Nutraceuticals is Fastest Growing Segment Fueling the Growth of Allergic Rhinitis Treatment Market

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The Allergic Rhinitis Treatment Market is estimated to be valued at US$ 18.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Allergic rhinitis, commonly known as hay fever, refers to inflammation of the nasal passages resulting from an allergic reaction. Symptoms include sneezing, itching and stuffy nose. Conventional treatment includes oral antihistamines, intranasal corticosteroids and immunotherapy. Antihistamines help reduce symptoms by blocking the effects of the histamine released during an allergic reaction. Corticosteroids help reduce inflammation in the nose. Immunotherapy involves regularly administering small quantities of allergen to develop tolerance over 3-5 years.

 

Market key trends:

 

One of the key trends in the allergic rhinitis treatment market is the growing use of antihistamines. Antihistamines act as histamine receptor blockers and are considered as first-line treatment for allergic rhinitis symptoms. There has been significant research and development of new generation antihistamines which are more effective and associated with fewer side-effects. For example, fexofenadine, desloratadine and levocetirizine have relatively less sedative properties and are widely adopted. These antihistamine drugs are available both in prescription and over-the-counter formats, expanding their accessibility. Moreover, combination therapies using antihistamines along with other drugs like corticosteroids or decongestants are also gaining popularity. This is expected to drive the demand for antihistamines, thereby supporting growth of the overall allergic rhinitis treatment market during the forecast period.

 

Porter’s Analysis

Threat of new entrants: The allergic rhinitis treatment market faces a moderate threat of new competitors entering the market. Considerable capital is required to research and develop new drugs. Stringent regulations by regulatory authorities also pose a barrier.

Bargaining power of buyers: The bargaining power of buyers is moderate. Due to the availability of many treatment options provided by established brands, buyers have sufficient options to choose from. However, price sensitivity is low as allergic rhinitis cannot be left untreated.

Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Major suppliers in this market include pharmaceutical companies, raw material suppliers and contract manufacturing organizations. Suppliers have minimal threats due to availability of substitutes.

Threat of new substitutes: The threat of substitutes is low as rhinitis cannot be cured but only managed through lifelong treatment. New substitutes that can effectively treat rhinitis with minimal side effects pose a threat.

Competitive rivalry: High due to large number of established players offering similar treatments.

 

SWOT Analysis

Strengths: Availability of various treatment options, robust pipeline molecules addressing unmet needs, growing patient awareness.

Weaknesses: Drugs only manage symptoms, risk of side effects and drug resistance, presence of alternative therapies.

Opportunities: Increasing patient pool, new player entry, emerging markets development, combination therapies.

Threats: Patent expiries of blockbuster drugs, pricing pressure, regulatory hurdles.

 

Key Takeaways

The Global Allergic Rhinitis Treatment Market Size is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing prevalence of allergic rhinitis globally attributed to environmental changes and rapid urbanization.

 

Regional analysis: North America dominates the market holding over 40% share due to established healthcare infrastructure and technological advancements. However, Asia Pacific is expected fastest growing market during the forecast period attributed rapid economic growth, rising healthcare expenditure, and increasing patient pool in China and India.

 

Key players operating in the allergic rhinitis treatment market are Merck & Co., Inc., Boehringer Ingelheim International GmbH, AstraZeneca, GSK plc., Johnson & Johnson Services, Inc. Teva Pharmaceutical Industries Ltd., Novartis AG, Mylan N.V., Aytu BioPharma, Inc., Glenmark Pharmaceuticals Ltd, Himalaya Wellness Company, Regeneron Pharmaceuticals Inc., and Allergy Therapeutics.

Get More Insights Here

https://www.newswirestats.com/allergic-rhinitis-treatment-market-size-share-growth-outlook-2023/

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