corticosteroids and antihistamines to provide relief from both the major symptoms of allergic rhinitis including nasal congestion and itching. Another key trend is the growing popularity of sublingual and oral immunotherapy or allergy shots for long term and disease modifying treatment of allergic rhinitis. Under this treatment, tiny amounts of allergens are swallowed or placed under the tongue to gradually desensitize the immune system.
Threat of new entrants: The threat of new entrants is moderate as R&D entry barriers are relatively high due to costs associated with clinical trials. However, large markets provide opportunities for many companies.
Bargaining power of buyers: The bargaining power of buyers is moderate. Large buyers have more power to negotiate lower prices as several therapeutics are available for treating allergic rhinitis.
Bargaining power of suppliers: The bargaining power of suppliers is low. There are many suppliers for raw materials used to manufacture allergic rhinitis drugs.
Threat of new substitutes: The threat of substitutes is moderate. Alternative treatment options include nasal irrigation, allergen immunotherapy, and self-care treatments provide limited threat.
Competitive rivalry: is high due to presence of many companies providing treatment options.
The Global Allergic Rhinitis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing allergen exposure and rising pollution levels.
North America dominates the global market currently and is expected to do the same over the forecast period. This is attributed to growing healthcare expenditure and increasing prevalence of allergic rhinitis in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over the forecast period owing to rising incidence of allergic disorders due to pollution and changing lifestyle in developing countries.
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.