by The allergic rhinitis treatment market is estimated to be valued at US$ 14,916.9 million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic rhinitis treatment is used mainly for relieving symptoms associated with allergies such as sneezing, runny or stuffy nose. The treatment offers relief from nasal blockages and congestion through medications such as corticosteroids, antihistamines, and decongestants. The increasing prevalence of allergic rhinitis and growing preference for corticosteroids to effectively manage symptoms are expected to drive the growth of the market over the forecast period.
Market key trends:
Increased adoption of corticosteroids: The adoption of corticosteroids as the first line of treatment for allergic rhinitis has increased significantly over the years due to its effectiveness in managing symptoms. Corticosteroids are preferred over antihistamines by healthcare professionals as they provide quicker and better relief from nasal blockages and congestion associated with allergic rhinitis. Moreover, research has shown corticosteroids also help prevent asthma exacerbations in patients suffering from seasonal allergic rhinitis. Thus, the increased preference for corticosteroids among healthcare professionals and patients is expected to drive the growth of the allergic rhinitis treatment market.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established value chain poses low threat of new entrants in the allergic rhinitis treatment market.
Bargaining power of buyers: Large buyer base with increasing generic drug availability increases buyers bargaining power in the market.
Bargaining power of suppliers: Established manufacturing facilities and suppliers for active pharmaceutical ingredients reduces suppliers bargaining powers.
Threat of new substitutes: Alternate treatment options like immunotherapy, nasal irrigation poses threat of substitution.
Competitive rivalry: Intense competition among existing players.
SWOT Analysis
Strength: Wide product portfolio and strong brand image of major players. Growing patient awareness regarding allergic rhinitis treatment options.
Weakness: High R&D costs and regulatory requirements for new drug approvals. Side effects associated with few prescription drugs.
Opportunity: Rising allergy cases worldwide due to changing environmental conditions and pollution levels. Growth opportunities in emerging markets.
Threats: Patent expiries of major drug brands. Price erosion due to competition from generic drug manufacturers.
Key Takeaways
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 prevalence of allergic rhinitis worldwide. The market was valued at US$ 14,916.9 million in 2023.
Regionally, North America dominates the global market and is expected to grow at a steady pace due to developed healthcare infrastructure and increasing adoption of new treatment options in the region. Asia Pacific is expected to be the fastest growing market owing to rising healthcare spending, large patient pool and improving access to diagnostics and treatment services in countries like China and India.
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, Dr. Reddy’s Laboratories Ltd, ALK-Abelló A/S, and Revolo Biotherapeutics. Major players are focused on developing advanced treatment options to strengthen their product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
