Increasing healthcare spending expected to drive the treatment of perennial allergic rhinitis

High prevalence of perennial allergic rhinitis is expected to propel global demand in the allergic rhinitis treatment market over the forecast period

Perennial allergic rhinitis segment is the largest segment in the global allergic rhinitis treatment market by disease type, which is estimated to represent more than US$ 7,000 Mn by 2024 end, or close to 47% market share, expanding at a CAGR of 4.0% over the forecast period. The perennial allergic rhinitis segment is projected to create incremental opportunity of more than US$ 2,000 Mn between 2016 and 2024 and is estimated to represent more than 50% of total incremental opportunity. Perennial allergic rhinitis segment is anticipated to be the most lucrative segment in the global allergic rhinitis treatment market, with a market attractiveness index of 1.5. A large patient pool and growing prevalence of perennial allergic rhinitis is expected to boost demand for treatment options over the forecast period.

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Increasing healthcare spending expected to drive the treatment of perennial allergic rhinitis

Over the past few decades, it has been noted that global per capita healthcare spending has increased considerably owing to increasing rate of awareness regarding the availability of myriad treatments and diagnostic methods for treating various diseases. Increasing healthcare spending is likely to result in increasing demand for better quality and rapid diagnostic methods, and in turn, create high growth opportunities for players operating in the treatment of perennial allergic rhinitis in the global allergic rhinitis treatment market. Respiratory disease places a huge burden on society in terms of disability and premature mortality, and also in direct health service costs, drugs prescribed and the indirect costs related to lost production. Perennial allergic rhinitis is frequently accompanied by allergic asthma. This condition is also impacting the global allergic rhinitis treatment market. Another factor which is fuelling the growth of the perennial allergic rhinitis segment in the global allergic rhinitis treatment market is the increasing awareness about perennial allergic rhinitis treatment among the patients across the globe. In order to increase awareness about allergic rhinitis, several government organizations have started awareness programs. For instance, Allergy UK is the operational name of the British Allergy Foundation that observes allergy awareness week from April 25 to May 1.

North America is anticipated to dominate the perennial allergic rhinitis treatment market during the projected period

In terms of value, North America is estimated to dominate the global allergic rhinitis treatment market with more than 60% revenue share of the overall allergic rhinitis treatment market in 2015. Europe is anticipated to be the second fastest growing market followed by the Asia Pacific market. The Asia Pacific market is estimated to witness high year–on–year growth in terms of revenue owing to growing awareness about perennial allergic rhinitis and the availability of good treatment options in the market. In the Asia Pacific allergic rhinitis market, the China regional market is projected to grow at the highest CAGR from 2016 to 2024.

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Leading players are turning to innovation in the perennial allergic rhinitis segment

GlaxoSmithKline recently announced a new spray - intranasal steroid fluticasone furoate for the treatment of allergic rhinitis in the Philippines. Approved by the Bureau of Food and Drugs, the nasal spray is indicated for the treatment of seasonal allergic rhinitis and perennial allergic rhinitis in adults and children of the age group two years and older. Top market players are making strategic investments to bring in more innovation in their offerings to cater to the rising demand for treatment options in the global allergic rhinitis treatment market.

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