Allergy Treatment Market is registering a healthy 5.5% CAGR between 2017 and 2025
Some other key names in the global allergy treatment market include Meda Pharmaceuticals Inc., Sunovion Pharmaceuticals Inc., Allergan, Teva Pharmaceutical, Allergy Therapeutics, Allergon AB, and HAL Allergy Group. Savvy players are focused to develop safer and higher efficacy drugs for some common respiratory allergies such as asthma and allergic rhinitis, which will translate into greater market share for these companies.
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As per estimates of the TMR report, the demand in the global allergy treatment will translate into a revenue of US$41.17 bn by 2025 end, incrementing at a CAGR of 5.5% during the forecast period from 2017 to 2025. The global allergy treatment market was valued at US$25.50 bn in 2016.
On the basis of allergy type, the inhaled allergy segment is foreseen to account for the leading demand amongst other key segments over the forecast period. Allergic rhinitis and allergic asthma are the two most common types of inhaled allergy. Geography-wise, North America holds the top spot in the global allergy treatment market, catering to a high volume of demand due to the growth of life science industry and substantial R&D efforts in the U.S. for new drug development.
Need to Subside Physical Discomfort Ups Demand for Anti-allergic Drugs
The demand to serve unmet medical needs in several emerging economies, several novel pipeline molecules, rising consumption of tobacco, rising incidence of asthma and allergic rhinitis, and upsurge of allergies are some of the primary factors driving the global allergy treatment market. The prevalence of tobacco-induced allergies have led several governments worldwide to ramp up awareness programs leading to increased adoption of therapeutics for several allergies. This in turn, is offering opportunities to product manufacturers to up drug production to serve this demand.
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Globally, rising environmental pollution and increasing CO2 levels have been key factors behind the increasing incidence of various types of allergies. Dust allergies, pollen allergies that cause physical discomfort such as sneezing, coughing, and teary eyes are pushing the demand for anti-allergic drugs. The use of anti-allergic drugs not only provides temporary relieve, but can also act to rectify allergies completely.
On the other hand, adoption of immunotherapy to boost the body’s natural defenses is also acting in favor of the allergy treatment market. While immunotherapy is currently a new therapy, advances in the field of immunotherapy and increasing rate of success will favor the adoption of immunotherapy for allergic conditions. This will boost the growth of allergy treatment market.
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Increased Risk of Side-effects Limits Adoption
On the downside, the allergy treatment market faces several growth challenges. Increasing preference for alternative medicines that have fewer side effects, poor patient adherence, dearth of healthcare infrastructure in developing and underdeveloped countries, and high cost of immunotherapy are proving to be a roadblock to this market’s growth. Nevertheless, the global allergy treatment market is likely to gain from some key trends coming to the fore. This includes advent of SPIRE, adoption of sublingual immunotherapy, identification of new allergen targets, and strategic partnerships between market players for novel drug development.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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