April 22, 2024

Allergic Rhinitis Treatment Market is Estimated to Witness High Growth Owing to Rising Prevalence of Allergic Rhinitis

The allergic rhinitis treatment market comprises antihistamines, corticosteroids, decongestants and others. Antihistamines are the most common type of drug used for treating allergic rhinitis or “hay fever” as it reduces sneezing, itching, watery eyes and rhinorrhea caused due to allergies. Allergic rhinitis occurs when the immune system overreacts to allergens like dust mites, pollen, pet dander, or mold. It causes symptoms like sneezing, nasal congestion, runny nose and itchy eyes. Demand for allergic rhinitis treatment drugs is increasing owing to the rising global prevalence of allergic rhinitis triggered by increasing environmental pollution.

The Global allergic rhinitis treatment market is estimated to be valued at US$ 20.94 Bn in 2024 and is expected to exhibit a CAGR of 9% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in The Allergic Rhinitis Treatment Market are ABBOTT, AstraZeneca, GSK, Johnson & Johnson Services, Inc., Merck, Sanofi.

The key opportunities in the allergic rhinitis treatment market include development of novel formulation drugs for enhanced efficacy and safety, expansion in emerging markets, and growing adoption of digital health solutions for allergic rhinitis management.

North America dominated the global allergic rhinitis treatment market in 2020. However, Asia Pacific is expected to witness highest growth over the forecast period owing to rising air pollution levels, growing awareness about allergic rhinitis, and expansion of key players in China, India and other emerging countries.

Market drivers
The rising global prevalence of allergic rhinitis is the major market driver. According to a study, allergic rhinitis affects approximately 600 million people worldwide. In addition, rising environmental pollution levels such as increased dust, smog and higher concentrations of allergens have significantly contributed to the increasing prevalence of allergic rhinitis across regions. Other key market drivers include growing awareness about allergic rhinitis diagnosis and treatment, availability of various drugs with enhanced efficacy and minimal side effects, new product launches, and strong pipeline of drugs under development.

PEST Analysis
Political: The growing healthcare expenditure and favorable reimbursement policies for allergic rhinitis treatments in major markets drive the growth. Regulations supporting the usage of advanced therapies will boost adoption.

Economic: Rising income levels and growing medical insurance coverage in developing nations increase accessibility to prescribed drugs and devices. This augments spending on specialty care.

Social: Growing air pollution and changing lifestyle factors increase the risk of allergies across age groups. Widespread self-diagnosis and medication prompts timely interventions.

Technological: Emerging therapies harness nanotechnology, biologics and digital therapeutics for personalized and long-acting care. Tech-enabled monitoring aids compliance. Connected devices enhance care coordination.

Geographical concentration
North America dominates in terms of value attributable to a strong economy, advanced healthcare infrastructure and awareness. Expanding patient pool and uptake of expensive biologics fuel regional growth.

Fastest growing region
Asia Pacific shows high potential driven by unmet needs, willingness to pay for premium treatments and efforts to bridge care gaps. Favorable policies and investments to modernize healthcare systems across China, India and other developing countries create opportunities. Initiatives to enhance diagnostics and therapeutics access boost adoption.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it