by Allergy treatment refers to any treatment specifically targeted at alleviating symptoms caused by allergic reactions. Common medication products within the allergy treatment market include antihistamines, corticosteroids, and decongestants which provide effective relief from symptoms such as sneezing, itchy eyes, runny nose, and congestion associated with seasonal allergies, dust mites, pet dander, molds and other common allergens. The growing prevalence of allergies afflicting both children and adults alike has created a massive need for more innovative treatment options within the market. It is estimated that more than 50 million Americans currently suffer from some type of allergy with the numbers steadily increasing each year.
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:
One of the key market trends that is expected to positively impact demand within the allergy treatment market over the forecast period is the increasing demand for alternative therapies for managing persistent or severe allergy symptoms. For individuals suffering from chronic or difficult to manage allergies, traditional antihistamine medication alone is often insufficient at providing adequate relief. As such, there has been notable growth in demand for complementary alternative therapies including allergen immunotherapy, herbal remedies, acupuncture, and nutritional supplements tailored for allergies. These non-pharmaceutical options offer a multi-pronged approach to allergy treatment by not only alleviating symptoms but also addressing their root causes and building up long term immunity against common allergens. The growing preference for natural and holistic remedies is expected to open up new lucrative opportunities within the allergy treatment landscape over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Allergy Treatment Market requires high R&D investments and established distribution networks.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative treatment options. Buyers can switch to substitutes easily if there are changes in prices or quality of products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have some control over pricing and availability of raw materials required for production. However, there are many suppliers in the market to limit their power.
Threat of new substitutes: The threat of new substitutes is high as alternative treatments such as immunotherapy, immunotherapy injectables, antihistamines, etc. are available in the market.
Competitive rivalry: The competitive rivalry is high among existing players due to the presence of numerous global and regional players in the market.
Key Takeaways
The Global Allergy Treatment Market Size is expected to witness high growth over the forecast period owing to the rising prevalence of allergic diseases and growing awareness. 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.
Regional analysis: North America dominates the global allergy treatment market and is expected to continue its dominance over the forecast period. This is attributed to the increasing adoption of immunotherapy for allergy treatment in the US. Europe also holds a significant share in the market.
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. offers specialty materials and advanced materials solutions focusing on allergy drugs delivery.
