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| Allergic Rhinitis Treatment Market Size |
The global allergic rhinitis treatment market is estimated to be valued at US$ 14,916.9 million in 2023 and is
expected to exhibit a CAGR of 4.1%
over the forecast period 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Allergic rhinitis treatment refers to medications used to manage symptoms of
allergic rhinitis such as nasal congestion, sneezing, rhinorrhea, and nasal
itching. Allergic rhinitis, commonly known as hay fever, is caused due to an
allergic reaction to outdoor and indoor allergens such as tree pollen, grass
pollen, weed pollen, dust mites, mold spores, and animal dander. Rising number
of people suffering from allergies coupled with growing environmental pollution
levels is fueling the prevalence of respiratory allergies globally. According
to a study by the American College of Allergy, Asthma and Immunology, allergic
rhinitis affects 10-30% of the global population. Medications for allergic
rhinitis include antihistamines, decongestants, intranasal corticosteroids
(INCS), leukotriene receptor antagonists (LTRAs), and immunotherapy. These
medications provide effective symptomatic relief and are convenient to use.
Market Key Trends:
The global allergic rhinitis treatment market is witnessing notable growth
driven by increasing research and development activities. Manufacturers are
investing in development of novel drug delivery systems such as intranasal
sprays and sublingual tablets that show rapid relief of symptoms. For instance,
in February 2023, Allergy Therapeutics introduced the ATX-101 which is a novel
recombinant vaccine based on genetically engineered peptide fragments target
house dust mites. Further, increasing adoption of combination therapies is
expected to drive the market growth. Combination therapies through the use of
multiple drugs aim to target various aspects of the allergic cascade for
enhanced efficacy.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand
recognition by existing players make the entry of new players difficult in the
allergic rhinitis treatment market.
Bargaining power of buyers: Large customer base with increasing allergy cases
gives high bargaining power to buyers.
Bargaining power of suppliers: Established suppliers and differentiated
products result in lower bargaining power of suppliers.
Threat of new substitutes: Limited threat from substitute products due to
specificity of drugs for rhinitis treatment.
Competitive rivalry: Intense competition among existing players to gain higher
market share leads to high competitive rivalry.
Key Takeaways
The global Allergic
Rhinitis Treatment Market Size is expected to witness high growth,
exhibiting CAGR of 4.1% over the
forecast period 2023-2030, due to increasing allergy prevalence globally.
Regional analysis: North America dominates the allergic rhinitis treatment
market due to growing patient population. However, Asia Pacific is expected to
witness the highest growth during the forecast period owing to increasing
healthcare expenditure and developing healthcare infrastructure in the region.
Key players operating in the allergic rhinitis treatment market 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’s Laboratories Ltd,
ALK-Abelló A/S, and Revolo Biotherapeutics.