Allergy Treatment Market Size and Share Projected to Surpass USD 34.9 Billion by 2034 at 5.8% CAGR - Report by Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc., Sept. 05, 2024 (GLOBE NEWSWIRE) -- The projected allergy treatment market (알레르기 치료 시장) growth will drive the market to reach a US$ 34.9 billion valuation mark by 2034. This advancement will likely occur at a moderate CAGR of 5.8%.
The growing number of cases of allergic patients is the fundamental market driver. The ever-increasing allergic conditions due to various parameters, like changing lifestyles, poor air quality, and increasing pollution, increase the demand for an antidote to these conditions. Thus, this demand forecast will drive the allergy treatment market size.
The allergy management techniques have been improved in the last few years. Also, these will likely enhance in the forecasted period. Due to this, patients will gain more comfort, which will likely drive the demand forecast. As a result, it will boost the allergy treatment market size.
The growth in medical science and pharmaceutical industries will assist the allergy treatment market growth. This is due to the advancement made in the abovementioned fields. The increasing availability of medicines and therapies will increase consumer demand, driving the market.
Technological advancement is another growth driver that will elevate the allergy treatment market size. Growing technology will likely boost pharmaceutical manufacturing, assisting allergy treatment experts in treating patients better.
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Key Findings from the Market Report
- The food consumption trends are changing rapidly. Due to this, the rising prevalence of allergic diseases can be observed. Also, contamination of food and water are major contributing factors. Many genetic conditions can also be observed, contributing to the market segment's growth.
- The inhaled allergy segment is vastly governed due to the changing air quality. Due to the growing pollution, the air quality in many countries has become poor, and many cities have been ranked as the worst. As a result, many airborne infectious disease-causing pathogens can be seen in a person, making him allergic. So, this is a key segment that influences the market.
- Hospital pharmacies provide medicines to patients on the largest scale. It can be claimed that it is the largest contract point for patients to receive any drugs. Therefore, it is the largest distribution channel segment that contributes to the wholesome growth of the market.
- Medical experts rely on giving anti-allergic drugs to patients. The growing demand for less invasive treatments is driving this segment. Based on the patient’s health report, different anti-allergic drugs can be provided, and less invasive comforting therapies can be given to patients.
Regional Profile
- North America, including the United States and Canada, is spending heavily on research and development activities in the pharmaceutical industry. Due to this, the market's potential growth in the region will be the highest in terms of the vastness of the market size.
- The growing population and rising government investments in the healthcare sector will spur the demand forecasts for the allergy treatment market in Asia-Pacific. Hence, it is another key market contributor.
- Due to the growing sustainability trends in Europe, the demand for sustainable medicines and treatments will likely be fueled. Hence, it is another key market contributor.
Key Developments in the Allergy Treatment Market
- In March 2022, ALK could enter the Chinese market more easily due to the government's waiver of various regulatory policies. Due to this, the organization could embark on its global position, enter a new market, and gain a better market position.
- In February 2024, Genentech received approval from the FDA for its anti-allergy injection called Xolair. This advancement has been crucial from the organization’s market position perspective. The approval will allow the organization to enter a market niche, gaining a competitive edge.
Competitive Landscape
- ALK is a key competitor in the competitive landscape of the allergy treatment market. It operates in a wide canvas, mainly producing syringes, ancillary products, and standardized extracts.
- Stallergenes Greer is another important market player known to produce various test kits, including skin prick test kits and allergen immunotherapy kits.
- Lastly, Allergy Therapeutics offers subcutaneous immunotherapy and sublingual immunotherapy. These are the key working verticals for the organization.
Key Players
- ALK
- Stallergenes Greer
- Allergy Therapeutics
- HAL Allergy B.V
- GSK
- Sunovion Pharmaceuticals, Inc.
- Teva Pharmaceutical Industries Ltd.
- AbbVie Inc.
- Thermo Fisher Scientific Inc.
- Meda AB
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Market Segmentation
Allergy Type
- Food Allergy
- Inhaled Allergy
- Drug Allergy
- Others
Treatment
- Anti-allergy Drugs
- Antihistamines
- Corticosteroids
- Leukotriene Inhibitors
- Others
- Immunotherapy
- Subcutaneous Immunotherapy (SCIT)
- Sublingual Immunotherapy (SLIT)
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies & Drug Stores
- Online Pharmacies
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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