The Allergic Rhinitis Market To Steal The Growth Show (US$ 7,000 Million) Through Innovation Between 2024
“Technological advancements in the medical world and rising prevalence of foodborne diseases will primarily build the market for allergic rhinitis treatment globally. Secondarily, strategic partnerships and synergies between big brands, soaring usage of second-generation multiplex immunoassay, and augmenting R&D activities in life sciences and molecular diagnostics will support the market surge within the next few years.
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Over 2016-2020, the global AR treatment market will reach US$ 14 Bn, which will further take a leap to US$ 16.038 Bn by the end of 2024. Over 2016-2024, the market is likely to see impressive growth at a healthy CAGR of 7.5%.”
Merck & Co.
Johnson & Johnson
Teva Pharmaceutical Industries Ltd.
Alcon (Novartis AG)
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– Market Research Expert, Life Sciences & Transformational Health, Persistence Market Research.
According to Persistence Market Research’s recent report titled “Global Allergic Rhinitis Treatment Market: Industry Analysis and Forecast, 2016–2024,” key market competitors have embraced different strategic moves in order to strengthen their positions in the global allergic rhinitis treatment marketplace. These activities, according to Persistence Market Research, will boost the overall status of the market in near future.
Merck & Co. and Johnson & Johnson are concentrating on new product development, such as nasal sprays.
Boehringer Ingelheim will continue to contribute a major share to the market through an increased focus on R&D and a strong distribution network.
Sanofi S.A. is also focusing more on increasing R&D investments directed to expanded sales.
In addition to growing R&D efforts, AstraZeneca is also emphasizing on innovation of technologically advanced products and acquisition of selective regional players.
GlaxoSmithKline PLC and Alcon (Novartis AG) are prioritising cost-effective product development for long-term profits; Alcon specifically aims to tap into emerging markets.
Acquisition of players from the same segment and different region will be a key strategy of Teva Pharmaceutical Industries Ltd., which targets production capacity expansion.
By disease type, perennial AR segment will remain dominant with around 47% market value share in 2024, gaining around 123 BPS throughout the forecast period. On the other hand, despite losing over 30 BPS over 2016-2024, occupational AR will continue to be the second largest segment with over 35% revenue share at the end of the assessment period. While the revenues of the former are expected to surpass US$ 7.0 Bn, the latter will possibly exceed a value of US$ 5.0 Bn by the end of 2024.
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By treatment type, immunotherapy treatment segment is expected to be the fastest growing segment over the forecast owing to introduction of new immunotherapy based products, followed by antihistamines segment. However, antihistamines will continue to be the leading treatment type segment with over 50% share in 2024, followed by corticosteroids with over 31% share.
Based on route of administration, oral route of administration segment will cover nearly half of the market in terms of value, whereas nasal route of administration segment is anticipated to capture around 38% share of the total market value in 2024. Intravenous segment is foreseen to witness a higher CAGR compared to others, which can uplift the sales revenues of this segment to cross US$ 1.25 Bn in 2024.
On the basis of distribution channel, retail pharmacies will account for higher revenues than hospital pharmacies throughout the assessed period. Retail pharmacy revenues are likely to surpass US$ 7.0 Bn, growing at the fastest CAGR of 3.9% over 2016-2024. Whereas, hospital pharmacies will reach over US$ 5.0 Bn, accounting for around 31% share of the market value in 2024.
As per the geographical assessment of the global allergic rhinitis treatment market, North America will continue to capture the maximum revenue share over the 10-year tenure. With over 63% value share by 2024-end, this region is likely to surpass US$ 10.0 Bn in terms of revenues. European market will possibly attract the revenues worth US$ 3.68 Bn by 2024 end, contributing over 22% share of the market size. The third key region i.e. APAC is estimated to reach over US$ 1.27 Bn in 2024.
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