The demand in the global allergy treatment market is projected to increment at a healthy CAGR of 5.5% during the forecast period of 2017 to 2025, gaining traction from a number of factors such as presence of vast unmet medical needs in various emerging economies, growing prevalence of asthma and allergic rhinitis along with high consumption of tobacco, various novel molecules in pipeline, and upsurge in allergies as a result of environmental pollution. While high cost of immunotherapy and increasing preference of complementary and alternative medicines (CAM) are still hindering the market from attaining its true potential, the vendors of this market will gain new opportunities from the advent of SPIRE, emergence of sublingual immunotherapy (SLIT), and identification of new allergen targets.
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Need to Subside Physical Discomfort Ups Demand for Anti-allergic Drugs
The demand to serve unmet medical needs in several emerging economies, several novel pipeline molecules, rising consumption of tobacco, rising incidence of asthma and allergic rhinitis, and upsurge of allergies are some of the primary factors driving the global allergy treatment market. The prevalence of tobacco-induced allergies have led several governments worldwide to ramp up awareness programs leading to increased adoption of therapeutics for several allergies. This in turn, is offering opportunities to product manufacturers to up drug production to serve this demand.
Globally, rising environmental pollution and increasing CO2 levels have been key factors behind the increasing incidence of various types of allergies. Dust allergies, pollen allergies that cause physical discomfort such as sneezing, coughing, and teary eyes are pushing the demand for anti-allergic drugs. The use of anti-allergic drugs not only provides temporary relieve, but can also act to rectify allergies completely.
On the other hand, adoption of immunotherapy to boost the body’s natural defenses is also acting in favor of the allergy treatment market. While immunotherapy is currently a new therapy, advances in the field of immunotherapy and increasing rate of success will favor the adoption of immunotherapy for allergic conditions. This will boost the growth of allergy treatment market.
Increased Risk of Side-effects Limits Adoption
On the downside, the allergy treatment market faces several growth challenges. Increasing preference for alternative medicines that have fewer side effects, poor patient adherence, dearth of healthcare infrastructure in developing and underdeveloped countries, and high cost of immunotherapy are proving to be a roadblock to this market’s growth. Nevertheless, the global allergy treatment market is likely to gain from some key trends coming to the fore. This includes advent of SPIRE, adoption of sublingual immunotherapy, identification of new allergen targets, and strategic partnerships between market players for novel drug development.