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Press Release: Ragweed Pollen Allergy Treatment Market to Garner US$ 1,147.3 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
According to the American College of Allergy, Asthma, and Immunology, 2020, there are about 17 species of ragweed in the U.S. The weeds grow in most of the regions in the U.S., usually blooming and producing fine-powder pollen from August to November. The allergies associated with ragweed are treated with antihistamines and other allergy-related medications.
The rising demand for novel therapies for treating ragweed pollen allergy is expected to drive the growth of the global ragweed pollen allergy treatment market during the forecast period. Moreover, the changes in environmental conditions and increasing pollution are driving the global ragweed pollen allergy treatment market growth. For instance, according to the Asthma and Allergy Foundation of America (AAFA), around 23 million people in the U.S. have symptoms from ragweed pollen allergy in the late summers. These symptoms can make life depressed for those with allergies, which can also cause asthma symptoms for allergic asthma people.
Global Ragweed Pollen Allergy Treatment Market - Impact Analysis of COVID-19
The global ragweed pollen allergy treatment market growth is affected to some extent by the outbreak of COVID-19 as it is difficult to conduct clinical trials during the pandemic. However, the overall market is witnessing an optimistic growth because of the similarity of symptoms of COVID-19 and ragweed pollen allergy.
The all-inclusive version of the report will include the impact of COVID-19 and the probable changes in the future outlook of the industry, by taking into the account the technological, social, political, and economical parameters.
The global ragweed allergy treatment market is estimated to be valued at US$ 836.9 million in 2020 and is expected to register a CAGR of 4.61% during the forecast period (2020-2027).
Figure 1. Global Ragweed Pollen Allergy Treatment Market Share (%) Analysis, By Distribution Channel, 2020
An increase in number of clinical trials of therapies for treating ragweed pollen allergy and strategic collaborations are expected to propel the market growth during the forecast period
Key players in the ragweed pollen allergy treatment market are involved in research & development of advanced drugs and novel therapies. The drug approvals and strategic collaborative researches are estimated to significantly drive the market growth and create lucrative growth opportunities during the forecast perio d.
For instance, in May 2015, two Austria-based biotech companies, Biomay and VTU Technology, entered a collaborative licensing agreement to produce recombinant allergens. Biomay had formerly managed to produce and deliver a major allergen from ragweed pollen as a recombinant product. Under the agreement terms, VTU Technology will be given royalties on the basis of worldwide sale of recombinant allergens produced by Biomay.
For instance, in September 2018, Genentech’s Xolair received U.S. FDA approval for the treatment of allergies. Xolair is the only biologic approved product for allergic asthma as well as chronic idiopathic urticarial. The product is already approved to treat patients 12 years and older with allergic asthma. According to Genentech, this approval will help in addressing unmet needs of patients and caregivers or parents.
Global Ragweed Pollen Allergy Treatment Market - Restraints
The lack of awareness among patients about allergy immunotherapy is expected to restrain growth of the global ragweed pollen allergy treatment market. Additionally, side effects associated with allergic immunotherapy is another factor that is predicted to restrict the market growth.
Moreover, the high costs associated with treatment of ragweed pollen allergy are expected to hinder the market growth during the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 836.9 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.6% | 2027 Value Projection: | US$ 1,147.3 Mn |
| Geographies covered: |
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| Companies covered: |
ALK-Abello A/S, ASIT Biotech SA, Anergis SA, Biomay AG, Astellas Pharma Inc., Thermo Fisher Scientific Inc, Siemens Healthcare Private Limited, Omega Diagnostics Group PLC, Stallergenes Greer, bioMerieux SA, Lincoln Diagnostics, Inc, HOB Biotech Group Corp Ltd, HYCOR Biomedical, Inc, Alcon, Hitachi Chemical Diagnostics, Inc, Quest Diagnostics Incorporated, Circassia, Immunomic Therapeutics, Inc, Novartis AG, Japan Tobacco Inc, GlaxoSmithKline plc, REGiMMUNE Co, Ltd, Sanofi, and Merck KGaA. |
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| Restraints & Challenges: |
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Global Ragweed Pollen Allergy Treatment Market – Regional Analysis
The market in North America accounted for the largest share in the global ragweed pollen allergy treatment in 2019 as it is one of the most common causes of allergies in the region. Moreover, key players are focused on obtaining product approvals and clinical trials of drugs for the treatment of ragweed pollen allergy which is expected to propel the market growth. For instance, the U.S. Food and Drug Administration (FDA) has recently approved two novel prescription medications, Ragwitek and Grastek, for the treatment of ragweed pollen and grass pollen allergy.
