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Allergic Rhinitis Market Report 2024-2033 | Size, Share, Trends, Growth Demand, Overview
Allergic Rhinitis Market Report
According to The Business Research Company's, The allergic rhinitis market size has grown steadily in recent years. It will grow from $14.57 billion in 2023 to $15.22 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to allergen exposure, environmental changes, public awareness, incresing pollution, research and developments on allergic rhinitis, rising disposable incomes.
The allergic rhinitis market size is expected to see steady growth in the next few years. It will grow to $17.62 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to demand for preventive treatments, aging population, urbanization, health care spending. Major trends in the forecast period include biologics and monoclonal antibodies, digital health solutions, allergen avoidance strategies, pediatric allergic rhinitis, allergen detection technology.
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Market Drivers and Trends:
High levels of air pollution and climate change are expected to propel the growth of the allergic rhinitis market going forward. Air pollution refers to the presence of harmful substances in the Earth's atmosphere that can adversely affect human health, the environment and the quality of the air we breathe. Climate change refers to long-term alterations in the Earth's climate patterns, including temperature, precipitation and other climatic factors. Air pollution has been increasingly recognized as a significant environmental factor contributing to the prevalence and worsening of allergic rhinitis, highlighting the intricate relationship between air quality and respiratory health. For instance, in September 2022, according to the World Bank, a US-based financial institution, it was estimated that the cost of the health damage caused by air pollution would amount to $8.1 trillion a year, equivalent to 6.1% of global GDP. Therefore, high levels of air pollution and climate change drive the allergic rhinitis market.
Major companies operating in the allergic rhinitis market are developing innovative medications to sustain their position in the market. For instance, in August 2022, Hikma Pharmaceuticals PLC, a UK-based pharmaceutical company and Glenmark Specialty S.A., a Switzerland-based pharmaceutical company, unveiled approval for their product Ryaltris by the United States Food and Drug Administration (FDA), a US-based federal agency. Ryaltris is the first fixed-dose combination drug that treats nasal and ocular symptoms of seasonal allergic rhinitis in a convenient nasal spray for adult and pediatric patients 12 years of age and older. Within 15 minutes of taking the first dose, the relief of nasal symptoms starts to take effect.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Major players in the allergic rhinitis market are Merck and Co. Inc., Bayer AG, Novartis AG, Sanofi-Aventis LLC., AstraZeneca PLC, GlaxoSmithKline plc., Boehringer Ingelheim International GmbH, Viatris Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., UCB S.A., Sun Pharmaceutical Industries Limited, Menarini Group, Perrigo Company PLC, Dr. Reddy's Laboratories Ltd., Hikma Pharmaceuticals PLC, Cipla Limited, Endo Pharmaceuticals Inc., Zydus Lifesciences Ltd., Lupin Limited, Glenmark Pharma Ltd., Almirall S.A., Kyowa Kirin Co. Ltd., Hanmi Pharmaceutical Co. Ltd., Akorn Inc.
Allergic Rhinitis Market 2024 Key Insights:
• The allergic rhinitis is expected to grow to $17.62 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%.
• Air Pollution And Climate Change Fueling Growth In The Allergic Rhinitis Market
• Advancements In Treating Nasal And Ocular Symptoms Of Allergic Rhinitis
• North America was the largest region in the allergic rhinitis market in 2023
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