The allergic rhinitis treatment market is estimated to be valued at US$ 14,916.9 million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic rhinitis is a condition caused when airborne allergens like pollen, dust, pet dander or mold enter the nose and throat and trigger an immune response. Common symptoms include nasal congestion, sneezing, itchy or runny nose and itchy throat or roof of the mouth. Treatment involves oral or nasal medications like antihistamines and corticosteroids that provide relief from symptoms.
Market Dynamics:
Increasing prevalence of allergic rhinitis and rising healthcare expenditure are driving the growth of the allergic rhinitis treatment market. According to a study published in 2018, over 150 million people worldwide are affected by allergic rhinitis. Growing awareness among patients about available treatment options along with launch of new and effective medications are further boosting the demand for allergic rhinitis treatment. Additionally, increasing pollution levels and changing climate trends are elevating the risk of allergies, thereby fueling the market growth.
SWOT Analysis
Strength: The Allergic Rhinitis Treatment Market Size has a large patient pool suffering from allergies. There is a wide range of available treatment options with different mechanisms of action. Many companies are conducting research and developing novel treatment drugs.
Weakness: Allergen immunotherapy is a long-term treatment option requiring years of administration and patient compliance can be a challenge. Limited awareness among patients regarding available treatment options.
Opportunity: Growing pollution levels are increasing the prevalence of allergic rhinitis. There is huge scope for development of over-the-counter drugs which can expand patient access. Digital health solutions can help improve adherence to long-term treatments.
Threats: Patent expiry of blockbuster drugs is increasing competition. Stringent regulatory processes can delay market approvals of new products. COVID-19 pandemic has disrupted clinical trials and manufacturing activities.
Key Takeaways
The global allergic rhinitis treatment market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing pollution levels globally. The North America region currently dominates the market due to high disease prevalence and developed healthcare infrastructure in the region.
Regional analysis
North America is expected to remain the dominant regional market over the forecast period attributed to higher incidences of allergic rhinitis, availability of advanced treatment options and favorable reimbursement policies in the region. Asia Pacific is anticipated to exhibit the highest growth rate owing to rapidly developing pharmaceutical industry and emerging patient base of allergic disorders.
Key players
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, Dr. Reddy’s Laboratories Ltd, ALK-Abelló 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