Allergic Rhinitis Treatment Market Poised to Witness High Growth Due to Rising Prevalence of Allergic Rhinitis
The Global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 40.5 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024.
Naufan Cmi
The allergic rhinitis treatment market comprises drugs that provide relief from the symptoms of allergic rhinitis such as nasal congestion, sneezing, rhinorrhea, and itchy nose. Allergic rhinitis, also known as hay fever, is caused by an allergic reaction to outdoor and indoor allergens such as dust, pollen, molds, and animal dander. The treatment options for allergic rhinitis include antihistamines, decongestants, leukotriene receptor antagonists (LTRAs), intranasal corticosteroids (INS), and immunotherapy.
The Global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 40.5 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024.
Key Takeaways
Key players operating in the Allergic Rhinitis Treatment Companies are Sanofi, Pfizer, Teva Pharmaceutical, Mylan, AstraZeneca, Boehringer Ingelheim, and GlaxoSmithKline.
There is an increase in research and development activities for combination drugs and biologics for the treatment of allergic rhinitis. Combination therapy provides additional benefits over monotherapy.
Global companies are expanding their presence in emerging markets like Asia Pacific, Latin America, and the Middle East & Africa to tap the growth opportunities in these regions owing to a higher disease prevalence.
Market Drivers
The rising prevalence of allergic rhinitis across the world due to factors like increasing pollution levels and changing lifestyle and environment is a key driver fueling the Allergic Rhinitis Treatment Market Trend. According to a World Allergy Organization white paper, allergic rhinitis affects 10-30% of the global population. Thus, the increasing patient pool suffering from allergic rhinitis supports the growth of the market.
PEST Analysis
Political: The governments are working towards bringing reforms in the healthcare systems and taking initiatives that positively impact the market. For example, policies related to pricing pressure and intellectual property rights.
Economic: The global economy has faced fluctuations in the recent past which had an indirect impact on the market as well. Economic indicators like GDP, disposable income levels, etc influence market growth.
Social: Growing adoption of self-medication practices and increasing health awareness amongst populations has driven the demand for various treatment options. High prevalence of allergies and changing lifestyle habits also affect the social factors.
Technological: Advancements in drug delivery systems, novel therapeutics and digital technologies have enhanced the quality of care. Technologies like artificial intelligence and big data are being explored. Development of more targeted drugs and remote monitoring solutions are also aiding the market.
North America accounts for the largest share of the allergic rhinitis treatment market in terms of value sales. Increased healthcare spending, high diagnosis and treatment rates makes USA and Canada the major revenue generators. Growing environmental pollution and genetic predisposition in the region are key demand determinants. Europe also captures a sizable market share owing to availability of advanced treatment options and supportive reimbursement policies.
The Asia Pacific region is poised to witness the fastest growth over the forecast period in the allergic rhinitis treatment market. This can be attributed to rising incomes, growing health awareness, expanding patient pool and improving access to diagnosis and medications. Countries like China, India and Japan will heavily contribute to the regional market growth. Initiatives aimed at boosting healthcare infrastructures and increasing healthcare expenditure bode well for the overall APAC market.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
