Allergic Rhinitis Treatment Market size in 2019 is estimated to be $13.4 billion, growing at a CAGR of 3.3% during the forecast period 2020-2025. Allergic rhinitis is commonly known as Hay fever, caused by some of the typical allergens namely pollen, grass, dust, animal dander, cat saliva and mold. Increasing prevalence of Respiratory disease and technological advancement are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for allergic rhinitis treatment during the forecast period 2020-2025.
Allergic Rhinitis Treatment Market Segment Analysis - Treatment Drugs type
Based on the Treatment Drugs Type, Allergic Rhinitis Treatment Market is segmented into Antihistamines, Intranasal Corticosteroids, Immunotherapies, Decongestants, Others. The antihistamines segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 2.5% during the forecast period 2020-2025. Antihistamines are a class of drugs commonly used to treat symptoms of allergies. Moreover, it help relieve watery eyes, itchy eyes/nose/throat, runny nose, and sneezing are contributing to the growth of this segment.
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Allergic Rhinitis Treatment Market Segment Analysis - Route of Administration
Based on the Route of Administration, Allergic Rhinitis Treatment Market is segmented into Oral, Nasal, Intravenous. In 2019, oral held the largest share in the Allergic Rhinitis Treatment Market. This is mainly owing to it provides safety, good patient compliance, ease of ingestion, pain avoidance, and versatility to accommodate various types of drugs are contributing to the growth of this segment.
Allergic Rhinitis Treatment Market Segment Analysis - Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to increase in healthcare investments, advancement in R&D expenditure for the development of allergy treatment, and growth in prevalence of food allergies.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.
Allergic Rhinitis Treatment Market Drivers
Increasing Prevalence of Respiratory Disease
Increasing respiratory disease and increasing prevalence of allergic rhinitis are some factors driving the market growth of this segment. According to Centers for Disease Control and Prevention, about 19.2 million cases have hay fever aged 18 and over and children under age 18 years in 2018 which are increasing the market growth of allergic rhinitis treatment.
Technological Advancement
Increasing technological advancement and increasing healthcare expenditure are some factor driving the growth of the market. Moreover, increasing rate of awareness regarding the availability of myriad treatments and diagnostic methods for treating various diseases are contributing to the growth of Allergic Rhinitis Treatment Market.
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Allergic Rhinitis Treatment Market Challenges
Lack of skilled professional and increasing adoption of alternative treatment are challenging the growth of the market. Moreover, High levels of presence in competition from generic drugs for the disease are further restraining its market growth during the forecast period 2020-2025.
Allergic Rhinitis Treatment Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Allergic Rhinitis Treatment Market. Allergic Rhinitis Treatment top 10 companies are Merck KGaA; GSK group of companies; Sanofi; Cigna; Himalaya Wellness; Janssen Global Services, LLC; FAES Farma SA; Hisamitsu Pharmaceutical Co.,Inc.; Glenmark Pharmaceuticals; Olainfarm; Boehringer Ingelheim International GmbH and Covis Pharma.
Acquisitions/Product Launches:
On July 2019, ALK launches sublingual allergy immunotherapy (SLIT) tablets. This approval will provide patients suffering from the disease a better quality of life targeting the cause of the diseases and not just treating the symptoms associated with it.
On May 2019, Glenmark Pharmaceuticals designed for the treatment of seasonal allergic rhinitis by acting as a fixed-dose nasal spray.
Key Takeaways
In 2019, North America dominates the Allergic Rhinitis Treatment Market owing to increase in healthcare investments, advancement in R&D expenditure for the development of allergy treatment, and growth in prevalence of food allergies.
Increasing prevalence of respiratory disease and technological advancement is driving the market growth of allergic rhinitis treatment.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Allergic Rhinitis Treatment Market report.
Lack of skilled professional and increasing adoption of alternative treatment are challenging the growth of the market.
Related Reports :
A. Allergy Treatment Market
https://www.industryarc.com/Research/Allergy-Treatment-Market-Research-502091
B. Respiratory Disease Testing/Diagnostics Market
https://www.industryarc.com/Research/Respiratory-Disease-Testing-Diagnostics-Market-Research-503770
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