For instance, in April 2020, ALK, a Denmark-based research-driven pharmaceutical company announced the Health Canada approval of ITULATEK SLIT-tablets for the tree pollen allergy treatment. ITULATEKTM is available in Canada and is the fourth once-daily SLIT (Sublingual Allergy Immunotherapy) tablet from ALK. This tablet is indicated as allergy immunotherapy for moderate treatment of allergic rhinitis induced by pollen from alder, birch, or hazel in adults in the age group of 18 to 65 with a clinical history of allergic rhinitis.
Furthermore, the market in Europe is also expected to witness significant growth owing to initiatives taken by key players and for treatment of ragweed pollen allergy. For instance, in February 2017, ALK submitted a registration application for 'Ragweed SLIT-tablet’ in Europe. The tablet has been accepted for review via decentralized procedure by relevant health authorities with Germany being the Reference Member State. The company’s proposed indication is for treatment of patients in the age group of 18 to 65 with ragweed allergic conjunctivitis and/or rhinitis, despite the use of symptom-relieving medication.
Figure 2. Global Ragweed Pollen Allergy Treatment Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Global Ragweed Pollen Allergy Treatment Market - Competitive Landscape
Key players operating in the global ragweed pollen allergy treatment market are ALK-Abello A/S, ASIT Biotech SA, Anergis SA, Biomay AG, and Astellas Pharma Inc., Thermo Fisher Scientific Inc, Siemens Healthcare Private Limited, Omega Diagnostics Group PLC, Stallergenes Greer, bioMerieux SA, Lincoln Diagnostics, Inc, HOB Biotech Group Corp Ltd, HYCOR Biomedical, Inc, Alcon, Hitachi Chemical Diagnostics, Inc, Quest Diagnostics Incorporated, Circassia, Immunomic Therapeutics, Inc, Novartis AG, Japan Tobacco Inc, GlaxoSmithKline plc, REGiMMUNE Co, Ltd, Sanofi, and Merck KGaA.
Ragweed pollen is considered as one of the most common roots of seasonal allergies, especially in the U.S. The pollen present in ragweed plants is the main cause of this disease. These plants are found in 17 different types of species in North America. An autoimmune response is generated in ragweed allergy affected population. The immune cells of affected patients produces chemicals to combat the pollen considering it as a foreign substance. This reaction leads to various irritating symptoms, such as itchy eyes, running nose, and sneezing. However, these symptoms or allergy can be treated with allergy shots and medications.
Global Ragweed Pollen Allergy Treatment Market Dynamics
The increasing number clinical trials and development of novel treatment and therapies are the major factors boosting the growth of global ragweed pollen allergy treatment market. Moreover, the increasing pollution and changing environmental conditions are other factors propelling the market growth. For instance, according to the Asthma and Allergy Foundation of America (AAFA), in 2018, about 75% of people who are allergic to pollen are also allergic to ragweed. An individual who is allergic to one type of pollen, tends to develop allergies to other types of pollen as well.
Moreover, the rising number of approvals of ragweed pollen allergy treatment is expected to drive the overall market growth. For instance, Novartis AG received U.S. FDA approval for Xolair for the treatment of mild to severe persistent pollen allergy treatment in September 2018. Since the initial approval of Xolair, more than 330,000 Americans aged 12 years and older have been treated with pollen allergy and allergic asthma.
However, the lack of awareness related to allergy immunotherapy (AIT) and high cost of the treatment are some of the major factors restricting the growth of global ragweed pollen allergy treatment market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 23 market data tables and 26 figures on "Global Ragweed Pollen Allergy Treatment Market” - Forecast to 2027”
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