Allergy Treatment Market to Register Substantial Expansion by 2024
An allergy refers to a condition that is caused due to hypersensitivity of the human immune system to some harmless materials. These substances are known as allergens in the environment. The global allergy treatment market is likely to be driven by the growing need to meet the huge unmet demand in developing parts of the world and rising prevalence of asthma.
Some of the well-known market players in the global allergy treatment market are Schering-Plough Corporation, McNeil Consumer Healthcare, GlaxoSmithKline plc, Allergan plc, Collegium Pharmaceutical, Inc., and Allergy Therapeutics.
Transparency Market Research (TMR) has prepared a detailed research report on the global allergy treatment market for the forecast period of 2017 to 2025. The market is forecasted to expand at 5.5% CAGR during 2017 to 2025.
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Presence of Advanced Healthcare Infrastructure Propels North America at the Forefront of Growth
TMR analysts have divided the global allergy treatment market on the regional parameter in an attempt to offer a clearer picture of the global allergy treatment market. North America, Latin America, Asia Pacific, Middle East and Africa, and Europe are the key regional segments of the market.
Considering regions, North America is likely to dominate the global allergy treatment market over the tenure of assessment. The region is estimated to retain its dominance over the tenure of assessment owing to considerable rise in various types of allergies like eye allergy, respiratory allergy, and skin allergy. In addition, existence of advanced healthcare infrastructure and increased need for immunotherapy for treatment of allergies in the region is expected to propel growth of the market.
Asia-Pacific is another region that is rapidly rising to prominence in the global allergy treatment market. Reasons for its growing prominence are gradual development in the healthcare infrastructure and increased consciousness about advanced immunotherapy in the allergy treatment.
Growing Preference toward Self Medication for Treatment of Allergies to Boost Market
Allergens could comprise aeroallergens like tree weed, wheat, dust mite, soy, mold, prawns, eggs, and many other edible and non-edible things. Numerous allergic conditions can be caused by allergens like allergic rhinitis, asthma, hay fever, and atopic dermatitis. Some of the major symptoms of allergic reactions comprise rashes, itching on nose, eyes, throat, stuffy nose, red and teary eyes, sneezing, and many others. Apart from that, allergies to certain food items could also result in respiratory symptoms, acute diarrhea, vomiting, and respiratory issues. It could also, though rarely, cause death.
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Substantial rise in the prevalence of allergic diseases and emerging trend of buying medications for allergies over the counter is another key factor for the expansion of the global allergy treatment market. A rise in self medication at the backdrop of growing prevalence of various allergic diseases is likely to further support the growth of the market in times to come. According to the findings of World Health Organization (WHO), allergies are the fourth largest condition of pathology in the world. Increased research and development activities to bring forth new treatments and medications of various allergies are estimated to propel growth of the market in years to come.
The information shared in this review is based on a TMR report, bearing the title, “Allergy Treatment Market (Type – Eye Allergy, Food Allergy, Skin Allergy, Asthma, and Rhinitis; Treatment – Anti-Allergy Drugs and Immunotherapy; Dosage Form – Oral, Inhalers, and Intranasal; Distribution Channel – Hospital Pharmacies, Retail Pharmacies, and Online Retailers)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.”
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