The global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 18.17 Million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic rhinitis is a common condition characterized by nasal symptoms such as nasal congestion, sneezing, rhinorrhea, and itchy nose and throat. It is caused by an allergic reaction to various indoor and outdoor allergens such as pollen, dust mites, animal dander, and molds. Allergic rhinitis treatment includes antihistamines, decongestants, nasal corticosteroid sprays, immunotherapy, and leukotriene modifiers, which provide relief from symptoms.
Market key trends:
Increase in air pollution levels across the world has contributed significantly to the rising prevalence of allergic rhinitis. According to the WHO, air pollution is now the largest environmental risk to health worldwide, with 9 out of 10 people breathing air containing high levels of pollutants. Traffic emissions and dust are major contributors to air pollution, which increase exposure to various allergens that trigger allergic reactions. This has boosted demand for allergic rhinitis treatment medications.
SWOT Analysis
Strength: The market has a large target population suffering from allergic rhinitis. Also, the increasing adoption of prescription and OTC drugs for mild to moderate allergic rhinitis symptoms is boosting the market growth.
Weakness: Non-compliance to medication and reluctance towards surgery are major challenges faced by the market. Also, the availability of alternative treatment options like natural/herbal remedies pose a threat.
Opportunity: Significant unmet needs in developing countries present lucrative opportunities. Also, growing awareness and demand for effective therapies for severe allergic rhinitis cases provide opportunities.
Threats: Factors like stringent regulations for drug approval and adverse effects associated with few therapies can hamper the market growth. Patent expiries of major drugs also pose a threat.
Key Takeaways
The Global Allergic Rhinitis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of allergic rhinitis disorders globally. As per a report, allergic rhinitis affects approximately 400 million people worldwide.
Regional analysis:
North America dominated the global market and is expected remain the highest revenue generating region during the forecast period. This is attributed to the rising adoption of prescription medications in the region.However, Asia Pacific is projected to grow at the fastest pace over the next few years due to the rapidly increasing healthcare expenditure in developing nations like India and China.
Key players operating in the allergic rhinitis treatment market are Merck & Co., Inc., Boehringer Ingelheim International GmbH, AstraZeneca, GSK plc., Johnson & Johnson Services, Inc. Teva Pharmaceutical Industries Ltd., Novartis AG, Mylan N.V., Aytu BioPharma, Inc., Glenmark Pharmaceuticals Ltd, Himalaya Wellness Company, Regeneron Pharmaceuticals Inc., Allergy Therapeutics, Stallergenes Greer, Bayer AG. These players are focusing on developing advanced treatment solutions through partnerships and collaborations to strengthen their market position.
