The global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 18.17 Mn or 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 condition where nasal airways become inflamed and swollen due to an allergic reaction. The symptoms include sneezing, nasal congestion, runny nose and itchy eyes or palate. Antihistamines are widely used to provide relief from these symptoms.
Market key trends:
The rise in air pollution levels has increased the prevalence of allergenic diseases globally. According to the latest statistics by World Health Organization (WHO), around 300 million people worldwide currently suffer from allergic rhinitis. Growing environmental pollution and changes in lifestyle have aggravated allergic rhinitis in developing regions. Allergenic responses to pollution have been extensively researched and established, contributing to the increases in cases. The allergenic rhinitis treatment market is witnessing strong demand with growing global disease burden.
Market key trends:
The Allergic Rhinitis Treatment market is witnessing growing adoption of biologics and drugs with novel mechanisms of action. Biologics such as monoclonal antibodies targeting IgE and IL-5 are gaining popularity for their efficacy and improved safety profiles over conventional therapies. Drugs targeting non-histamine pathways such as prostaglandins and chemokines offer promising alternatives with higher response rates and longer duration of action. Advancements in immunotherapy techniques using intranasal delivery of allergen extracts are contributing to better outcomes over subcutaneous immunotherapy. Development of personalized treatment approaches tailored to individual patient’s sensitization profile will further optimize allergic rhinitis management.
SWOT Analysis
Strength: Growing patient awareness about the chronic nature of allergic rhinitis and availability of effective treatment options.
Weakness: High cost of biologics and tarageted therapies limiting their widespread adoption.
Opportunity: Large pool of unaddressed or underdiagnosed patients presenting opportunities for drug developers.
Threats: Patent expiries of blockbuster drugs resulting in decline of revenues for companies. Intense competition threatens pricing and market shares.
Key Takeaways
The global Allergic Rhinitis Treatment Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing access to biologics and targeted therapies. The market size for 2023 is US$ 18.17 Mn.
Regionally, North America dominates the global market currently due to high adoption rates of newly approved drugs. Asia Pacific is anticipated to register fastest growth owing to rising disease prevalence, growing healthcare expenditure and expanding access to healthcare services.
Key players operating in the Allergic Rhinitis Treatment 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, Dr. Reddy€TMs Laboratories Ltd, ALK-AbellÃ3 A/S, and Revolo Biotherapeutics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it