The allergy treatment market is estimated to be valued at USD 21.19 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period (2024-2031). The global allergy treatment market is witnessing significant growth owing to the increasing prevalence of allergic diseases across the globe.
Market Dynamics:
The global allergy treatment market is primarily driven by the growing incidence of allergic conditions and rapid adoption of over-the-counter medications. According to studies, the number of people suffering from allergies has doubled over the past two decades. Moreover, climate change and rising pollution levels have led to prolonged pollen seasons which is contributing to the increasing allergy cases. The rising healthcare expenditures and growing awareness about available treatment options have also fueled the demand for both prescription and over-the-counter drugs to manage allergy symptoms. Self-medication has become a common practice for treating minor to moderate symptoms of seasonal allergies, thereby boosting sales of antihistamines and other OTC drugs.
Increased Prevalence of Allergic Diseases is Driving the Global Allergy Treatment Market Growth
The global allergy treatment market is experiencing strong growth due to the rising prevalence of various allergic diseases worldwide. According to recent studies, allergic rhinitis alone afflicts over 500 million people worldwide. The market for allergy medications is being fueled by the growing patient population suffering from respiratory allergies, food allergies, skin allergies, and other forms of allergy. As more people are diagnosed with conditions like asthma, eczema, hives, and anaphylaxis, the demand for effective therapeutic drugs and allergy shots is surging significantly. Pharmaceutical companies are accelerating research and development activities and introducing novel treatment solutions to capitalize on this widespread allergy epidemic
Expanding Healthcare Expenditure and Improved Access to Care are Boosting the Market Growth
Rising healthcare spending globally is another key driver propelling the allergy treatment market forward. As healthcare budgets expand, more funds are being allocated for advanced drugs and therapies. Improved access to quality medical care particularly in developing nations is also facilitating the increased adoption of allergy medications. Governments as well as private organizations are raising awareness about varied allergy types and management strategies. This is encouraging more patients to seek timely treatment instead of tolerating the distressing allergy symptoms. Intent on addressing the large unmet needs of allergy sufferers, companies are aggressively marketing their solutions while also lowering product prices through generic versions.
Lack of Disease-modifying Therapies are Restraining the Market Potential
Currently, there are no approved disease-modifying therapies or drugs that can provide a fundamental cure for common allergies. Available treatments only manage the symptoms temporarily but do not eliminate the root cause or halt the progression of the conditions. This major limitation is partly stemming the substantial growth of the allergy treatment market. Pharmaceutical R&D is increasingly focusing on innovative immunotherapies and biological agents with disease-modifying capabilities. However, achieving definitive results through such novel treatments will require many more years of exhaustive research and testing. The lack of curative options continues to be a challenge for allergy patients and a restraint on the market's untapped prognosis.
High Development Costs of Specialized Medications Hinder Wider Adoption Rates
The enormous costs involved in developing specialized therapeutic drugs is deterring the wider proliferation of advanced allergy treatments. Targeted biologicals that aim to reset the patient's immune system and induce long-term tolerance require massive R&D investments over several phases of clinical trials. This makes such specialized therapies highly expensive compared to generic medications. The steep pricing pressures many patients and governments from adopting costlier novel drugs even if more effective and durable. Considering a majority lives with allergies in developing countries, affordability becomes a notable concern here restricting the market potential. Unless production and distribution costs decline significantly, specialized allergy medications may see slower adoption rates industry-wide
Increased Self-care and OTC Medication Trends Present Lucrative Opportunities
The swelling preferences for self-management and over-the-counter (OTC) drugs in allergy care present multiple profitable avenues for market players. Empowered by online health tools and resources, patients now wish to take more control of minor allergy issues without physician intervention. They flock to convenient OTC offerings for quick relief of mild symptoms. Meanwhile, the success of antihistamine brands has motivated companies to introduce OTC versions of other prescription drugs as well after the patent expires. By switching selective products to non-prescription status and enhancing direct-to-consumer marketing campaigns, companies can tap the large potential of self-care segment and substantially boost sales volumes. Transitioning to OTC also lightens the burden on crowded healthcare systems.
Rising Health Consciousness is Catalyzing the Demand for Natural Therapy Options
Individuals are growing more health-conscious in their lifestyle and treatment choices which creates great opportunities. There is surging popularity of alternative and natural remedies for managing allergies without pharmaceuticals. Herbal extracts, probiotics, allergen-specific immunotherapy (ASIT), acupuncture, and ayurvedic formulations are garnering immense interest from consumers. Companies enhancing their portfolio with evidence-based complementary solutions prepared from natural sources have an edge. They can address the rising demand for gentler therapy approaches and attract health-seekers hesitant to use mainstream drugs. By catering to naturopathic segment through research collaborations, companies may achieve sustainable leadership in this fast-expanding global allergy treatment landscape.
Link: https://www.coherentmarketinsights.com/market-insight/allergy-treatment-market-5143
Key Development
- On February 16, 2024, Genentech, Inc., a pharmaceutical company, announced that the U.S. Food and Drug Administration approved Xolair (omalizumab) for the reduction of allergic reactions, including anaphylaxis, that may occur with accidental exposure to one or more foods in adult and pediatric patients aged 1 year and older with IgE-mediated food allergy
- On January 24, 2024, Dr Reddy’s Laboratories Ltd., a pharmaceutical company, announced that it had launched allergy medication, Histallay, into the U.K. for general sale
- In March 2022, Perrigo Company plc, a pharmaceutical company, announced that it has received final approval from the U.S. Food and Drug Administration (FDA) for the over-the-counter use of Nasonex 24HR Allergy (mometasone furoate monohydrate 50mcg)
- In July 2020, Cadila Pharmaceuticals, a pharmaceutical company, announced the launch of anti-allergic drug, Bilastine. Bilastine is an antihistamine drug used in the treatment of allergic rhinitis.
Key Players: Sanofi, Novartis, GSK plc, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Stallergenes Greer, Dermapharm Holding SE, Nicox, Allergy Therapeutics, AbbVie Inc., Teva Pharmaceutical Industries Ltd., Alembic Pharmaceuticals Limited, ALK-Abelló A/S, Bausch Health Companies Inc., GLENMARK PHARMACEUTICALS LTD., Perrigo Company plc, and Dr Reddy’s Laboratories Ltd.
