Allergy treatment refers to medication aimed at reducing or eliminating allergic symptoms by targeting immunoglobulin E (IgE) or other components of the immune system involved in allergic reactions. Rising pollution levels have contributed significantly to increased prevalence of allergies around the world. Allergies affect a large number of individuals globally and major pharmaceutical companies are actively involved in developing effective treatment options. Antihistamines, corticosteroids, and decongestants are commonly used medications for treating conditions like asthma, allergic rhinitis, conjunctivitis, etc. Rising awareness about availability of generic medications at affordable costs is also expected to boost adoption rate.
The Global Allergy Treatment Market Size is estimated to be valued at US$ 23,048.97 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.
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.
Rising pollution levels are leading to increased instances of allergic reactions across all age groups. According to a study, 60-70% of the global population experiences some degree of allergic disease each year. This growing prevalence of allergies is expected to drive significant demand for antihistamines and immunosuppressants over the coming years.
Technological advancements are enabling development of advanced delivery systems such as sublingual immunotherapy. Companies are also focusing on R&D to develop monoclonal antibodies and other targeted treatment options. This is expected to revolutionize allergy treatment landscape in the long run.
Market Trends
- Investments in development of allergy vaccines: Major players are investing heavily in R&D of allergy vaccination aimed at providing long term relief from allergic reactions. This represents a key area of focus.
- Increasing preference for generic drugs: Cost sensitivity is prompting many customers to opt for affordable generic medications equivalents. Companies are expanding their generic drug portfolios.
Market Opportunities
- Untapped emerging markets: countries in Asia Pacific and Latin America offer lucrative opportunities due to rising healthcare expenditure and lower treatment rates.
- Pediatric segment: Launching formulations dosed specifically for children can capture a huge demographic suffering from allergies. This presents a major opportunity area.
Impact of COVID-19 on Allergy Treatment Market Growth
The COVID-19 pandemic had a significant impact on the growth of the allergy treatment market. During the initial outbreak, there was a decrease in demand due to lockdowns and social distancing protocols imposed worldwide. This impacted both patient visits as well as the supply chain and manufacturing operations of pharmaceutical companies. However, post-lockdown periods saw a renewed focus on healthcare with people seeking treatment and management options for their pre-existing conditions including allergies.
The demand for over-the-counter medication like antihistamines grew significantly as customers stocked up medicines for potential future emergencies. Telehealth and teleconsultation also gained widespread acceptance for managing seasonal allergic conditions remotely without visits to clinics. Pharmaceutical companies stepped up research efforts on developing new therapies for conditions exacerbated by viral infections like allergic asthma. They also ensured uninterrupted supply of existing drugs by implementing strict safety protocols in manufacturing facilities.
As regional economies recover and reopen fully, the allergy treatment market is expected to witness steady growth. However, future outbreaks may continue posing challenges. Adopting digital health solutions, maintaining inventory levels, and diversifying supply chains will be crucial for sustained growth in the post-pandemic period. Inoculating at-risk populations against viruses may also help reduce disease severity and bolster the market in the long run.
North America Geographical Presence in Allergy Treatment Market
In terms of value, North America holds the largest share of the global allergy treatment market primarily led by the United States. This is due to the high prevalence of allergic conditions like food, drug and seasonal allergies in the region. As per research, more than 50 million Americans are affected by allergies every year. The development of advanced therapeutics coupled with strong reimbursement policies and healthcare expenditure also contribute to the high market concentration in North America. Moreover, the presence of major pharmaceutical players conducting research and manufacturing allergy drugs has further strengthened the regions' position in the global allergy treatment space.
Asia Pacific Emergence as Fastest Growing Region
Asia Pacific is emerging as the fastest growing regional market for allergy treatments globally. This can be attributed to various factors like the rising disposable income, growing health awareness, increasing environmental pollution levels and expanding patient base especially in highly populated countries like China and India. The growing adoption of Western lifestyles also adds to the prevalence of allergic conditions in Asia Pacific. At the same time, improving access to healthcare facilities and gradual introduction of advanced treatment options are fueling the market growth. Furthermore, the presence of low-cost generics manufacturing hubs and rising investments from global pharmaceutical leaders are combining to accelerate the Asia Pacific allergy treatment market.
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