Allergic Rhinitis Treatment Market  For Allergic Rhinitis Treatment Expected To Witness High Growth Owing To Rising Prevalence Of Allergies & Growing Awareness About Treatment Options

The allergic rhinitis treatment market is estimated to be valued at US$ 14,916.9 million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Allergic rhinitis or hay fever is caused when the body’s immune system overreacts to allergens like pollen, dust mites, animal dander, or molds in the air. Common symptoms of allergic rhinitis include sneezing, nasal congestion, runny nose, and itchy eyes. The allergic rhinitis treatment market offers various products to manage symptoms like antihistamines, decongestants, nasal strips, immunotherapy, and intranasal corticosteroids. Intranasal corticosteroids are the most effective treatment option for reducing nasal symptoms and are commonly prescribed by doctors as the first line of defense.

Market Dynamics:
The growing prevalence of allergic diseases globally is a major driver boosting the allergic rhinitis treatment market growth. According to a report by American Academy of Allergy Asthma & Immunology, more than 50 million Americans suffer from allergies every year. Further, rising awareness about treatment options and frequent product innovations are also fueling the market demand. For example, in 2020, Regeneron Pharmaceuticals launched nasal spray REGN-COV2, which is aimed at treating and preventing COVID-19. Additionally, changing lifestyle and pollution levels are increasing the exposure to various allergens and thereby leading to a rising incidence of allergic rhinitis, particularly in urban areas.
Segment Analysis
The Allergic Rhinitis Treatment Market Size is segmented into medication, immunotherapy and others. Amongst these, the medication segment dominates the market owing to the increasing prevalence of allergic rhinitis across the globe. Medication involves both prescription medications like antihistamines and decongestants and over-the-counter drugs to provide relief from symptoms. The medication segment is further divided into antihistamines, intranasal corticosteroids, leukotriene receptor antagonists and mast cell stabilizers.

PEST Analysis
Political: Governments across countries are raising awareness about allergic rhinitis through campaigns and increasing insurance coverage for its treatment which is positively impacting the market growth.
Economic: Rise in disposable income levels have increased the affordability of advanced treatment options for allergic rhinitis in developing nations, driving the market.
Social: Growing incidence of allergic disorders due to changing lifestyle and environmental conditions is increasing the social and economic burden related to allergic rhinitis treatment.
Technological: Companies are investing in R&D to develop more effective drugs with novel mechanisms of action and comfortable drug delivery forms like sublingual tablets to improve treatment outcomes.

Key Takeaways
The global allergic rhinitis treatment market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing environmental pollution and adoption of western lifestyles across emerging countries. Regionally, North America accounted for the largest market share in 2021 owing to the presence of major players and continuously rising disease incidence in the US and Canada. 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 Pharmaceuticals Ltd, Himalaya Wellness Company, Regeneron Pharmaceuticals Inc., Allergy Therapeutics, Stallergenes Greer, Bayer AG, Dr. Reddy’s Laboratories Ltd, ALK-Abelló A/S, and Revolo Biotherapeutics.

Regional analysis shows that the Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising awareness, healthcare infrastructure development and growing expenditure on prescription drugs in China and India.

Key players operating in the allergic rhinitis treatment market are focusing on new product launches and partnerships with local players to strengthen their presence in developing markets. For instance, Merck & Co. launched a new digital therapeutics solution Clarify for allergic rhinitis in 2021.

 

Read More: https://www.rapidwebwire.com/allergic-rhinitis-treatment-market-trends/

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