Allergy treatment refers to medications and therapies used to treat various allergic reactions and conditions. Common allergy treatments include antihistamines, decongestants, corticosteroids, and immunotherapy. The increasing prevalence of allergic diseases such as asthma, food allergies, eczema, and other respiratory allergies has augmented the demand for effective allergy treatments.
The global allergy treatment market is estimated to be valued at US$ 20007.78 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major drivers of the global allergy treatment market is the rising prevalence of allergic diseases worldwide. According to recent statistics provided by the Asthma and Allergy Foundation of America, more than 50 million Americans suffer from allergies each year. Growing environmental pollution levels and changes in lifestyle habits have resulted in increased incidences of allergies such as asthma, food allergies, rhinitis, and eczema. Consumption of processed foods, increased usage of chemicals in personal care products, and lack of physical activity have worsened allergic reactions in people. Thus, higher disease prevalence has augmented the demand for effective drugs and therapies to manage the symptoms of various allergic conditions.
SWOT Analysis
Strength: The allergy treatment market is witnessing strong growth. Consumption of allergy therapeutics are increasing due to rising prevalence of allergic diseases like allergic rhinitis and asthma.
Weakness: Side effects associated with few allergy therapies and availability of alternative treatment options can hamper the market growth. High cost of advanced products also limits its adoption in developing regions.
Opportunity: Increasing research and development activities to develop advanced and customized biologics, immunotherapy and vaccine based treatment options provide growth opportunities. Growing healthcare expenditure and urbanization in emerging economies supports market expansion.
Threats: Risks associated with clinical trials and regulatory compliance adds to production costs. Stringent regulations delay product approvals.
Key Takeaways
The Global Allergy Treatment Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global allergy treatment market is estimated to be valued at US$ 20007.78 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
North America dominates the global allergy treatment market and is expected to maintain its lead over the forecast period. This can be attributed to the presence of developed healthcare infrastructure and increasing healthcare expenditure in the region. The Asia Pacific region is expected to witness fastest growth amongst all regions over the forecast period. Factors such as rising patient population, growing disposable incomes, increasing investments by market players for expansion in emerging countries and growing awareness about available treatment options are expected to drive market growth. In addition, improving healthcare infrastructure and rising medical tourism also support the regional market growth.
Key players operating in the allergy treatment market are Entegris Inc., Resonac Holding Corporation, AGC Inc., Fujifilm Corporation (Fujifilm Holdings Corporation) and Fujimi Corporation (Fujimi Incorporated).
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