Coherent Market Insights

Allergy Treatment Market To Be Valued at US$ 27,347.4 Mn By 2028

Allergy Treatment Market To Be Valued at US$ 27,347.4 Mn By 2028 - Coherent Market Insights

Publish In: Aug 09, 2022

An allergy is an immune system response to a foreign substance that's not typically harmful to the body. These foreign substances are called allergens. Allergic reactions are many and varied, and the treatment depends on the symptoms and their severity. The best way to keep symptoms under control is often to avoid the things people are allergic to. Allergy symptoms range from mild to life-threatening. Medicines for mild allergies are available from pharmacies without prescription. Drugs, such as antihistamines are often used for allergies, while decongestants are used as a short-term treatment. Steroids help reduce the while creams and lotions are often used to treat red and itchy skin (both caused by an allergic reaction). Immunotherapy may be an option for people with certain severe and persistent allergies.

Market Statistics:

The global allergy treatment market is estimated to account for US$ 18,804.3 Mn in terms of value by the end of 2022.

Drivers:

Increasing demand for safe and effective treatment due to the increasing prevalence of allergy treatment is expected to propel growth of the allergy treatment market over the forecast period. For instance, worldwide, the prevalence of allergic diseases is rising rapidly in both developing and developed countries. Therefore, there is an increase in demand for safe and effective allergy treatment across the globe. For instance, in July 2022, Jerath Path Labs planned to launch new franchises & allergy treatment centres to provide comprehensive, high-quality, rapid-response laboratory testing at affordable prices. Moreover, Jerath Path Labs planned to launch around 100 cosmetology centres by 2022.

Opportunities:

Rise in use of mHealth or telemedicine is expected to provide significant growth opportunities for players in the global allergy treatment market. For instance, in February 2020, Virtual care company Ro launched prescription medications to treat seasonal allergies. The launch means that users of Roman and Rory will be able to get prescription allergy medications through the platform’s telemedicine model. Patients will be able to get prescriptions for the generic forms of Singulair (montelukast), Xyzal (levocetirizine), Flonase (Fluticasone Propionate), Astelin (Azelastine Hydrochloride).

Restraints:

High cost of allergy treatment, lack of awareness, and poor implementation of allergy testing methods are some major factors expected to hamper the growth of the global allergy treatment market. The cost incurred in the treatment of allergy vary from person to person. For instance, as per the Asthma and Allergy Foundation of America (AAFA), the cost of nasal allergies is between US$ 3 billion and US$ 4 billion each year, while food allergies cost about $ 25 billion each year. Moreover, allergies are the 6th leading cause of chronic illness in the United States with an annual cost in excess of US$ 18 billion.

Global Allergy Treatment Market - Impact of Coronavirus (Covid-19) Pandemic

The allergy treatment market witnessed marginal decline due to the outbreak of COVID around the world. It is a respiratory disease characterized by symptoms that may in part overlap with some symptoms of an allergy. Diagnostic procedures and/or treatments were postponed in most allergic diseases to avoid potential environmental triggers. However, these procedures were resumed as soon as the pandemic got under control. In short, the ongoing pandemic has had a dual impact on the allergy treatment market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/allergy-treatment-market-5143

Key Takeaways:

The global allergy treatment market was valued at US$ 17,773.4 Mn in 2021 and is forecast to reach a value of US$ 27,347.4 Mn by 2028 at a CAGR of 6.4% between 2022 and 2028.

Among treatment, anti-allergy drugs segment held dominant position in the global allergy treatment market in 2021, accounting for 85.5% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

  1. Increase in prevalence of allergic disease is expected to boost the growth of the global allergy treatment market. According to Research by National Health Portal of India, around 20% to 30 % of the total population in India suffers from at least one allergic disease. Therefore, there is an increase in demand for safe and effective allergy treatment.
  2. Development of novel treatments to treat allergies is expected to augment the growth of the global allergy treatment market. For instance, in May 2021, Glenmark announced the launch of Ryaltris-AZ Nasal Spray for the treatment of moderate to severe allergic rhinitis, in India. Moreover, Glenmark became the first company in the world to launch Ryaltris-AZ as a novel fixed dose combination of Mometasone furoate 50 mcg + Azelastine 140 mcg.

Competitive Landscape:

Major players operating in the global 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.

Recent Developments:

In February 2021, Bausch + Lomb launched Alaway Preservative Free antihistamine eye drops in the United States, the first and only over-the-counter (OTC) preservative-free antihistamine eye itch relief drop approved by the U.S. Food and Drug Administration (FDA).

In April 2020, Alembic received tentative approval from the FDA for its ANDA Alcaftadine Ophthalmic Solution. Alcaftadine Ophthalmic Solution is an H1 histamine receptor antagonist indicated for the treatment of allergic conjunctivitis-induced itching.

 

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