logo
logo
Sign in

Nutraceuticals is Fastest Growing Segment Fueling the Growth of Allergic Rhinitis Treatment Market

avatar
Sumedha
Nutraceuticals is Fastest Growing Segment Fueling the Growth of Allergic Rhinitis Treatment Market

The Allergic Rhinitis Treatment market is estimated to be valued at US$ 18.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Allergic rhinitis, commonly known as hay fever, is a condition where the inner lining of the nose gets inflamed and swollen by an allergen such as pollen. Some of the common symptoms include sneezing, itchy/runny nose and nasal congestion. The treatment products include antihistamines, decongestants, corticosteroid nasal sprays which help provide relief from the symptoms. These prescription and Over-The-Counter (OTC) drugs are widely available through medical stores and online retailers.

 

Market Dynamics:

Allergic rhinitis treatment market is expected to grow at a steady pace owing to the increasing prevalence of allergy cases across the globe. According to a 2018 report by World Allergy Organization, allergic rhinitis affects about 600 million individuals worldwide. Some key factors contributing to rising allergies include air pollution, change in climate and lifestyle changes. Another driver is the development of novel therapies such as allergen-specific immunotherapy which provides long term relief from symptoms by inducing tolerance to allergens through gradual exposure. While antihistamines and corticosteroid sprays are commonly used first line treatment, demand for newer formulations with less side effects is also growing in the market. For instance, biologics targeting specific cytokines such as IL-4, IL-5 and IgE are gaining traction. Overall, increasing awareness about allergic conditions and availability of various treatment options will support the market growth over the forecast period.

 

SWOT Analysis

Strength: The Allergic Rhinitis Treatment Market has strong growth potential owing to the high prevalence of allergic rhinitis globally. The increasing investments by manufacturers in the development of advanced products will provide an edge to the market. Furthermore, launch of novel products with improved efficacy and fewer side effects are enhancing the treatment outcomes and patient compliance.


Weakness: High costs associated with immunotherapy as a treatment option restricts its adoption in low and middle-income countries. Moreover, the penetration of generic drugs post patent expiry of blockbuster drugs hinders the market revenue of some players.


Opportunity: Rising geriatric population vulnerable to allergic rhinitis presents remunerative growth opportunities. Additionally, emerging economies offer scope for market expansion owing to rising healthcare expenditure and demand for innovative treatment options.


Threats: Stringent regulations for approval of new drug products extends the overall time duration required to commercialize therapies. Biosimilar competition after the expiration of biologic patents threatens to replace existing blockbuster drugs.


Key Takeaways

The Global Allergic Rhinitis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of allergic rhinitis globally. According to a report by World Allergy Organization, the global prevalence of allergic rhinitis was approximately 25% in 2013. This is expected to rise further in the coming years, thereby augmenting the market growth.


Regional analysis:


North America dominated the global Allergic Rhinitis Treatment market and accounted for over 35% of the global market share in 2023. This is attributed to the strong foothold of leading market players, availability of advanced treatment options and growing patient awareness regarding allergic conditions. On the other hand, Asia Pacific exhibits the most lucrative prospects among other regions, advancing at a CAGR of around 5% during the forecast timeline. This is ascribable to rising healthcare standards and increased purchasing power in densely populated emerging countries like India and China.

 

Key players


Key players operating in the Allergic Rhinitis Treatment market are 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., Glenmark Ph

Get More Insights Here

https://www.trendingwebwire.com/allergic-rhinitis-treatment-market-share-size-forecast-outlook-2023-2030/

collect
0
avatar
Sumedha
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more