The allergy treatment market by revenue is expected to grow at a CAGR of 6.66% during the period 2020-2026.
The increasing risk of environmental allergies, especially in the urban population, is fueling the growth of the allergy treatment industry. Indulging in indoor activities is increasing the incidence of allergies in children.
According to the American Academy of Allergy Asthma and Immunology, almost 40% of the global population is sensitized to at least one type of allergen. The global allergy treatment market by type is segmented as Medication, Immunotherapy, and Emergency epinephrine. The medication segment contributed the most, acquiring a 75.46% share of the allergy treatment market.
The study considers the allergy treatment market's present scenario and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
North America is the biggest segment in the global allergy treatment market by geography.
The rapid development in industrial growth and urbanization in North America is growing the risk of allergies heavily. There is a high awareness of allergy diseases in the North American population, contributing a high share to this industry across the region. Europe is the second-largest market for allergy treatment products.
One of the crucial factors for the growth of allergy treatment is the growing number of companies providing immunotherapies across the region. Europe, almost 45% of the population from the age group 20-45 years old, is prevalent for allergic rhinitis, and the advancements in allergy treatment boost the growth.
INSIGHTS BY VENDORS
The competition in the allergy treatment industry is based on the product type. Holding such situations as exceptional, the medications segment is highly competitive.
The immunotherapy market is dominated by Allergy Therapeutics and ALK-Abello, with their new and innovative products. The vendors in the segment are focused on introducing newer products that are distinct and innovative to get an edge over competitors.
The immunotherapy industry is growing rapidly, with the number of approvals increasing in the US. The key vendors focusing on innovations and clinical research are the leading drivers for the segment.
Europe and APAC are two of the most rapidly growing regions in the allergy treatment market share, with a CAGR of 7.80% and 8.14%, respectively.
There is a high awareness of allergy diseases in the North American population. The allergy treatment industry in North America will grow at a CAGR of 5.77% during the forecast period.
The immunotherapy segment is expected to grow faster with a CAGR of 9.46% during the forecast period.
The global allergy treatment market by oral is expected to reach USD 16.72 billion by 2026.
The global skin allergy treatment market acquired a 14.39% share in 2020.
In 2020 the global allergy treatment market by medications was valued at USD 21.76 billion. The medications segment mainly dominates allergy treatment. Medications provide relief instant due to which is propelling the demand for allergy medication.
The global food allergy market size is expected to reach USD 9.62 billion by 2026. According to the World Allergy Organization, almost 2.5% of the general population is allergic to at least one type of food. Another common food allergy is the peanut allergy, which is increasing rapidly in the global population. According to recent studies in the US population, peanut allergies have almost tripled in the last 20 years.
The global allergy treatment market by nasal will grow at a CAGR of 6.81% in the upcoming years. Decongestants along with histamines and corticosteroids are commonly prescribed as a nasal formulation. The rising of nasal allergic diseases is propelling the demand for the treatment of allergies.
Retail pharmacies acquired a 59.50% market share of the global allergy treatment market. The direct interaction with the customers, thus having higher customer satisfaction. Outpatient care is another driver for the retail pharmacy. Outpatient care is getting more popular as people are getting more and more aware of their own health.
Dermapharm Holding SE
Johnson & Johnson
F. Hoffman-La Roche Ltd
Boehringer Ingelheim International GmbH
Other Prominent Vendors
Perrigo Company plc
Teva Pharmaceutical Industries Ltd
Amneal Pharmaceuticals LLC
Adamis Pharmaceuticals Corporation
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage 4.1 Market Definition 4.2 Base Year 4.3 Scope of the Study