Global Ragweed Pollen Allergy Treatment Market, by Drug Class (Antihistamines, Decongestants, Nasal Corticosteroids, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Channel), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 954.5 Million in 2023 and is expected to exhibit a CAGR of 4.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like acquisitions is expected to drive the global ragweed pollen allergy treatment market growth over the forecast period. For instance, on January 17, 2022, Stallergenes Greer, a Switzerland-based global healthcare company specializing in the diagnosis and treatment of allergies through the allergy immunotherapy (AIT) products, announced that the company has entered into a research collaboration on the discovery of biomarkers of AIT efficacy with Imperial College London, a U.S.-based global university with a world-class reputation in science, engineering, business, and medicine. This long-term research collaboration, which combines the long-standing expertise of Stallergenes Greer in AIT with the prestigious research capabilities of Imperial College London, aims to push the boundaries of allergic patient care by identifying biomarkers of AIT efficacy and expanding the knowledge of the pathophysiology of allergic diseases and their treatment with AIT.
Global Ragweed Pollen Allergy Treatment Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had positive impact on the global ragweed pollen allergy treatment market due to increasing need for allergy treatment. As allergic conditions were elevated during COVID 19 conditions. For instance, according to an article published by the Journal of Clinical Communications, on July 27, 2020, a study was conducted to check impact of COVID-19 on children with allergic asthma. A total of 212 children diagnosed with allergic asthma in our allergy unit were included. Cases were randomly selected from consecutive children with a scheduled medical appointment between April and May 2020. It was found that SARS-CoV-2 infection elicited asthma exacerbation.
Global Ragweed Pollen Allergy Treatment Market: Key Developments
Increasing launch of new range of products is expected to drive the market growth.
For instance, on February 15, 2022, Stallergenes Greer, a Switzerland-based global healthcare company specializing in the diagnosis and treatment of allergies through the allergy immunotherapy (AIT) products, announced that it has received approval in Australia for a new indication for ACTAIR, a 300 IR sublingual allergen immunotherapy (SLIT) tablet for the treatment of allergic rhinitis, for patients aged 5 years and over. Approval of ACTAIR for patients under the age of 12 was supported by data from a multi-centre, randomized, double-blind, placebo-controlled study, which evaluated the efficacy of ACTAIR at a daily maintenance dose of 300 IR administered for 12 months to children between 5 and 16 years old with allergic rhinitis. A total of 438 patients were randomized to receive 12 months of treatment with ACTAIR or placeboAn onset of action vs placebo was demonstrated as early as 2 months. Local adverse reactions were observed, with most of them mild in nature. The safety profile of ACTAIR in this paediatric population was consistent with that of adults, with no new safety concerns.
Browse 32 Market Data Tables and 27 Figures spread through 160 Pages and in-depth TOC on Global Ragweed Pollen Allergy Treatment Market, by Drug Class (Antihistamines, Decongestants, Nasal Corticosteroids, and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Channel), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/ragweed-pollen-allergy-treatment-market-4054
Key Takeaways of the Global Ragweed Pollen Allergy Treatment Market:
- Global ragweed pollen allergy treatment market is expected to exhibit a CAGR of 4.6 % during the forecast period. Funding raised by key market players is expected to accelerate its research & development activities. For instance, on March 15, 2023, Allergy & Asthma Network, a U.S.-based nonprofit health organization dedicated to eliminating needless death and suffering due to asthma, announced that U.S. chambers of Congress and President Biden has increased funding for asthma and allergy programs. It supports research, education and outreach initiatives at U.S. Department of Health and Human Services, U.S. Department of Housing and Urban Development and U.S. Environmental Protection Agency. Such initiatives can drive market growth.
- Among drug class, antihistamine segment is expected to dominate the global ragweed pollen allergy treatment market over the forecast period, owing to launch of new antihistamines for allergy treatment. For instance, on June 17, 2021, The U.S. Food and Drug Administration (FDA) approved a nasal antihistamine for nonprescription use through a process called a partial prescription to nonprescription switch. 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. The U.S. FDA granted the approval of nonprescription Astepro to Bayer AG, Germany based healthcare company.
- Among region, North America is expected to be the dominant region in the global ragweed pollen allergy treatment market, owing to the increasing launches of newer drugs in the region. For instance, on February 18, 2022, Morepen Laboratories Ltd., an India-based pharmaceutical company received tentative approval for its generic anti-allergy drug, fexofenadine hydrochloride by U.S. FDA. Fexofenadine is an antihistamine sold under the brand name Allegra by originator firm Sanofi Aventis. It is the most widely used second-generation antihistamine for the treatment of allergy symptoms and hay fever. Morepen sells the product in India under the brand name Fexopen.
- Major players operating in the global ragweed pollen allergy treatment market include ALK-Abello A/S, ASIT Biotech SA, Anergis SA, Biomay AG, and Astellas Pharma Inc., Thermo Fisher Scientific Inc, Siemens Healthcare Private Limited, Omega Diagnostics Group PLC, Stallergenes Greer, bioMerieux SA, Lincoln Diagnostics, Inc, HOB Biotech Group Corp Ltd, HYCOR Biomedical, Inc, Alcon, Hitachi Chemical Diagnostics, Inc, Quest Diagnostics Incorporated, Circassia, Immunomic Therapeutics, Inc, Novartis AG, Japan Tobacco Inc, GlaxoSmithKline plc, REGiMMUNE Co, Ltd, Sanofi, and Merck KGaA.
