11 March 2021
Visiongain has published a new report on Allergy Treatment Market Report to 2031: Forecasts By Type (Eye Allergy, Skin Allergy, Food Allergy, Asthma, Rhinitis, and Others), By Treatment (Anti-Allergy Drugs and Immunotherapy), By Distribution Channels (Hospital Pharmacies, Retail Pharmacies, and Online Retailers) PLUS COVID-19 Recovery Scenarios.
Global Allergy Treatment market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Allergy Treatment Market
The COVID-19 pandemic has deleteriously affected all the countries and industries. Similarly, the allergy treatment market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. In contrast, the rising research & development activities for developing novel treatments against COVID-19 is creating a lucrative opportunity for the companies. Hence, the overall COVID-19 impact is expected to continue to moderate for the global key players operating in the industry.
Increasing Occurrence of Allergies Calls for Effective Treatments
The increasing occurrence of allergies year-on-year globally is driving demand for effective allergy treatment. For the case, allergic rhinitis is a widely occurring allergy across the globe, suffering approximately 10% to 30% of the worldwide population. As per the assessment of the AAAAI, nearly 7.8% of the people above 18 are more likely to develop allergic rhinitis in the U.S. Thus generating demand for therapies to improve the lifestyle and provide relief from the effects of the allergy. Moreover, skin allergies, food allergies, and asthma are also relatively predominant around the world and continue to push the demand for allergy treatment.
According to the Allergy and Clinical Immunology (JACI) assessed that 2-37% of the European people have reported food allergy. As individuals become progressively aware of the convenience of these treatments, a growing number of people are ready to pursue treatment, fueling the global allergy treatment market growth in the given timeframe.
Huge Demand For Innovative Procedures
The increasing prevalence of allergies and the successive spending on treatments are allowing key players to improve their treatment offerings. Global players operating in the market are improving the existing SLIT drugs, which is clinically verified against atopic dermatitis, airway allergies, and a few food allergies. The latest surveys have recommended that SLIT continue to be a popular choice among people over SCIT, despite its limitations, due to its convenience. Furthermore, it has been well-known that the occurrence of food allergy increases 10% each year, leading to greater demand for immunotherapy.
At the same time, oral immunotherapy is gaining importance among healthcare professionals and people, particularly in the treatment of allergic rhinitis. Oral immunotherapy is used to control the occurrence of allergic reactions triggered by unintentional allergen contact with minimal levels of tolerance. As a result, key players are concentrating on enhancing their offerings on oral immunotherapy.
Moreover, factors such as rising levels of pollution, altering consumption habits, changing lifestyle, and growing consumption of alcohol is subsequently increasing the occurrence of skin and other allergies, further enhancing target industry growth.
Novel Product Launches in Sublingual Immunotherapy Offer Lucrative Growth Opportunities
The U.S. Food and Drug Administration (FDA) sanction for sublingual immunotherapy is creating a lucrative opportunity for the target industry growth. The launch of innovative treatments such as Grastek, Oralair, and Ragwitek, has a positive impact on the global allergy treatment market growth. Besides, the progress of Odactra to cure the sensitivity triggered by house dust mite is expected to prompt the growth of the target market.
Key players operating in the global allergy treatment market are Allergy Therapeutics, McNeil Consumer Healthcare, Alerpharma S.A, Allergan, Inc., Genentech Inc., Allergopharma, Allergon AB, Meda Pharmaceuticals, Inc, Schering-Plough Corporation, Sepracor, Inc., Collegium Pharmaceutical, Inc., and Vicks.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global allergy treatment market. For example, on 13th January 2020, the U.S. Food and Drug Administration approved Palforzia to lessen allergic reactions, including anaphylaxis, that may occur with accidental exposure to peanuts.
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