by 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, commonly known as hay fever, is a condition caused by an allergic reaction to different substances in the air like dust, pollen or smoke. Some common symptoms include sneezing, a runny or stuffy nose, nasal itching and headaches. Antihistamines and corticosteroids are commonly used drugs for treatment of allergic rhinitis. Additionally, allergen immunotherapy involving injections of increasing doses of allergens under medical supervision is gaining popularity as a disease-modifying treatment approach.
Market Dynamics:
The growing prevalence of allergic rhinitis is a major factor driving the growth of the global allergic rhinitis treatment market. According to a report by World Allergy Organization in 2016, allergic rhinitis affected approximately 25% of the world’s population, surpassing asthma. Furthermore, rising awareness regarding disease-modifying approaches like allergen immunotherapy for allergic rhinitis is also propelling the market growth. Introduction of novel drugs and treatment options is another key driver as it provides alternatives to physician and patients. For instance, sublingual and subcutaneous immunotherapy are the new routes of administration gaining preference over traditional techniques like injections. Lastly, supportive government initiatives and funding for R&D activities is fostering innovation and product development, complementing the market expansion.
Segment Analysis
The allergic rhinitis treatment market is segmented into seasonal and perennial depending on the duration of symptoms. The seasonal segment dominates the market and accounts for over 65% share majorly due to high prevalence of seasonal allergies across the globe. Seasonal allergies are caused by pollens from trees, grasses and weeds and are very common in North America and Europe.
PEST Analysis
Political: Guidelines from organizations such as WHO regarding appropriate use of allergy medicines impact the market.
Economic: Rising income levels in developing countries enable improved access to healthcare and newer treatment options.
Social: Increasing pollution levels leading to greater allergic sensitization and higher disease prevalence.
Technological: Advanced drug delivery mechanisms and newer biologics offering better efficacy and safety.
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 levels leading to higher allergy cases.
North America dominates the market accounting for over 40% share majorly due to developed healthcare infrastructure and availability of comprehensive insurance coverage for allergies in the US. Asia Pacific exhibits highest growth owing to rising disposable incomes, growing medical tourism and increasing disease awareness.
Key players operating in the allergic rhinitis treatment market include 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
