Global Allergy Treatment Market To Be Driven By The Growing Geriatric Population In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Allergy Treatment Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global allergy treatment market, assessing the market based on its segments like market by type, treatment, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 17.9 billion
- Forecast CAGR (2023-2028): 6.5%
- Forecast Market Size (2026): USD 26.12 billion
As the prevalence of asthma among children, geriatrics, and adults rises due to higher pollution levels, demand for anti-allergy drugs and immunotherapy is increasing. Airway remodelling is a dreadful condition that can be caused by an unethical approach to asthma or a lack of knowledge about allergies.
Allergy Treatment Industry Definition and Major Segments
Allergy treatment is the process of treating an allergy with medications or allergy shots, or by aiding an individual in avoiding a specific substance to avoid subsequent responses. Allergy treatment may involve antihistamines and prevention of allergens.
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The allergy treatment market, based on type, can be segmented into:
- Eye Allergy
- Skin Allergy
- Food Allergies
On the basis of treatment, the market can be categorised into:
- Anti-Allergy Drugs
Among these, the anti-allergy drugs segment is further divided into corticosteroids, antihistamines, decongestants, and other drugs. The immunotherapy segment is further categorised into sub-cutaneous immunotherapy (SCIT) and sub-lingual immunotherapy (SLIT).
The regional markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Allergy Treatment Market Trends
The increased use of antihistamines and other anti-allergy drugs, which are particularly helpful in treating people who experience allergic reactions to pollen or other allergens. Antihistamines are also used to treat a variety of illnesses, including gastrointestinal issues, the common cold, and anxiety. Furthermore, rising demand for immunotherapy is likely to boost the market, as this type of treatment is appropriate for long-term use. Immunotherapy demand is predicted to rise as the prevalence of allergy rhinitis, allergic asthma, conjunctivitis, and stinging insect allergy, among other disorders, rises. The growing need to combat allergies as a result of the region’s aging population is likely to be a major factor driving the allergy treatment industry’s growth. Growing healthcare expenditures, as well as the development of clinics and hospitals in the region, all contribute to the market’s growth. Furthermore, in countries such as the United States and Canada, the availability of trained medical practitioners who specialize in asthma and eye allergy treatments is expected to boost market expansion in the future years.
Key Market Players
The major players in the market, are AbbVie Inc., GlaxoSmithKline PLC, F. Hoffmann-La Roche Ltd., Johnson & Johnson Services, Inc., Sanofi S.A., LETI Pharma, S.L.U and among others.
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