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Urticaria, also known as hives, occurs when the body reacts to an allergen and relaeses histamine and other chemicals from under the surface of the skin. The histamine and chemicals cause inflammation and fluid to accumulate under the skin, causing wheals. Urticaria can be treated using drugs such as antihistamines, H2-blockers, monoclonal antibodies, antidepressants. Factors such as rising cases of urticaria, growing awareness regarding hypersensitivity and allergies, and growing drug approvals for urticaria treatment are some of the major factors that are contributing in accelerating the growth of the global market during the forecast period. For instance, In October 2019, JDP Therapeutics received USFDA approval for cetirizine injection (quzyttir) for acute urticaria.
The urticaria treatment market is expected to register a significant growth during the forecast period due to factors such rising prevalence of urticaria, rise in drug approvals for the treatment, and growing awareness regarding the allergic reactions. However, preference for other treatment options such as homeopathy is the major factor expected to limit the growth of urticaria treatment market.
Key Market Driver -
Rising prevalence of urticaria, rise in drug approvals for the treatment
Key Market Restraint -
Preference for other treatment options such as homeopathy
Globally, the urticaria treatment market can be segmented on the basis of the disease type, drug type, route of administration, distribution channel and region. Based on the disease type, the market can be segmented into acute urticaria and chronic urticaria. Based on drug type, the market can be segmented into antihistamines, H2-blockers, monoclonal antibodies, antidepressants, and others. Based on the route of administration, the market can be segmented into oral, topical, and parenteral. Based on distribution channel, the market can be segmented into hospital pharmacies, retail pharmacies, and others. Geographically, the urticaria 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 urticaria treatment market are Pfizer Inc., Merck & Co., Inc., Novartis AG, Johnson & Johnson Services Inc., Sanofi, Genentech, Inc., Teva Pharmaceutical Industries Ltd., and other prominent players.
Geographically, the urticaria treatment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to lead the global urticaria treatment market. Increasing incidence of urticaria, well developed healthcare facilities, and significant research investments are the major factors attributable to the expansion of market in North America. For instance, according to Allergy & Asthma Network, chronic spontaneous urticaria (CSU) affects approximately 1.6 million people in U.S. High awareness of the disease and people focusing on improving the quality of life are the factors anticipated to foster the market in Europe. On the other hand, Asia Pacific is expected to register the highest CAGR owing to the rising prevalence of urticaria and increasing healthcare expenditure in the region. The market in Latin America and the Middle East & Africa are in limited stage of growth. However, significant developments for the improvement of the healthcare sector is likely to help witness a significant growth in the market in the forthcoming years.
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