The Allergic Rhinitis Treatment Market is estimated to be valued at US$ 18.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergic rhinitis is a condition caused by an allergic reaction to inhaled allergens such as pollen, dust mites, mold spores, etc. Common symptoms include nasal congestion, sneezing, watery eyes, and itchy nose or throat. Treatment options for allergic rhinitis include antihistamines, corticosteroid nasal sprays, and immunotherapy. Antihistamines help relieve symptoms by blocking the effects of histamine produced during an allergic reaction. Corticosteroid nasal sprays reduce inflammation, swelling, and mucus production in the nasal passages. Immunotherapy or allergy shots help reduce sensitivity to specific allergens over time.
Market key trends:
Rising prevalence of allergic diseases is a major factor driving the allergic rhinitis treatment market growth. As per the World Allergy Organization, over 30% of the world's population suffers from allergic rhinitis with the prevalence being higher in regions with modern lifestyles including North America and Europe. Changing environmental conditions, pollution, and industrialization have contributed to higher exposure to indoor and outdoor allergens exacerbating allergic conditions. Moreover, increasing awareness about different treatment options and availability of newer drugs and therapies are supporting the adoption of allergic rhinitis treatment. However, high treatment costs and lack of effective treatment in developing regions continue to restraint market growth to some extent.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as allergic rhinitis treatment market requires huge R&D investments and regulatory approvals to enter. Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment options are differentiated but buyers have some influence over prices. Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials and manufacturing but suppliers need approval to enter the market. Threat of new substitutes: The threat of new substitutes is low as the treatment focuses on providing relief from symptoms and no major substitute exists. Competitive rivalry: High as major companies continuously invest in R&D and marketing to gain market share.
SWOT Analysis
Strength: Wide treatment portfolio and strong R&D focus of key players to develop new therapies. Weakness: Seasonal nature of symptoms and need for frequent medical help pose challenges. Opportunity: Rising disease prevalence worldwide and ongoing introduction of new advanced therapies. Threats: Patent cliff of blockbuster drugs and entry of generic versions impact revenues.
Key Takeaways
The global Allergic Rhinitis Treatment Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing disease prevalence globally. The prevalence of allergic rhinitis has increased rapidly worldwide due to environmental pollution, climate change and modern lifestyle.
Regionally, North America dominated the global market and is expected to retain dominance over the forecast period. Higher per capita healthcare expenditure and extensive R&D activities by key players in the US and Canada are fueling dominance. However, Asia Pacific is anticipated to show fastest growth fueled by rapidly growing patient population, rising spending on healthcare and increasing awareness.
Key players operating in the allergic rhinitis treatment market are Merck & Co., Inc., Boehringer Ingelheim International GmbH, AstraZeneca, GSK plc., Johnson & Johnson Services, Inc. Teva Pharmaceutical Industries Ltd., Novartis AG, Mylan N.V., Aytu BioPharma, Inc., Glenmark Pharmaceuticals Ltd, Himalaya Wellness Company, Regeneron Pharmaceuticals Inc., Allergy Therapeutics, Stallergenes Greer, Bayer AG, Dr. Reddy€TMs Laboratories Ltd, ALK-AbellÃ3 A/S, and Revolo Biotherapeutics.
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