The global allergy treatment market is projected to gain impetus because of the rise in the incidence of allergies caused due to pollution. Allergic rhinitis and asthma are some of the highly prevalent diseases that could increase the demand in the global allergy treatment market. High tobacco consumption could be another factor leading to a surge in the demand for allergy treatment. On the other hand, the growing number of unmet medical needs in developing countries is expected to push the growth of the global allergy treatment market.
Availability of research and development grants from recognized organizations is expected to help propel the growth of the global allergy treatment market. This could be evidenced by the grant of US$3.3 mn awarded by the National Institute of Allergy and Infectious Diseases to three Texas Tech faculty members in October 2018. The researchers are said to work on the use of microneedles to eliminate peanut allergies.
Transparency Market Research (TMR) anticipates the global allergy treatment market to log a 5.5% CAGR between 2017 and 2025 to attain a valuation of US$41.17 bn by the final forecast year.
Climate Changes and Rising Carbon Dioxide Levels Increase Incidence of Inhaled Allergy
Immunotherapy and anti-allergy drugs are the two main types of allergy treatment available on the global market. Among these, anti-allergy drugs including leukotriene inhibitors, corticosteroids, and antihistamines are envisioned to become vastly popular in the global allergy treatment market. However, the demand for immunotherapies such as sublingual immunotherapy (SLIT) and subcutaneous immunotherapy (SCIT) could grow at a significant rate in the global allergy treatment market.
There are specific allergy treatments provided for the drug, food, and inhaled allergies. Among these, inhaled allergy treatment could become highly prominent in the coming years due to the increasing number of respiratory allergy cases. The demand for inhaled allergy treatment is prophesied to propel on the back of changing climatic conditions and rising carbon dioxide levels in most parts of the world. Allergic rhinitis affected close to 500 mn people in 2015, according to the World Allergy Organization (WAO).
Several North American Pharma Focus on Developing Advanced Allergy Treatments
Allergy treatment products are sold across different distribution channels. However, drug stores and retail pharmacies are prognosticated to witness maximum sales of allergy treatments in the foreseeable future. Nevertheless, online allergy treatment sales have been gradually increasing in recent years. From a geographical perspective, the allergy treatment market is foretold to find North America creating massive demand because of the presence of the vast number of pharma. North American pharmaceutical companies are making desperate efforts to come up with advanced allergy treatments. Development of new allergy treatments could be another factor augmenting the demand in the North America market.
The rise of the life sciences market in North America is forecast to augur well for the allergy treatment market in the region. High government support for research and development in the U.S. and Canada could promise strong growth opportunities in the regional allergy treatment market. Availability of robust healthcare infrastructure is also expected to provide tailwinds to the allergy treatment in North America.
This article was written by Amanpreet Singh, Senior Marketing Editor at Transparency Market Research Pvt Ltd.