April 24, 2024
Allergy Treatment Market

Allergy Treatment Market is Growing Trends by Increasing Allergies Globally

The global Allergy Treatment market deals with providing relief from allergic reactions and sensitivities. It involves products which are capable of treating conditions like allergic rhinitis, asthma, food allergies, skin allergy, and anaphylaxis. Allergy medications consists of antihistamines, decongestants, leukotriene inhibitors, combination medications, and immunotherapy. The demand for such treatments is rising owing to the increasing prevalence of allergic disorders. The Global Allergy Treatment Market Size 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 2030.

Key Takeaways

Key players operating in the Allergy Treatment 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. The growing prevalence of allergies across all age groups has raised the demand for effective treatment solutions over the years. As per statistical reports, over 50 million Americans suffer from some form of allergy each year. Globally, the market is witnessing expansion into developing regions due to increasing awareness regarding various allergic conditions.

Market Key Trends

One of the key trends witnessed in the global Allergy Treatment market is the shift towards more specialized products which alleviate both symptoms as well as causes. Manufacturers are increasingly investing in R&D activities to develop immunotherapy solutions like sublingual and subcutaneous allergy shots. These are specifically tailored for each patient based on their allergic triggers. Other innovative offerings include precision drugs and monoclonal antibodies. Constant innovations in drug delivery systems such as sprays, drops, and patches have also enhanced patient convenience and compliance

Porter’s Analysis

Threat of new entrants: High initial capital required for R&D and drug development create barriers for new firms.

Bargaining power of buyers: Large centralized purchasing organizations can negotiate lower prices and demand new product features.

Bargaining power of suppliers: Highly specialized expertise held by suppliers for manufacturing drugs means their bargaining power is significant.

Threat of new substitutes: Alternative treatment options like traditional medicines pose minimal threat due to focus on scientific research and clinical trials by existing drugs makers.

Competitive rivalry: Intense competition exists between major global players to develop novel therapies and variants to gain market share and protect patents.

Geographical Regions

North America accounts for the largest revenue share in the market currently due to high allergy prevalence, strong healthcare infrastructure and high healthcare spending. The region is expected to continue its dominance over the forecast period.

Asia Pacific region is poised to register fastest growth during 2024-2030. Rising incidences of allergies, developing economies, healthcare reforms and growing medical tourism are driving the regional market. Increased affordability of treatments also boosts demand in countries like India and China.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it