July 13, 2024
Allergy Treatment Market

The Increasing Adoption Of Immunotherapy To Treat Various Allergies Is Anticipated To Open Up New Avenue For The Allergy Treatment Market

Market Overview:

Allergy treatment products consist of antihistamines, corticosteroids, decongestants, mast cell stabilizers, immunomodulators, and allergen immunotherapy (allergy shots). Antihistamines are widely used as over-the-counter medications to relieve symptoms of allergies such as sneezing, itching, watery eyes, and runny nose. Corticosteroids medications work by reducing swelling, itching, and other allergy symptoms. They are available as pills, syrups, eye drops, nose sprays, and inhalers. Immunotherapy involves exposing people to gradually increasing doses of an allergen to develop tolerance against it and provide long term relief from allergic symptoms.

The global Allergy Treatment Market is estimated to be valued at US$ 20007.78 Million in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing prevalence of allergic diseases is expected to drive the allergy treatment market growth over the forecast period. According to a report from the Asthma and Allergy Foundation of America (AAFA), allergies cause more than $18 billion in healthcare costs each year, with prescription medications accounting for $11.2 billion. Rising pollution levels and changes in climate are reportedly triggering seasonal allergies and asthma more frequently across various regions. Furthermore, growing awareness about various treatment options and the availability of over-the-counter medications are anticipated to boost the demand for allergy medications over the forecast period. Adoption of immunotherapy is also gradually increasing owing to its ability to provide long-term alleviation from allergy symptoms via immunomodulation.

Segment Analysis

The global Allergy Treatment market is segmented based on treatment, route of administration, distribution channel, and end user. Among treatment, immunotherapy segment held the largest share in 2022 due to its ability to provide long term relief from allergies. Immunotherapy involves gradually exposing patients to larger amounts of allergens to help build tolerance.

PEST Analysis

Political: The government agencies are supporting various awareness programs about allergies which is promoting the market growth. However, strict regulations for approval of drugs can hamper the growth to some extent.
Economic: Rising income level and adoption of health insurance is enhancing the expenditure on allergy treatment. Additionally, investment in R&D of advanced therapeutic drugs acts as a major growth driver in the market.
Social: Growing prevalence of allergic disorders such as food allergy, asthma, and skin allergy owing to changing lifestyle and environment is boosting the market.
Technological: Adoption of newer drug delivery modes and development of customized treatment based on genetic assessment of patients will provide growth opportunities in the future.

Key Takeaways

The global Allergy Treatment market size is expected to reach US$ 30007.78 Mn by 2030 from US$ 20007.78 Mn in 2023, expanding at a CAGR of 6.4% during the forecast period. The increasing consumer awareness about allergic disorders and availability of various treatment options is fueling the market growth.

Regional analysis: North America dominated the global market and held around 35% of the total share in 2023 due to high healthcare expenditure and advanced healthcare infrastructure. Asia Pacific exhibits lucrative opportunities with the fastest CAGR of 7.8% owing to the growing population afflicted with allergies and improving access to diagnostics and medicines in countries like India and China.

Key players operating in the Allergy Treatment market are Stallergenes Greer PLC, Sanofi SA, Novartis International AG, Dermapharm Holding SE, Leti Pharma, Johnson & Johnson, GlaxoSmithKline PLC, Nicox SA, F. Hoffmann-La Roche Ltd., Allergy Therapeutics PLC, AbbVie Inc. (Allergen), Bausch Health Companies Inc., Teva Pharmaceutical Industries, ALK-Abello AS, and Alembic Pharmaceuticals Limited, among others. Major companies are focusing on new product launches and targeting emerging markets through collaborations to gain market share.

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