Allergic rhinitis treatment market is estimated to be valued at USD 16.10 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period (2024-2031). The growing prevalence of allergic rhinitis is a major driver for market growth. Furthermore, the rising adoption of biologic drugs for allergic rhinitis treatment is anticipated to provide lucrative opportunities to market players in the coming years.
Market Dynamics:
The global allergic rhinitis treatment market is primarily driven by the growing prevalence of allergic rhinitis and increasing adoption of biologic drugs. The prevalence of allergic rhinitis has been increasing significantly over the past few decades owing to changing environmental conditions and lifestyle habits. According to a report by American Academy of Allergy, Asthma & Immunology (AAAAI), allergic rhinitis affects over 50 million Americans annually. Moreover, increasing levels of indoor and outdoor pollutants such as dust mites, pollen, smoke, etc. have contributed to the elevating prevalence of allergic rhinitis globally.
Increasing prevalence of allergic rhinitis is driving the market growth
Allergic rhinitis, also known as hay fever, is caused by an allergic reaction to airborne allergens such as pollen, mold, dust mites, and animal dander. The prevalence of allergic rhinitis has been increasing significantly across the world over the past few decades. According to the World Allergy Organization, over 150 million people globally suffer from allergic rhinitis. The rising incidence of allergies due to growing environmental pollution and changing lifestyle factors is one of the major drivers boosting the demand for allergic rhinitis treatment drugs and devices. Pharmaceutical companies have been developing innovative drugs with better efficacy and safety profiles to capitalize on this growing market opportunity.
Growing awareness about treatment options is another key growth promoter
In the past, allergic rhinitis was perceived as a minor nuisance rather than a serious medical condition by many. However, growing health education campaigns by doctors, patient advocacy groups as well as pharmaceutical companies have helped enhance awareness about allergic rhinitis and the variety of treatment options available. People have come to understand that it is not just a case of sneezing and itchy eyes, but an inflammatory disease that needs medical management. This rising awareness about allergic rhinitis and its harmful long-term effects if left untreated has encouraged more patients to seek professional help. Consequently, the demand for prescription drugs and devices for allergic rhinitis treatment is surging consistently year-on-year.
High cost of treatment acts as a restraint
Although innovative drugs have improved treatment outcomes, they tend to be very expensive. The high cost of branded allergic rhinitis medications is a major restraint hampering their mass adoption, especially in price-sensitive developing markets. The high retail prices of these drugs are putting them out of reach of many patients in need. Even developed countries like the U.S. have a sizable underinsured population who struggle to afford continued drug therapy. The entry of affordable generic alternatives although helps address this issue to some extent, their limited efficacy compared to branded drugs is still a concern for some patients. Overall, the hefty price tags attached to advanced allergic rhinitis medications are restricting market growth to a certain degree.
Side effects of drugs discourage long-term usage
While drug therapy is very effective against allergic rhinitis symptoms, many prescription medications also produce undesirable side effects such as dryness of nose and throat, sleepiness, taste disturbances, etc. in some patients. The occurrence of such side effects with long-term use diminishes patient compliance and encourages discontinuation of treatment. This is a major restraint hampering sustainable demand for allergic rhinitis pharmaceuticals. Pharmaceutical manufacturers need to focus more on developing safer drugs with minimal side effect profiles to improve medication adherence rates over the long-run.
Increasing focus on alternative treatment spurs opportunities
To circumvent the limitations of drug therapy, there is growing consumer interest in alternative allergic rhinitis remedies like acupuncture, herbal supplements and allergen immunotherapy. Non-drug products are generally safer, better tolerated, and provide a more holistic treatment approach. Seeing lucrative prospects, many new companies are entering this niche alternative therapy segment and releasing innovative herbal formulas, homeopathic medicines, and immunotherapy solutions. The rising popularity of complementary and alternative medicines for allergic rhinitis augurs many business opportunities for industry players.
*Link: https://www.coherentmarketinsights.com/market-insight/allergic-rhinitis-drugs-market-1201
Key Development
- In May 2023, Altamira Therapeutics Ltd., a global healthcare company, announced positive top-line results from the randomized controlled NASAR clinical trial evaluating its Bentrio nasal spray in patients with seasonal allergic rhinitis (SAR). Bentrio nasal spray is formulated as a drug-free and preservative-free gel emulsion designed to help protect against airborne allergens such as pollen or house dust mites.
- In August 2022, Hikma Pharmaceuticals PLC, a pharmaceutical company, announced the launch of RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray) in the U.S. RYALTRIS is approved by the U.S. Food and Drug Administration (FDA) for the treatment of symptoms of seasonal allergic rhinitis (SAR) in adult and pediatric patients 12 years of age and older.
- In November 2021, Revolo Biotherapeutics, a biotherapeutics company, started a phase II clinical trial for IRL201104, a novel immunomodulatory peptide drug indicated for seasonal allergic rhinitis
- In June 2021, through a procedure known as a partial prescription to non-prescription transition, the U.S. Food and Drug Administration (FDA) approved a nasal antihistamine for non-prescription use. The U.S. FDA approved Astepro (azelastine hydrochloride nasal spray, 0.15%) for seasonal and perennial allergic rhinitis, commonly known as allergies for adults and children six years of age and older.
- In March 2021, ALK-Abelló A/S, a pharmaceutical company, announced its submission of a registration application in China, under National Medical Products Administration (NMPA), Chinese agency for regulating drugs and medical devices, for its ACARIZAX, a house dust mite (HDM) sublingual allergy immunotherapy (SLIT) tablet
Key Players: 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., Regeneron Pharmaceuticals Inc., Revolo Biotherapeutics, Dr. Reddy’s Laboratories Ltd, Glenmark Pharmaceuticals Ltd, Bayer AG, Alembic Pharmaceuticals Limited, Sanofi, and Hikma Pharmaceuticals PLC
