The global allergy treatment market was valued at US$ 17,773.4 Mn in 2021 and is forecast to reach a value of US$ 27,347.4 Mn by 2028 at a CAGR of 6.4% between 2022 and 2028. An immune system reaction to a foreign chemical that is normally not damaging to the body is called an allergy. Allergens are these alien substances. The symptoms and severity of allergic responses determine the appropriate course of therapy. Avoiding the items one is allergic to is frequently the best method to manage symptoms. The severity of allergy symptoms can range from minor to fatal. Pharmacies sell medications without a prescription for those with minor allergies. Drugs like antihistamines are frequently used to treat allergies, whilst decongestants are used as a temporary fix. While creams and lotions are frequently used to treat red, itchy skin, steroids can lessen the (both caused by an allergic reaction). Individuals with some serious conditions may elect to use immunotherapy.
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Market Drivers:
The market for allergy treatment is anticipated to increase at a faster rate than average over the projected period due to rising need for safe and efficient treatments due to rising allergy treatment prevalence. For instance, both emerging and developed nations are experiencing a sharp increase in the incidence of allergy illnesses globally. As a result, there is a rise in demand for secure and efficient allergy therapy worldwide. For instance, Jerath Path Labs intended to open additional franchises and allergy treatment facilities in July 2022 in order to offer thorough, excellent, rapid-response laboratory testing at reasonable pricing. In addition, Jerath Path Labs intended to open over 100 salons by 2022.
Market Opportunities:
Players in the worldwide allergy treatment market may anticipate to have considerable growth potential due to the rise in the usage of mHealth or telemedicine. For instance, the virtual care provider Ro introduced prescription drugs to treat seasonal allergies in February 2020. With the introduction, customers of Roman and Rory will have access to the telemedicine model of the site to obtain prescription allergy drugs. The generic versions of Flonase (Fluticasone Propionate), Singulair (montelukast), Astelin, and Xyzal (levocetirizine), will be available to patients on prescription (Azelastine Hydrochloride).
Market Restraints:
Some significant aspects that are anticipated to restrain the growth of the worldwide allergy treatment market include high treatment costs, a lack of knowledge, and subpar use of allergy testing techniques. The expense associated with treating allergies varies from individual to person. For instance, according to the Asthma and Allergy Foundation of America (AAFA), the annual cost of food allergies is over $ 25 billion, while the cost of nasal allergies is between $3 billion and $4 billion. In addition, allergies account for more than US$ 18 billion in yearly costs and are the sixth most common chronic condition in the US.
Impact of Coronavirus (Covid-19) Pandemic
The global COVID outbreak caused a slight reduction in the demand for allergy medications. It is a respiratory condition with symptoms that may partially coincide with those of allergies. In order to minimise potential environmental triggers, the majority of allergic disorders had their diagnostic tests and/or therapies delayed. However, after the epidemic was under control, these processes were restored. In summary, the current pandemic has had two effects on the market for allergy medications.
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Market Trends:
The worldwide market for allergy treatments is anticipated to expand at a faster rate due to an increase in the prevalence of allergic illness. Around 20% to 30% of India’s entire population, according to research by the National Health Portal of India, has at least one allergy illness. As a result, there is a rise in demand for allergy treatments that are both safe and efficient.
The global market for allergy therapies is anticipated to rise in response to the development of innovative medicines for allergies. In India, Glenmark announced in May 2021 the introduction of Ryaltris-AZ Nasal Spray for the management of mild – to – moderate allergic rhinitis. Glenmark also introduced Ryaltris-AZ, a cutting-edge fixed dosage compound of Azelastine 140 mcg, and Mometasone furoate 50 mcg for the first time ever.
Competitive Landscape:
Alembic Pharmaceuticals Limited, Stallergenes Greer PLC, ALK-Abello AS, Sanofi SA, Teva Pharmaceutical Industries, Novartis International AG, Bausch Health Companies Inc., Dermapharm Holding SE, AbbVie Inc. (Allergan), Leti Pharma, Allergy Therapeutics PLC, Johnson & Johnson, F. Hoffmann-La Roche Ltd., GlaxoSmithKline PLC, and Nicox SA, are major companies that compete in global allergy treatment market.
Recent Developments:
Alaway Preservative Free Antihistamine Eye Drops, the first and only OTC preservative-free antihistamine ocular irritation relief drop authorised by the U.S. Food and Drug Administration, were introduced by Bausch + Lomb in the United States in February 2021. (FDA).
The FDA gave Alembic’s ANDA Alcaftadine Ophthalmic Solution a provisional clearance in April 2020. An H1 histamine receptor antagonist called alcaftadine ophthalmic solution is recommended for treating allergic conjunctivitis.
Reasons to buy this Allergy Treatment Market Report
☑ It attempts an analysis of the competing scenario.
☑ The current and exceptional product revenue market.
☑ An in-depth data on the regional investigation and competitive landscape structure.
☑ It benefits in creating an awareness of the important key product segments.
☑ The marketing strategies, opportunities, and development factors are explained.
☑ Allergy Treatment market size estimation and recent advancements in the industry are explained.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Allergy Treatment Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Allergy Treatment Industry Impact
Chapter 2 Global Allergy Treatment Competition by Types, Applications, and Top Regions and Countries
2.1 Global Allergy Treatment (Volume and Value) by Type
2.3 Global Allergy Treatment (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Allergy Treatment Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Allergy Treatment Market Analysis
Chapter 6 East Asia Allergy Treatment Market Analysis
Chapter 7 Europe Allergy Treatment Market Analysis
Chapter 8 South Asia Allergy Treatment Market Analysis
Chapter 9 Southeast Asia Allergy Treatment Market Analysis
Chapter 10 Middle East Allergy Treatment Market Analysis
Chapter 11 Africa Allergy Treatment Market Analysis
Chapter 12 Oceania Allergy Treatment Market Analysis
Chapter 13 South America Allergy Treatment Market Analysis
Chapter 14 Company Profiles and Key Figures in Allergy Treatment Business
Chapter 15 Global Allergy Treatment Market Forecast (2022-2028)
Chapter 16 Conclusions
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