by The allergic rhinitis treatment market includes a wide range of prescription and over-the-counter drugs to provide relief from symptoms caused by allergies. Antihistamines, decongestants, intranasal corticosteroids, leukotriene receptor antagonists are commonly used to treat nasal congestion, sneezing, itchy throat and eyes associated with allergic rhinitis.
The global Allergic Rhinitis Treatment Market is estimated to be valued at US$ 20.94 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
As per some estimates, over 500 million people are suffering from allergic rhinitis worldwide, with India having over 33 million sufferers alone. Developed western countries witness high prevalence rates too. Growing environmental pollution and changes in lifestyle and dietary habits have significantly contributed to the rising allergies in recent decades. With no permanent cure available, sufferers remain dependent on prescription and OTC medication throughout their lifetime, ensuring continued demand.
SWOT Analysis
Strength: Growing prevalence of allergic rhinitis globally increases the demand for effective treatment. Allergen immunotherapy provides long-term benefits over other treatment options.
Weakness: High costs associated with allergen immunotherapy limits its adoption in developing regions. Seasonal variations in symptoms pose challenges in disease management.
Opportunity: Development of sublingual and subcutaneous allergen immunotherapy tablets and ease of self-administration boosts treatment uptake. Growing health expenditure in emerging countries expands the market potential.
Threats: Various alternative treatment options like nasal decongestants, antihistamines and nasal corticosteroids compete with allergen immunotherapy. Lack of awareness about available treatment options in rural areas hampers market growth.
Key Takeaways
The Global Allergic Rhinitis Treatment Market Size is expected to witness high growth over the forecast period.
North America dominates currently due to high disease prevalence and availability of advanced treatment options in the region. Increasing healthcare expenditure and massive patient population base drive market growth in Asia Pacific region which is expected to be the fastest growing market during the forecast period.
Key players operating in the allergic rhinitis treatment market are ABB, Emerson Electric Co., Honeywell International, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi Electric Corporation, OMRON Corporation, Rockwell Automation, Inc., and Schneider Electric. Growing adoption of sublingual and subcutaneous immunotherapy tablets by these players enhances treatment accessibility. Collaborations between players and research organizations supports development of novel drugs and devices to expand treatment offerings.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
