PUBLISHER: The Business Research Company | PRODUCT CODE: 1427691
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427691
Allergy treatment encompasses interventions designed to manage and alleviate allergic reactions and symptoms triggered by hypersensitivity to specific allergens. These treatments aim to mitigate or eliminate symptoms, improve overall quality of life, and prevent or reduce the occurrence of future allergic responses.
The primary modalities of allergy treatment include anti-allergy drugs and immunotherapy. Anti-allergic drugs are medications that prevent or alleviate allergic reactions, commonly used to treat symptoms arising from allergies by reducing or blocking histamines. Various types of allergies, such as eye allergy, skin allergy, food allergy, asthma, rhinitis, and others, may require different routes of administration, including oral, parenteral, nasal, among others. These treatments are distributed through channels such as hospital pharmacies, retail pharmacies, online retailers, catering to end-users such as hospitals, specialty clinics, home care, and others.
The allergy treatment market research report is one of a series of new reports from The Business Research Company that provides allergy treatment market statistics, including allergy treatment industry global market size, regional shares, competitors with an allergy treatment market share, detailed allergy treatment market segments, market trends and opportunities, and any further data you may need to thrive in the allergy treatment industry. This allergy treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The allergy treatment market size has grown strongly in recent years. It will grow from $21.19 billion in 2023 to $22.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historic period can be attributed to factors such as the escalating prevalence of allergies, a growing emphasis on self-medication, an increase in healthcare spending, and a rising number of patients experiencing various types of allergies.
The allergy treatment market size is expected to see strong growth in the next few years. It will grow to $30.25 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to patient-centric approaches, the expansion of over-the-counter (OTC) allergy medications, globalization, and urbanization, as well as the increasing impact of environmental pollution. Additionally, growing access to health insurance is expected to contribute to this growth. Major trends in the forecast period include advancements in diagnostic technologies, progress in immunotherapy, innovations in drug delivery technologies, collaborations among pharmaceutical companies, and increased investments by manufacturers in the development of novel treatments for allergies.
The escalating prevalence of allergic conditions is poised to act as a significant driver propelling the expansion of the allergy treatment market. Allergic conditions occur when the immune system reacts excessively to an allergen, typically a substance considered harmless. Treatments for allergies encompass various therapies, employing nonprescription or prescription medications, aiding in the identification and avoidance of different allergy triggers. These treatments aim to prevent allergic responses, alleviate symptoms, mitigate allergic severity, and enhance individuals' overall well-being. For instance, data from the Centers for Disease Control and Prevention (CDC) in January 2023 highlighted that over one-third of American adults and more than one-fourth of American children experienced seasonal allergies, eczema, or food allergies in 2021. Additionally, an estimated 6% of adults and children in the United States grappled with food allergies. Consequently, the burgeoning prevalence of allergic conditions is fostering the growth of the allergy treatment market.
The upward trajectory of environmental pollution is anticipated to bolster the expansion of the allergy treatment market in the foreseeable future. Environmental pollution denotes the introduction of harmful substances and contaminants into the natural environment, leading to detrimental effects on ecosystems, living organisms, and the overall quality of air, water, and soil. Heightened environmental pollutants elevate individuals' susceptibility to allergic conditions, amplifying the demand for effective allergy treatments. Airborne allergens and particulate matter stemming from environmental pollutants contribute to the escalating prevalence of allergies, thereby prompting the adoption of treatments to alleviate symptoms and enhance the quality of life for affected individuals. For instance, as reported by the European Environment Agency in November 2023, exposure to elevated levels of fine particulate matter exceeding World Health Organization recommendations in 2021 was linked to an estimated 253,000 premature deaths, while nitrogen dioxide levels surpassing recommended thresholds were associated with approximately 52,000 premature deaths. These pollutants have established correlations with health complications such as asthma, heart disease, and stroke. Hence, the mounting environmental pollution serves as a driving force behind the growth of the allergy treatment market.
Technological advancements stand out as a prominent and increasingly favored trend within the allergy treatment market. Key players in this market segment are embracing novel technologies to fortify their positions. In a notable instance, Metropolis Healthcare Limited launched AI-powered allergy component testing in May 2023, utilizing Component Resolved Diagnostics (CRD). This innovative testing method leverages artificial intelligence (AI) to assist physicians in making informed clinical decisions, providing crucial insights for optimizing personalized allergic disease treatment plans. Anchored by a nanotechnology-driven multiplex system, this approach identifies specific IgE antibodies against 295 distinct allergens through a straightforward blood test. It furnishes insights related to 158 food allergens, ten contact allergens, and 127 respiratory allergens.
Prominent entities operating within the allergy treatment market are actively involved in developing innovative products, notably nasal sprays, aimed at expanding their consumer base, driving sales, and augmenting revenue streams. Nasal sprays are liquid mist formulations administered through a spray mechanism into the nostrils. For instance, in August 2022, Hikma Pharmaceuticals PLC introduced RYALTRIS. This unique treatment solution caters to both adult and pediatric patients aged 12 and above, specifically targeting symptoms associated with seasonal allergic rhinitis (SAR). Distinguished as the sole fixed-dose combination therapy effectively addressing nasal and ocular SAR symptoms, RYALTRIS offers the convenience of a single nasal spray solution. Its standout attribute lies in delivering swift relief, noticeable nasal symptom improvement observed within a mere 15 minutes after the initial dose.
In January 2022, LifeMD Inc., a US-based telehealth technology company operating in the direct-to-patient space, successfully acquired Cleared for an undisclosed amount. This strategic acquisition is poised to broaden LifeMD's telehealth capabilities, enabling the company to extend its services from addressing lifestyle conditions to encompassing chronic illnesses with substantial market demand. Cleared, based in the United States, specializes in providing personalized care for allergies, asthma, and immunology.
Major companies operating in the allergy treatment market report are Pfizer Inc., Johnson and Johnson, Allergy Therapeutics PLC, F. Hoffmann-La Roche Ltd., AbbVie Inc., Novartis AG, Merck & Co. Inc., Sanofi S.A., Thermo Fisher Scientific Inc., AstraZeneca, GlaxoSmithKline PLC, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Regeneron Pharmaceuticals, Bausch Health Companies Inc., Teva Pharmaceutical Industries Ltd., Almirall S.A, Akorn Operating Company LLC, Alembic Pharmaceuticals Limited, ALK-Abello A/S, Stallergenes Greer International AG, Adamis Pharmaceuticals, HollisterStier Allergy, Leti Pharma SL
North America was the largest region in the allergy treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the allergy treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the allergy treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The allergy treatment market consists of revenues earned by entities by providing various therapies such as adjunct therapy, investigational therapies, immune modulation, immunotherapy (OIT), and sublingual immunotherapy (SLIT). The market value includes the value of related goods sold by the service provider or included within the service offering. The allergy treatment market also includes sales of nasal corticosteroids, antihistamines mast cell stabilizers, decongestants, corticosteroid creams or ointments, oral corticosteroids, and epinephrine. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Allergy Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on allergy treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for allergy treatment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The allergy treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.