by The global allergy treatment market is estimated to be valued at US$ 23048.97 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031. Allergy treatment aims to relieve allergy symptoms, reduce inflammations and prevent allergic reactions. Products available in this market include antihistamines, corticosteroids, decongestants, leukotriene inhibitors, monoclonal antibodies and immunotherapy. The need for allergy treatment is driven by the increasing prevalence of allergic rhinitis and asthma. Allergic rhinitis, also known as hay fever, affects over 500 million people globally and is characterized by symptoms like sneezing, congestion, runny nose and itchy eyes. Similarly, asthma prevalence has been surging worldwide owing to air pollution, climate changes and genetic factors.
Key players operating in the allergy treatment market are Amcor PLC, Blisters Inc., Honeywell International Inc., Blisterpak Inc., VisiPak, Sonoco Products Company, Powerpak Industries L.L.C., Clearwater Packaging Inc., Constantia Flexibles GmbH, Westrock Company, and Algus Packaging Inc. Key opportunities in the market include new product launches addressing unmet needs and the development of sustained release drug delivery technologies offering improved efficacy and tolerability. The market has strong potential in developing Asian countries, Latin America and some parts of Europe that are witnessing growth in allergic patient populations.
Market drivers:
Allergy Treatment Drugs Market demand One of the key drivers fueling the allergy treatment market is the rising pollution levels worldwide. Air pollutants such as car exhaust, industrial emissions, and smoke aggravate allergic inflammation and symptoms in sensitive individuals. Increasing ambient air pollution has been identified as a major risk factor contributing to the asthma epidemic across many countries. Consequently, escalating pollution levels are expected to drive demand for anti-allergy medications over the forecast period.
PEST Analysis
Political: The increased healthcare expenditure globally reflects the rise in healthcare spending by governments which encourages the growth of allergy treatment market. Governments also implement regulations and guidelines regarding the drug approval process which impacts the industry.
Economic: Rising disposable incomes allow people to spend more on healthcare needs including allergy treatments. Treatment costs are rising which can adversely impact low-income individuals. The industry is also sensitive to changes in healthcare reimbursement policies.
Social: Growing environmental pollution and lifestyle changes have led to an increase in allergies in the population. Greater awareness about allergy treatments drives the market. Social trends towards convenience may prioritize easy to administer treatment options.
Allergy Treatment Drugs Market Regional Analysis North America accounts for the largest share of the global allergy treatment market in terms of value, owing to the high prevalence of allergic diseases and rising awareness regarding their treatment. Growth in the availability of advanced products, supportive reimbursement policies, and higher healthcare spending also contribute to the high market value share held by the region.
The Asia Pacific region is poised to exhibit the highest growth during the forecast period. This can be attributed to factors such as the rising incidence of allergic diseases due to increasing pollution levels and changing lifestyle patterns. Moreover, improving access to healthcare services and growing medical tourism in countries such as India and China offer significant opportunities for market players in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
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