During the forecast period, the allergy treatment market is expected to grow at a CAGR of 6.9%. The market is expected to be worth US$ 20.20 billion in 2022 and US$ 38.9 billion by 2032.
“Rising investment in the development of advanced technologies, as well as rising asthma incidences, are expected to drive the allergy treatment market growth.”
An allergy is a heightened immune system sensitivity. Allergy occurs when the immune system is activated by a normally harmless foreign material. Animal dander, dust mites, pollen, tree weed, cockroach, mould, and other aeroallergens are just a few of the allergens that can affect the immune system and contribute to indoor allergy problems. Furthermore, allergen consumption may cause symptoms such as vomiting, diarrhoea, or respiratory issues in people with food allergies.
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Allergy symptoms can range from mild, such as a rash or hives, to life-threatening, such as itching, a runny nose, and watery or red eyes. An allergy can be treated differently depending on what a person is allergic to. Immunotherapy and allergen avoidance are used to treat these allergies.
Growing allergies are prompting manufacturers to develop treatments by implementing novel allergic treatments, which are expected to accelerate the market. According to the American College of Allergy, Asthma, and Immunology, asthma and allergies are the most common chronic illnesses in the United States. As a result, approximately 50 million Americans suffer from allergies each year.
On the other hand, rising food allergies in children worldwide are expected to boost allergy treatment adoption during the forecast period. Subcutaneous Immunotherapy treatment, which is one of the most effective procedures used to treat patients’ allergy immunotherapy, has been developed by key healthcare manufacturers, and this is expected to increase the Subcutaneous Immunotherapy treatment market size.
Additionally, the key players are engaging in R&D activities and are developing a new therapy to get rid of severe allergies during the forecast period. However, launching new products with the approval of key marketers is likely to boost the global allergy treatment market growth during the forecast period.
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Based on region, North America dominates the market by securing the maximum share during the forecast period. The rising chronic respiratory diseases, R&D activities, government regulations, and rising food allergies are accelerating the market. Increasing allergy attacks in adults are likely to increase the demand for proper treatment and thereby surge the market size.
For instance, in 2020, the FDA approved its first drug to treat peanut allergy among children, called Palforzia. Peanut allergy affects the immune system in children. Hence, the adoption of Palforzia allows preventing such responses from occurring. This factor is also likely to lead the market growth. The key players are performing a major role in the market by focusing on the consumer’s desire. These players are adopting several marketing tactics to upsurge the market by capturing the lion’s share. Some of the marketing strategies adopted by them are mergers, agreements, collaborations, and partnerships, among others.
Key Segments Covered in the Allergy Treatment Industry Survey
By Type:
- Eye Allergy
- Asthma
- Rhinitis
- Food Allergies
- Skin Allergy
- Others
By Treatment:
- Anti-allergy Drugs
- Immunotherapy
Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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