Common treatments for allergic rhinitis include oral and nasal corticosteroids, antihistamines, decongestants, saline nasal irrigation, and monoclonal antibodies. Biologics such as monoclonal antibodies that target immunoglobulin E are increasingly being adopted for treatment of allergic rhinitis due to their high efficacy and potentially long-lasting effect. The global allergic rhinitis treatment market is primarily driven by the increasing prevalence of allergic diseases worldwide owing to factors such as environmental pollution and climate change.
The global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 20.94 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers favoring the growth of the allergic rhinitis treatment market is the increasing adoption of biologics such as monoclonal antibodies. Biologics offer targeted treatment against specific allergens and have demonstrated long-lasting effects compared to traditional oral antihistamines and corticosteroids. For instance, monoclonal antibodies targeting immunoglobulin E have emerged as a promising treatment option for moderate-to-severe persistent allergic rhinitis. The marketing and promotion of these biologics by leading pharmaceutical players is also contributing to their rising uptake. Additionally, the increasing prevalence of allergic rhinitis globally due to factors such as air pollution and climate change is creating a high treatment demand, thereby fueling the market growth over the forecast period.
Segment Analysis
The allergic rhinitis treatment market can be segmented into drug class, route of administration, distribution channel, and geography. Based on drug class, the market covers antihistamines, intranasal corticosteroids, immunotherapies, and others. Intranasal corticosteroids dominate the market as they are a first line treatment for moderate to severe allergic rhinitis. They are more effective than antihistamines in providing relief from symptoms of allergic rhinitis like nasal congestion.
PEST Analysis
Political: Stringent regulations regarding approvals of drugs may hamper the market growth. However, favorable government initiatives to spread awareness about allergic diseases will drive the market.
Economic: Rising disposable income levels allow people to spend more on healthcare, boosting market growth. The high and growing incidence of allergic rhinitis worldwide generates substantial demand.
Social: Growing pollution and changing lifestyle factors have increased the prevalence of allergic disorders like rhinitis. Further, social awareness about available treatments is prompting people to seek medical help.
Technological: Advanced drug delivery methods like sublingual and transdermal routes can help improve medication adherence for chronic conditions like allergic rhinitis. New formulations with minimal side effects are being researched.
Key Takeaways
The Global Allergic Rhinitis Treatment Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
North America is currently the dominant regional market for allergic rhinitis treatment due to high disease prevalence and awareness levels in the region. Europe also captured a significant market share in 2018.
Key players operating in the allergic rhinitis treatment market are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
