Allergy Care Market Projected to Witness a Single-Digit CAGR During 2018 to 2027 | Key Players are Johnson & Johnson Inc., Bayer AG, Abbott Laboratries, etc.
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Allergy care market remains highly consolidated, with leading players holding around 70-75 revenue share. The focal point of these leading players in the allergy care market is expansion of manufacturing facilities to rev up their production capabilities. Moreover, these companies are also focusing on strategic collaborations with healthcare professionals to excel in multiple activities, ranging from preclinical research to clinical development.
The tier 2 or mid-level players in the allergy care market are oriented toward solidifying their regional presence. Likewise, the emerging players or their tier 3 players are highly focused on specific product segments and boosting their volume sales.
Technology Permeation in Allergy Care Gains Palpability with Enhanced Outcomes and Reduced Costs
The use of technologies, such as telehealth and telemedicine, in case of allergy care represents one of the evolving trend gaining prominence and is supported by prominent authorities. Technologies as such enable effective allergy care by enhancing the patient-physician collaborations, resulting in enhanced clinical outcomes. Moreover, healthcare specialists across the globe are also eyeing these technologies to boost their bottom line by treating multiple patients within stipulated timespan.
Few of the prominent authorities, such as the American College of Allergy, Asthma and Immunology (ACAII), are supporting use of telemedicine and telehealth in the field of allergy care. Relative efficiency and improved results offered by such technologies pinpoint their future penetration into the allergy care market, thereby contributing to the overall market size.
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Accessibility and affordability are two of the predominant factors retaining the unwavering demand for over-the-counter (OTC) medications for multiple purposes, with allergy care being no exception. As per a revelation by the Consumer Healthcare Products Association (CHPA), there has been a proactive shift toward OTC, with users scaled up to 75 percent in 2015, up from 66 percent in 2009. This provides enough credence to the fact that the demand for OTC medications is not foreseen to come down sooner.
Familiarity with the known is predominantly pushing the demand for branded OTC medications. The continued clamor for branded OTC medications for allergy care illustrates that though consumers are open to store-branded alternatives, they still remain highly inclined toward known brands in terms of reliability.
Allergy cases are rapidly increasing in prevalence, making the heavy dependency on pharmacotherapy for treatment seem unfeasible. As per a revelation by the Centers for Disease Control and Prevention (CDC), allergies stand as the 6th leading cause of chronic illness in the U.S. alone, with an annual cost of around $18 billion. Furthermore, a population of more than 50 million Americans suffers from different kind of allergies every year. According to the European Academy of Allergy and Clinical Immunology (EAACI), more than 150 million Europeans suffer from chronic allergic diseases as per the current scenario and half of the entire EU population is foreseen to be affected by 2025.
In line with the aforementioned alarming situation, allergy care market is witnessing several efforts and formulations focusing on prevention over cure. One of such compelling efforts was taken by Japan’s Astellas Pharma in formulation of a DNA vaccine, which was meant to protect the body from cedar pollen.
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