Allergy Treatment Market Is Estimated To Witness High Growth Owing To Growing Allergic Patient Population

ashwinicmi

posted on 9 months ago — updated on 1 second ago

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The Allergy Treatment Market is estimated to be valued at US$ 20007.78 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Allergy Treatment Market Is Estimated To Witness High Growth Owing To Growing Allergic Patient Population

Market Overview:
Allergy treatment involves treatments that help reduce symptoms, prevent allergic reactions or minimize exposure to allergens. The major types of allergy treatment include antihistamines, corticosteroids and asthma medications. Antihistamines help reduce symptoms such as sneezing, itching, rashes and hives by blocking histamine release in the body. Corticosteroids are recommended for severe symptoms and help suppress the immune system response. Asthma medications such as bronchodilators and preventive inhalers are used to treat allergy-induced asthma.

Market Key Trends:
The global allergy treatment market is expected to witness significant growth owing to growing allergic patient population. According to the Asthma and Allergy Foundation of America, over 50 million Americans suffer from allergies. Additionally, pollution and climate change are leading to rise in allergy prevalence globally. Growing research and development activities for innovative allergy treatment drugs and therapies is further fueling market growth. For instance, researchers are developing non-sedating antihistamines, sublingual immunotherapy and novel monoclonal antibodies for allergy treatment. Increasing awareness about availability of treatments through healthcare campaigns and social media is encouraging people adopt early diagnosis and treatment.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the development cycle of new products is long and require regulatory approval. New players also need to spend significantly on establishing distribution channels and building brand name.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as the market has presence of multiplesubstitute products. Buyers can easily switch between brands as allergy symptoms vary from person to person.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw material sources are many and commoditized. However, suppliers of patented novel technologies can possess some pricing power.
Threat of new substitutes: The threat of new substitutes is moderate as many substitute products exist for symptom relief. However, alternatives are rarely considered substitutes for allergy immunotherapy as they only provide symptomatic relief.
Competitive rivalry: Competition is high among existing players.

SWOT Analysis
Strength: Wide product portfolio and strong R&D pipeline to bring novel therapies. Established brand names and larger product reach through extensive distribution channels.
Weakness: High research and development costs. Stringent regulations that increase time for product approval and entry barriers.
Opportunity: Rising allergy prevalence rates globally due to changing environmental and lifestyle factors. Emerging markets like Asia Pacific provide high growth potential.
Threats: Patent expiries of blockbuster drugs. Price control measures and healthcare cost containment in major markets.

Key Takeaways
The Global Allergy Treatment Market Demand is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing prevalence of allergies worldwide. According to a report by World Allergy Organization, allergic diseases are among the most common chronic diseases in the industrialized world. Factors like pollution, industrial emissions, changing climate etc are contributing to increased allergies.

Regional analysis - North America dominated the market and accounted for the largest revenue share in 2023 owing to developed healthcare infrastructure and increasing healthcare spending. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with a CAGR of around 7.2% due to rising medical tourism, increasing healthcare expenditure and expanding patient pool in countries like India, China and Japan.

Key players operating in the allergy treatment market incorporate 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. Major companies are focusing on new product launches.