Allergy treatment market to show robust growth by 2030 ZNews Africa
the global allergy treatment market size was estimated at $17,773.4 million in 2021and it is estimated that it reaches $29,194.7 million by 2030, registering a CAGR of 6.4% from 2022 to 2030. Key growth drivers for the allergy treatment market include growing burden of various types of allergies, increasing investment by manufacturers in developing new allergy treatments and the growing importance for self-medication. According to data released by the American College of Allergy, Asthma & Immunology, 2021, allergies are the sixth leading cause of chronic disease in the United States, with an annual cost of more than $18 billion, and more than 50 million ‘Americans suffer from allergies every year.
Certain regulatory patterns can be observed internationally. Previously, allergy treatment products were marketed primarily on the basis of expert opinion, and regulatory oversight was also limited, particularly for immunotherapy drugs. However, clinical data has become even more necessary for market access over the past two decades.
Get Full Sample PDF Copy of Report: https://www.marketstatsville.com/request-sample/allergy-treatment-market
In addition, the government is taking initiatives to raise public awareness of different allergies. For example, in September 2021, The Allergy & Asthma Network, American Partnership for Eosinophilic Disorders, American Lung Association, and Asthma and Allergy Foundation of America collaborated on a new initiative, Little Airways, Big Voices.
Global Allergy Treatment Market Definition
Allergy is a condition in which the immune system reacts abnormally to a foreign substance. Allergy symptoms vary and can include swelling, rash, itching, and shortness of breath.
Allergy shots are a form of treatment called immunotherapy. Each allergy shot contains a tiny amount of specific substances that trigger your allergic reactions. These are called allergens.
Global Allergy Treatment Market Dynamics
Drivers: The growing importance of self-medication
Self-medication products do not require a medical prescription and are produced, distributed and sold to consumers for use on their own initiative. Self-medication is thus becoming an increasingly important field in the field of health, in particular in the treatment of allergies. It leads patients towards greater autonomy in decision-making regarding the management of minor illnesses, thus promoting empowerment. Self-medication also has benefits for health systems, as it improves access to medicines and can reduce prescription drug costs associated with publicly funded health programs. Therefore, the growing importance of self-medication products is fueling the demand and supply of allergy medications. For example, according to a 2020 article from the National Center for Biotechnology Information (NCBI), several studies have indicated that self-medication is a common practice, with a prevalence of 32.5-81.5% worldwide.
Constraints: Increased preference towards the use of biosimilars
The number of biologic drugs has shown a continuous and exponential upward trend. According to 2020 statistics from the Generics and Biosimilars Initiative, in 2018 the United States Food and Drug Administration approved seven biosimilars, while in 2019 it approved 10, bringing the total approved to 26 and in July 2020, 28 biosimilars have been approved. According to a July 2021 article by the American Association of Nurse Practitioners (AANP), in 2018 the United States Food and Drug Administration created its Biosimilars Action Plan to advance policies to facilitate the development and approval of biosimilars. The action plan focuses on four key areas, including developing effective communications to improve understanding of biosimilars among patients, clinicians and payers; improve the efficiency of the development of biosimilar and interchangeable products; maximize scientific and regulatory clarity for the development of biosimilars; and compete in the market. Additionally, more recently, in February 2020, the United States Food and Drug Administration (USFDA) released a draft guidance document to address reporting and advertising of biosimilars.
However, the change in attitude in drug development affects health care, the pharmaceutical industry, regulators and payers. The higher costs of biologics development have resulted in a significant increase in total drug expenditures that is often unsustainable for many national health services. Therefore, advancements in drug development have hampered access to drugs for patients due to the high cost of drugs. It has also led to an increased risk for pharmaceutical companies to make huge investments without any certainty of financial return.
Inquire Before Purchase @: https://www.marketstatsville.com/buy-now/allergy-treatment-market?opt=2950
Scope of the Global Allergy Treatment Market
The study categorizes the allergy treatment market based on type, treatment, distribution channels, dosage form and region.
By Outlook type (Sales, million USD, 2017–2030)
- Eye allergy
- skin allergy
- Food allergy
- Other allergies
By treatment outlook (Sales, million USD, 2017–2030)
- Anti-allergic drugs
By distribution channels Perspectives (Sales, million USD, 2017–2030)
- Hospital pharmacies
- Retail pharmacies
- Online retailers
By Outlook Dosage Form (Sales, million USD, 2017–2030)
Outlook by region (Sales, million USD, 2017–2030)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
Rhinitis segment accounted for the largest market share
Based on type, the global allergy treatment market is divided into eye allergy, rhinitis, asthma, skin allergy, food allergy, and other allergies.. In 2021, the rhinitis segment accounted for the largest market share of 70.1% in the global allergy treatment market. Rhinitis, also known as allergic rhinitis (AR), is a type of nasal inflammation that occurs when the immune system overreacts to allergens in the air. Its symptoms include sneezing, nasal congestion, itching and rhinorrhea.
AIT (Allergy Immunotherapy) in patients with RA reduces nasal and ocular symptoms, induces tolerance and has preventive potential. According to the Allergy Clinical Journal article entitled “Next-generation Allergic Rhinitis and Its Impact on Asthma (ARIA) guidelines for allergic rhinitis based on Grading of Recommendations Assessment, Development and Evaluation (GRADE) and real-world evidence” published in October 2019 reported that, in line with Allergic Rhinitis and its Impact on Asthma (ARIA) guidelines, AIT was positioned as an additional treatment option for RA patients with uncontrolled disease despite adequate pharmacotherapy. The addition of allergy immunotherapy in the treatment options could boost the growth of the studied market.
Request for Full TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/allergy-treatment-market
Asia Pacific represents the highest CAGR over the forecast period
Based on region, the global allergy treatment market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.8% in the global allergy treatment market during the forecast period. The region includes countries such as China, India, Japan, South Korea, Australia, Southeast Asia and Rest of Asia.–Peaceful. In China, allergic rhinitis, asthma, skin diseases (eg eczema, urticaria, atopic and contact dermatitis), conjunctivitis and several forms of food allergies are the most common. Chinese herbal medicine (CHM) has been widely used to treat allergic rhinitis. However, several studies have produced conflicting data on the drug’s effectiveness. Moreover, the other new drugs are also developing rapidly in China.
Additionally, allergies are common and increasing in India. The growing prevalence of allergies and asthma in India has become a major health concern, with symptoms ranging from mild rhinitis to severe asthma and even life-threatening anaphylaxis. According to the World Asthma Report 2018, asthma affects around 6% of children and 2% of adults out of India’s 1.31 billion people. This indicates the need for asthma treatment measures, contributing to the growth of the market.
Request for Report Description @ https://www.marketstatsville.com/allergy-treatment-market
Main market players
The allergy treatment market is slightly concentrated in nature with few global players operating in the market such as ALK-Abello AS, AbbVie Inc. (Allergan), Allergy Therapeutics PLC, Bausch Health Companies Inc., Alembic Pharmaceuticals Limited, F Hoffmann-La Roche Ltd, Nicox SA, GlaxoSmithKline PLC, Johnson & Johnson, Leti Pharma, Dermapharm Holding SE, Novartis International AG, Sanofi SA, Stallergenes Greer PLC and Teva Pharmaceutical Industries.