Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Anti-allergic Drugs Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 20, 2021 (GLOBE NEWSWIRE) -- The Global Anti-allergic Drugs Market is expected to grow at a CAGR of around 6.8% from 2020 to 2027 and reach the market value of over US$ 39.5 Bn by 2027.
North America has dominated the global anti-allergic drugs market in the past and is expected to do so again during the forecast period, followed by Europe. This is due to an increasing percentage of the population suffering from allergies. Furthermore, the presence of developed healthcare infrastructure increased environmental pollution, and rising demand for immunotherapy for treatment have accelerated the growth of anti-allergy therapeutic markets in these regions.
On the other hand, Asia Pacific is expected to have the fastest growing CAGR in the global anti-allergic drugs market in the coming years. Asia Pacific is an emerging market due to an increasing allergic patient population pool, rapid development of health care infrastructure, growing awareness about advanced treatment options, and an increase in government health care spending. China will continue to be one of the fastest growing markets in this cluster of regional markets. It is led by countries such as Australia, India, and South Korea in the Asia-Pacific market.
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Market Dynamics
Allergy shots have received a lot of attention in the anti-allergic therapeutic market because they are the only treatment that changes the immune system and prevents new allergies from forming. The development of newer forms of immunotherapy, such as "sublingual immunotherapy," also contributes to the growth of the anti-allergic therapeutic market. For example, the US Food and Drug Administration approved a house dust mite sublingual immunotherapy tablet in April 2017 for the treatment of house dust mite-induced allergic rhinitis in adults. The increase in the patient pool suffering from various types of allergies is a significant factor driving the market. Changes in lifestyle, an increase in environmental pollution, an increase in demand for advanced treatment, and dietary habits have all propelled the anti-allergic therapeutic market. However, the high cost of therapy and side effects are the factors limiting the market for anti-allergic therapeutics.
Segmental Outlook
The global anti-allergic drugs market is segmented based on type of allergy, medication, and end-users. By type of allergy, the market is segmented as food allergy, skin allergy, indoor and outdoor allergies, insect allergy, drug allergies, latex allergy, and others. Based on type of medication, market is segregated as corticosteroids, antihistamines, epinephrine, decongestants, allergen immunotherapy, and among others.
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Based on end-users, the market is segmented as hospitals, clinics, ambulatory clinics, and others. Anti-histamines are further sub segmented into brompheniramine and cetirizine. Corticosteroids further sub segmented as dexamethasone. Decongestants further classified into phenylephrine.
Corticosteroids are expected to gain a reasonable market share in the global anti-allergic drugs market based on medication type. By end-user, the hospital segment has held a dominant market share in the past and is expected to maintain this dominance in the coming years.
Competitive Landscape
The major players involved in the anti-allergic drugs market involve Allergy Therapeutics, Allergan, Plc., Genentech, Inc., Collegium Pharmaceutical, McNeil Consumer Healthcare, Strides Pharma Science Limited, Allergopharma GmbH & Co. KG., and among others
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Some of the key observations regarding the anti-allergic drugs industry include:
- In June 2020, Cadila Pharmaceuticals Limited announced a new product launching namely, "Bilastine syrup (30 ml) and Bilastine tablets in the strength of 20mg". Bilastine is an antihistamine which addresses the current gap in the treatment of Allergic Rhinitis and meets the expectations of doctors to treat their allergic rhinitis patients. Bilastine has advantage over other molecules available in the category, as faster onset of action, non-drowsy, cardiac safe. Cadila Pharmaceutical’s product under the brand name Bilacad also ensures better safety and efficacy.
- In January 2020, Strides Pharma Science Limited announced receiving USFDA approval for anti-allergic drugs namely, "Loratadine Softgel Capsules". The newly launched product is a medication typically used to treat allergies. Loratadine Softgel Capsule is used to relieve symptoms of seasonal allergy (seasonal allergic rhinitis) and other upper respiratory tract allergies.
- In May 2021, Glenmark Pharmaceuticals Limited, announced a new product launching namely, "Ryaltris®-AZ Nasal Spray". The newly launched product is used for the treatment of moderate to severe allergic rhinitis, in India. Glenmark being one of the leaders in a respiratory segment has been the first to launch the branded generic version at an affordable cost for the treatment of allergic rhinitis in India. This will provide patients a far more convenient, cost-effective treatment option in the country.
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