PUBLISHER: The Insight Partners | PRODUCT CODE: 1873983
PUBLISHER: The Insight Partners | PRODUCT CODE: 1873983
The allergy treatment market is anticipated to grow from US$ 21.77 billion in 2024 to US$ 33.5 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.8% during the period from 2031 to 2031. Increased research and development (R&D) efforts are expected to be a significant trend in this market.
Analysis of the Allergy Treatment Market
Increased R&D initiatives aimed at creating innovative allergy medications are likely to emerge as a prominent trend in the near future. Although there are numerous allergy medications available, many patients suffering from respiratory allergies and asthma still experience inadequate control or insufficient treatment through symptomatic therapies. For instance, certain respiratory allergies can lead to asthma development. Consequently, leading manufacturers are initiating clinical trial programs focused on allergies, such as HAL Allergy B.V.'s "Allergen Immunotherapies" for respiratory allergies. Thus, the rise in R&D activities is expected to lead to the creation of new anti-allergic medications, significantly contributing to market growth from 2021 to 2031.
Overview of the Allergy Treatment Market
As reported by the Asthma Allergy Clinic, new findings from the World Allergy Organization (WAO) indicate that 14% of individuals have asthma, while 20% suffer from allergic rhinitis (AR), which causes IgE-mediated inflammation of the nasal mucosa. Currently, approximately 20-30% of the population in India is affected by one or more allergic conditions, with this prevalence expected to increase in the coming years. Therefore, the growing incidence of allergies is likely to drive demand for anti-allergic medications over the next decade.
Strategic Insights
Drivers and Opportunities in the Allergy Treatment Market
Increasing Allergy Incidence Boosts Demand for Anti-Allergic Medications
According to a report from the American Academy of Pediatrics, Hay Fever (allergic rhinitis) is the most prevalent type of allergy, contributing to significant treatment costs. The direct and indirect expenses for allergy treatment exceed US$7 billion annually. Effective allergy treatment is based on medical history, allergy test results, and the severity of symptoms. Immunotherapy is a viable treatment option for certain allergy sufferers, with two common forms: allergy shots and sublingual immunotherapy (SLIT). Allergy shots involve administering increasing doses of allergens over time, helping individuals become progressively less sensitive to those allergens. These shots can be effective for people allergic to pollen, pets, dust, bees, and other stinging insects, as well as for asthma sufferers. Thus, the rising number of allergy cases is a major driver for the global allergy treatment market.
New Drug Approvals Present Attractive Market Opportunities
The approval of new drugs for allergy treatment offers lucrative opportunities within the allergy treatment market. In June 2020, Cadila Pharmaceuticals Limited launched "Bilastine Syrup (30ml)" and Bilastine Tablets of 20mg strength. Furthermore, in March 2022, Perrigo Company plc received final approval from the USFDA for the over-the-counter (OTC) use of "Nasonex(R) 24HR Allergy (mometasone furoate monohydrate 50mcg)", marking the company's first Rx-to-OTC switch for "Nasonex" to enter the OTC market.
Segmentation Analysis of the Allergy Treatment Market
The allergy treatment market analysis is derived from key segments based on type, cause, disorder type, category, and end user.
Geographical Analysis of the Allergy Treatment Market
The geographical scope of the Allergy Treatment market report is divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America leads the market, with the US holding the largest share of the allergy treatment market. The presence of leading manufacturers in the region and their innovative anti-allergic drugs with effective pharmacological properties contribute to this dominance. The Asia Pacific region is expected to experience the highest CAGR in the coming years.
Scope of the Allergy Treatment Market Report
Recent Developments in the Allergy Treatment Market
The Allergy Treatment market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Notable developments in the Allergy Treatment market include:
Coverage and Deliverables of the Allergy Treatment Market Report
The report titled "Allergy Treatment Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas: