The global prevalence of allergic illnesses is likely to fuel growth in the global allergy treatment market during the forecast period. The most prevalent allergic illnesses affecting children are asthma, allergic rhinitis, atopic dermatitis, and food allergies, and the incidence of these problems has increased in recent years. Regulatory agencies' frequent approval of new medications is projected to drive the global allergy treatment market over the forecast period. Because of the rising incidence of allergic disorders, there is a growing demand for safe and efficient therapy. People's lack of knowledge about allergy immunotherapy is projected to stymie the worldwide allergy treatment market's expansion. Despite a significant growth in the frequency of allergens in people, allergic disorders are still frequently underdiagnosed and underestimated due to a lack of knowledge in both developed and developing countries. The growing preference for biosimilars is projected to stifle expansion in the worldwide allergy treatment industry.
According to Coherent Market Insights, 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.
Market Leaders in the Allergy Treatment Industry:
1. AbbVie Inc. (Allergan)
AbbVie develops pharmaceuticals and medical devices. They provide products and services to therapeutic areas including immunology, oncology, neuroscience, eye care, virology, women's health, and gastroenterology. The company was founded in 2013, headquartered in Illinois, U.S.
2. Allergy Therapeutics PLC
Allergy Therapeutics plc was incorporated in 2004 and is headquartered in Worthing, the United Kingdom. Allergy Therapeutics plc, a biotechnology company, engages in the research and development of allergy treatments. The company sells injectable and sublingual allergen-specific immunotherapies; and offers prescription for the treatment of pollen-related allergies particularly to grasses, weeds, and trees, as well as diagnostics. Its products include Pollinex Quattro, Oralvac, Venomil, ImmunoBON, Acarovac Plus, Pollinex, and VLP Peanut.In October 2019, Allergan PLC announced the launch of three new over-the-counter (OTC) Refresh Relieva products. Refresh Relieva, Refresh Relieva PF (preservative-free) multidose, and Refresh Relieva for Contacts.
3. Bausch Health Companies Inc.
Bausch Health Companies Inc., together with its subsidiaries, develops, manufactures, and markets a range of pharmaceutical, medical device, and over-the-counter (OTC) products primarily in the therapeutic areas of eye health, gastroenterology, and dermatology. The company operates through five segments: Salix, International, Solta Medical, Diversified Products, and Bausch + Lomb. 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 March 2021, Bausch Health Companies Inc. and Glenmark Pharmaceuticals entered into an exclusive licensing agreement for the commercialization of Glenmark's innovative nasal spray RYALTRIS under review by Health Canada. Bausch Health Companies Inc. is headquartered in Laval, Canada. Founded in
4. Alembic Pharmaceuticals Limited
Alembic Pharmaceuticals Limited develops, manufactures, and markets pharmaceutical products in India and internationally. It offers active pharmaceutical ingredients and formulations. Alembic Pharmaceuticals Limited was founded in 1907 and is headquartered in Vadodara, India. 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.
5. GlaxoSmithKline PLC
GSK plc, together with its subsidiaries, engages in the research, development and manufacture of vaccines and specialty medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through four segments: Pharmaceuticals, Pharmaceuticals R&D, Vaccines, and Consumer Healthcare. GSK plc was founded in 1715 and is based in Brentford, the United Kingdom.
6. Johnson & Johnson
Johnson & Johnson, together with its subsidiaries, researches, develops, manufactures, and sells various products in the healthcare field worldwide. The company was founded in 1886 and is based in New Brunswick, New Jersey.
7. Novartis International AG
Novartis develops and manufactures healthcare products through two segments: Innovative Medicines and Sandoz. It generates the vast majority of its revenue from Innovative Medicines segment consisting global business franchises in oncology, ophthalmology, neuroscience, immunology, respiratory, cardio-metabolic, and established medicines. The company sells its products globally, with the United States representing close to one third of total revenue. The company was founded in 1996, headquartered in Switzerland.
8. Sanofi SA
Sanofi offers research, development, manufacturing, and marketing of innovative therapeutic solutions. It covers areas such as diabetes solutions, human vaccines, innovative drugs, consumer healthcare, emerging markets, animal health, and the new G enzyme. The company was founded in 2004, headquartered in New Jersey, U.S.
9. Teva Pharmaceutical Industries
Teva Pharmaceutical Industries Limited, a pharmaceutical company, develops, manufactures, markets, and distributes generic medicines, specialty medicines, and biopharmaceutical products in North America, Europe, Israel, and internationally. Teva Pharmaceutical Industries Limited has a collaboration MedinCell for the development and commercialization of multiple long-acting injectable products, a risperidone suspension for the treatment of patients with schizophrenia. The company was founded in 1901 and is headquartered in Tel Aviv, Israel.
*Definition-An allergy is an immune system reaction to something that does not bother most individuals. Allergies arises when a person responds to environmental chemicals that are normally innocuous to most individuals.
