Allergy Treatment Market Report 2024 - 2033 | Insights, Analysis, Key Drivers

"The Business Research Company recently released a comprehensive report on the Global Allergy Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The allergy treatment market size has grown strongly in recent years. It will grow from $21.19 billion in 2023 to $22.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increasing prevalence of allergies, increasing importance of self-medication, rise in healthcare spending, growing number of patients with various types of allergies.

The allergy treatment market size is expected to see strong growth in the next few years. It will grow to $30.25 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to patient-centric approaches, expansion of over-the-counter (otc) allergy medications, globalization and urbanization, rising environmental pollution, growing access to health insurance. Major trends in the forecast period include improved diagnostic technologies, advancements in immunotherapy, technological innovations in drug delivery, collaborations between pharmaceutical companies, rising investments by manufacturers on the development of novel allergic treatments.

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Market Drivers and Trends:

The growing prevalence of allergic conditions is expected to propel the growth of the allergy treatment market going forward. An allergic condition is when the immune system overreacts to an allergen, often known as a harmless substance. These treatment offers allergic therapies using nonprescription or prescription medicine that assists in identifying and avoiding various allergy triggers, therefore preventing allergic responses, alleviating symptoms, avoiding allergic severity, and improving persons' well-being. For instance, in January 2023, according to the Centers for Diseases Control and Prevention (CDC), a US-based federal agency for public health, over one-third of American adults and more than one-fourth of American children had a seasonal allergy, eczema, or food allergy in 2021. Further, approximately 6% of adults and children in the United States have a food allergy. Therefore, the growing prevalence of allergic conditions is driving the growth of the allergy treatment market.

Advancements in technology are a key trend gaining popularity in the allergy treatment market. Major companies operating in the allergy treatment market are adopting new technologies to sustain their position in the market. For instance, in May 2023, Metropolis Healthcare Limited, an India-based chain of pathology labs and diagnostic centers, launched AI-powered allergy component testing based on Component Resolved Diagnostics (CRD). This component testing employs artificial intelligence (AI) to aid physicians in making informed clinical decisions and gives valuable insights into choosing and optimizing an individual's allergic disease treatment plan. It is driven by a nanotechnology-based multiplex system that uses molecular components, can identify specific IgE antibodies against 295 different allergens using a simple blood test, and offers findings for 158 food allergens, ten contact allergens, and 127 respiratory allergens.

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Major Key Players of the Market:

Pfizer Inc., Johnson and Johnson, Allergy Therapeutics PLC, F. Hoffmann-La Roche Ltd, AbbVie Inc., Novartis AG, Merck & Co. Inc., Sanofi S.A., Thermo Fisher Scientific Inc., AstraZeneca, GlaxoSmithKline PLC, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Regeneron Pharmaceuticals, Bausch Health Companies Inc., Teva Pharmaceutical Industries Ltd., Almirall S.A, Akorn Operating Company LLC, Alembic Pharmaceuticals Limited, ALK-Abelló A/S, Stallergenes Greer International AG, Adamis Pharmaceuticals, HollisterStier Allergy, Leti Pharma SL

Allergy Treatment Market 2024 Key Insights:

• The allergy treatment market size is expected to see strong growth in the next few years. It will grow to $30.25 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• The Expanding Allergy Treatment Market In Response To Growing Prevalence Of Allergic Conditions
• Allergy Treatment Market Fueled By Technological Advancements
• North America was the largest region in the allergy treatment market in 2023

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