The Allergy Treatment Market is estimated to be valued at US$17,773.4 Mn in 2021 and is expected to exhibit a CAGR of 6.4% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Allergy Treatment Market deals with the diagnosis, prevention, and treatment of allergic disorders such as hay fever, asthma, food allergies, drug allergies, and skin allergies. The market offers various products including antihistamines, decongestants, nasal sprays, immunotherapy, and others. These products help in reducing the symptoms of allergies and provide relief to patients.
Market Dynamics:
The Allergy Treatment Market is driven by the increasing prevalence of allergic disorders worldwide. According to the World Allergy Organization (WAO), more than 20% of the global population suffers from some form of allergic condition. Factors such as changing dietary habits, environmental pollution, and genetic predisposition contribute to the rising incidence of allergies.
Furthermore, rapid technological advancements in the field of allergy diagnosis and treatment have propelled market growth. Innovative technologies, such as molecular diagnostics and immunoassays, enable accurate and early detection of allergies, leading to effective treatment strategies.
Segment Analysis
The allergy treatment market can be segmented based on treatment type, distribution channel, and region. In terms of treatment type, the sublingual immunotherapy segment is dominating the market. Sublingual immunotherapy involves administering allergens under the tongue to gradually desensitize the immune system. This form of treatment has gained popularity due to its convenience, as it does not require frequent visits to the clinic and can be self-administered at home. Additionally, sublingual immunotherapy has shown promising results in reducing allergic symptoms and improving patients’ quality of life. As a result, it is the preferred choice for many patients and healthcare professionals, driving its dominance in the market.
PEST Analysis
Political: The political landscape plays a crucial role in the allergy treatment market. Governments regulate the approval and sale of allergy medications, and any changes in regulations can impact market dynamics.
Economic: The economic factors influencing the market include healthcare expenditure, insurance coverage for allergy treatments, and affordability of medications for patients.
Social: The social factors impacting the market include an increasing prevalence of allergies due to environmental factors, changing lifestyles, and growing awareness about allergy treatments among the general population.
Technological: Technological advancements in treatment options, such as the development of novel drug delivery systems and improved diagnostics, are driving innovation in the allergy treatment market.
Key Takeaways
The global Allergy Treatment Market Share is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period of 2022-2028. This growth can be attributed to several factors, including the increasing prevalence of allergies, rising awareness about available treatment options, and advancements in allergy treatment technologies.
In terms of regional analysis, North America is the fastest-growing and dominating region in the allergy treatment market. The region has a high prevalence of allergies and a well-established healthcare infrastructure. Moreover, increasing investments in research and development activities, growing adoption of advanced treatment options, and favorable reimbursement policies are driving the market growth in North America.
Key players operating in the allergy treatment market include Stallergenes Greer PLC, Sanofi SA, Novartis International AG, Dermapharm Holding SE, Leti Pharma, Johnson & Johnson, GlaxoSmithKline PLC, Nicox SA, F. Hoffmann-La Roche Ltd., Allergy Therapeutics PLC, AbbVie Inc. (Allergan), Bausch Health Companies Inc., Teva Pharmaceutical Industries, ALK-Abello AS, and Alembic Pharmaceuticals Limited, among others. These players are focusing on research and development activities, strategic collaborations, and mergers and acquisitions to strengthen their market position and introduce innovative allergy treatment solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
