Allergy Treatment Market to Increment at a Healthy CAGR of 5.5% During the Forecast Period of 2017 to 2025
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As per the TMR report, the global opportunity within the allergy treatment market will generate a revenue of US$41.17 bn by 2025, expanding at a 5.5% CAGR from 2017 to 2025. On the basis of geography, North America is in the leading position on account of the high growth of the life science Industry as well as remarkable efforts taken in the research and development center for new drug development. In terms of allergy type, it is the inhaled allergy segment which will witness the highest demand.
According to the lead author of the report, “the growing consumption of tobacco, and subsequently the high prevalence of tobacco induced allergies have led to an increasing number of awareness programs initiated by governments across the globe, and this is expected to drive the adoption of allergy treatment therapeutics.” Another factor which is contributing to the growth of the allergy treatment market is the growing incidences of asthma and allergic rhinitis.
The global rise in the pollution level and carbon dioxide levels are two important reasons behind the growing incidences of various types of allergies as well as asthma. An increasing number of people are suffering from dust allergies, pollen allergies which result in physical discomfort including teary eyes, coughing, and sneezing. All of these factors are expected to create a heightened the demand for anti allergy drugs and push the growth of the allergy treatment market.
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Today, allergy drugs not only provide temporary relief but also helps in rectifying allergies completely and this is expected to drive its adoption further. Efforts taken by market players so as to develop drugs which are more efficient with also help the market to progress. It is expected that the adoption of immunotherapy so as to boost the body's natural defenses will also work in the favour of the growth of the allergy treatment market.
However, the global allergy treatment market will face several challenges such as growing preferences for alternative medicines. Side effects, alternative medicines are gaining popularity across the globe and this will threaten the growth of the allergy treatment Market. In addition to this. Of healthcare infrastructure in developing and underdeveloped for patient adherence, and the high cost of immunotherapy are anticipated to act as roadblocks for the growth of the.
On a positive note however, the global allergy treatment Market will gain from the adoption of sublingual immunotherapy and introduction of SPIRE. Strategik Partnerships between Market players for the development of Novel drugs as well as identification of new allergen targets are some of the factors which are anticipated to drive the growth prospects of the global allergy treatment Market.
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