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Allergy is the condition when the immune system of the body reacts abnormally to a foreign substance. The body shows mild to severe symptoms when allergy occurs. The growing prevalence of allergic conditions is the most responsible factor for the growth of the market during the forecast period. Different types of treatments are available on market used to treat several types of allergies. Allergy can be treated by just avoidance of allergic triggers or with medications like corticosteroids and epinephrine. Along with these traditional medications, several novel therapies like the use of highly purified allergen extracts and recombinant allergens are developed, thus this helps to boost immunity against allergies. The use of such novel therapies contributes to the growth of the market. Furthermore, rising awareness about self-medication to treat several allergies anticipated the growth of the market during the forecast period; this is attributed to patients’ preference for over-the-counter (OTC) options of medications such as anti-histamine drug cetirizine. Despite these driving factors, there are various restraining factors like an increase in usage of low-cost bio-similar and low awareness regarding allergy immunotherapy which will hinder the growth of the market in the forecast time frame.
Key Market Driver -
Growing prevalence of allergic conditions Development of novel therapies to treat allergies Rising awareness about self-medication
Key Market Restraint -
– Increase in usage of low cost bio-similar Low awareness regarding allergy immunotherapy
Globally, the allergy treatment market can be segmented on the basis of type, treatment, route of administration and geography. Based on the type, the market can be segmented into drug allergy, food allergy, insect allergy, skin allergy, latex allergy, pet allergy, pollen allergy, dust allergy and others. Based on treatment the market is segmented into medications and immunotherapy. Based on route of administration market can be segmented into oral, parenteral, nasal and others. Geographically, the allergy treatment market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the allergy treatment market are GlaxoSmithKline plc., Stallergenes Greer, Sanofi, Johnson & Johnson Services, Inc., Circassia, F. Hoffmann-La Roche Ltd, AbbVie Inc., ALK, Allergy Therapeutics and other prominent players.
Geographically, the allergy treatment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to account for the majority of the share of the allergy treatment market. The dominance of the region is attributable to the increasing adoption of immunotherapy and developments in food allergy treatments. For instance, the development of food allergen immunotherapy (FA-AIT) is the allergen-specific immunotherapy. Europe is expected to hold the second-largest market share during the forecast period due to innovation in the drug delivery process of sublingual doses and a rise in the prevalence of allergic conditions. The Asia Pacific is expected to grow with a substantial growth rate during the forecast period owing to a rise in disposable income of individuals and development in healthcare infrastructure. The market in Latin America and the Middle East & Africa is expected to hold considerable market share during the forecast period due to increasing awareness of people in the region and rising investment in healthcare research.
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