by The global allergy treatment market stands to benefit from heightened awareness about allergic symptoms and conditions. Allergies have emerged as a widespread health issue due to various environmental and genetic factors. Commonly used allergy medications include antihistamines, decongestants, and corticosteroids that provide relief from symptoms such as sneezing, itching, runny nose and others. Brands offering tailored therapy options have gained popularity as they address individual needs. Over-the-counter as well as prescription drugs are available for treating allergy types like seasonal, perennial, food and latex allergies. Innovation in delivery forms has added convenience for frequent users.
The Global allergy treatment market is estimated to be valued at US$ 23048.97 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the allergy treatment market are Amcor PLC, Blisters Inc., Honeywell International Inc., Blisterpak Inc., VisiPak, Sonoco Products Company, Powerpak Industries L.L.C., Clearwater Packaging Inc., Constantia Flexibles GmbH, Westrock Company, and Algus Packaging Inc. The growing prevalence of allergic disorders worldwide is prompting increased spending on symptom management. Furthermore, the rising consumer awareness about available treatment options is fueling the demand for allergy medications. Innovation in packaging solutions is also aiding the global reach of international brands.
Market Key Trends
Allergy Treatment Drugs Market trend of self-medication for minor allergy issues through over-the-counter drugs is contributing to the volume growth of the market. Affordable generic alternatives provide good price points for recurrent users. The availability of online refills is further encouraging treatment compliance for chronic conditions. Tailored therapeutic approaches towards precision allergy care present new avenues for pharmaceutical players.
Porter’s Analysis
Threat of new entrants: High capital requirement for R&D and clinical trials act as a deterrent. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes. Threat of new substitutes: Threat of new substitutes is moderate as developing new drugs requires huge investments and time. Competitive rivalry: Intense competition exists among existing players to gain higher market shares.
Geographical Regions
Allergy Treatment Drugs Market Regional Analysis North America accounts for the largest share of the global allergy treatment market in terms of value, owing to the high prevalence of allergic diseases and rising awareness regarding their treatment. Growth in the availability of advanced products, supportive reimbursement policies, and higher healthcare spending also contribute to the high market value share held by the region.
The Asia Pacific region is poised to exhibit the highest growth during the forecast period. This can be attributed to factors such as the rising incidence of allergic diseases due to increasing pollution levels and changing lifestyle patterns. Moreover, improving access to healthcare services and growing medical tourism in countries such as India and China offer significant opportunities for market players in the region.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
