by The global 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 caused by an allergic reaction to outdoor or indoor allergens such as pollen, dust mites, pet dander, or mold spores. It is characterized by symptoms like sneezing, itchy or runny nose, red, watery eyes among others. The treatment of allergic rhinitis includes oral antihistamines, nasal corticosteroids sprays or drops, anticholinergics, immunotherapy among others. These treatments provide relief from symptoms and help improve the quality of life of patients.
Market key trends:
One of the key trends in the allergic rhinitis treatment market is the focus on developing monoclonal antibody therapies. Monoclonal antibody therapies such as omalizumab (Xolair) target specific allergens and immunoglobulin E (IgE), thereby blocking the allergic response to allergens. Another key trend is combination therapies that include oral antihistamines along with other supplements targeted at specific symptoms. For instance, oral antihistamines are increasingly being combined with nasal corticosteroids that help reduce inflammation and congestion. Combination therapies help achieve better symptom control with complementary mechanisms of action.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires huge investments and regulation to enter. However, emergence of regional and local players poses a threat to existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of generic substitutes and branded drugs. Buyers can easily switch to substitutes based on price factors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required are easily available. However, compliance to quality standards restrains easy switching.
Threat of new substitutes: Threat of new substitutes is high due to ongoing research and product innovations. Alternatives like immunotherapy drugs pose threat to conventional drugs.
Competitive rivalry: Fierce competition exists between global and regional players to broaden product portfolios and geographical footprints.
Key Takeaways
The global Allergic Rhinitis Treatment Market Share is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing pollution levels and changing lifestyle.
Regional analysis:
North America dominates the global market and is expected to grow at a higher rate over the forecast period due to growing awareness about management of allergic rhinitis. Asia Pacific market is expected to grow at the fastest rate due to huge population suffering from allergies and initiatives by regional governments.
Key players:
Key players operating in the Allergic Rhinitis Treatment 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€TMs Laboratories Ltd, ALK-AbellÃ3 A/S, and Revolo Biotherapeutics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
