As per the TMR report, the global opportunity within the allergy treatment market will generate a revenue of US$41.17 bn by 2025, expanding at a 5.5% CAGR from 2017 to 2025. On the basis of geography, North America is in the leading position on account of the high growth of the life science Industry as well as remarkable efforts taken in the research and development center for new drug development. In terms of allergy type, it is the inhaled allergy segment which will witness the highest demand.
Increasing Incidences of Asthma and Allergic Rhinitis Creating Demand for Allergy Treatment
According to the lead author of the report, “the growing consumption of tobacco, and subsequently the high prevalence of tobacco induced allergies have led to an increasing number of awareness programs initiated by governments across the globe, and this is expected to drive the adoption of allergy treatment therapeutics.” Another factor which is contributing to the growth of the allergy treatment market is the growing incidences of asthma and allergic rhinitis.
Rise in Pollution Behind Increase in Number of People Suffering from Allergies
The global rise in the pollution level and carbon dioxide levels are two important reasons behind the growing incidences of various types of allergies as well as asthma. An increasing number of people are suffering from dust allergies, pollen allergies which result in physical discomfort including teary eyes, coughing, and sneezing. All of these factors are expected to create a heightened the demand for anti allergy drugs and push the growth of the allergy treatment market.
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Growing Popularity of Immunotherapy to Go In Favour of Allergy Treatment Market
Today, allergy drugs not only provide temporary relief but also helps in rectifying allergies completely and this is expected to drive its adoption further. Efforts taken by market players so as to develop drugs which are more efficient with also help the market to progress. It is expected that the adoption of immunotherapy so as to boost the body’s natural defenses will also work in the favour of the growth of the allergy treatment market.
The global allergy treatment market is dominated by companies such as ALK-Abelló A/S, GlaxoSmithKline, and Sallergenes Greer, all of which collectively hold a significant share of the market. As per the report by Transparency Market Research (TMR), these companies are holding much shares within the global allergy treatment market on account of their extensive geographical reach and superb product portfolio. There are players in the market focusing extensively on the development of safer and higher efficiency drugs for commonly occurring respiratory allergies. These players include: Sunovion Pharmaceuticals Inc., Allergon AB, Allergan, HAL Allergy Group, Allergy Therapeutics, Teva Pharmaceutical, Meda Pharmaceuticals Inc.