Allergic Rhinitis Drugs Market
Number of pages: 100 | Report Format: PDF | Published date: February 13, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 13.71 billion |
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Revenue Forecast in 2030 |
US$ 18 billion |
|
CAGR |
3.10% |
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Base Year For Estimation |
2021 |
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Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Treatment, Application, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global allergic rhinitis drugs market was valued at US$ 13.71 billion in 2021 and is expected to register a revenue CAGR of 3.10% to reach US$ 18 billion by 2030.
Allergic Rhinitis Drugs Market Fundamentals
Allergic rhinitis, also known as hay fever, causes irritation in the nose by allergic substances, including dust mites, mold, pet dander, and pollen from trees and plants. Common symptoms of allergic rhinitis include sneezing and itchy or blocked nose, itchy, red, and watery eyes, a cough, and itchiness at the top of the mouth.
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Allergic Rhinitis Drugs Market Dynamics
In recent years, the global allergic drug market has grown substantially due to the easy availability of drugs, such as antihistamine drugs, which are sold as over-the-counter medicines. Increasing pollution levels and tobacco usage are major factors driving revenue growth in the global allergic rhinitis market. Moreover, as conventional treatments for allergic rhinitis are not sufficient for some patients, there has been increase in research and development activities for allergic rhinitis immunotherapy in recent years, which is further expected to propel the market revenue growth.
Governments of several developed and developing countries are taking initiatives to spread awareness about allergic rhinitis. Moreover, companies in the market are increasing investments in research and development activities to develop drugs with high efficacy. These factors are propelling revenue growth in the global allergic rhinitis market.
However, the market revenue growth is likely to be constrained due to the patent expiries and competition in the generic drug market.
Allergic Rhinitis Drugs Market Ecosystem
The global allergic rhinitis drugs market has been analyzed from four perspectives: treatment, application, distribution channel, and region.
Allergic Rhinitis Drugs Market by Treatment
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The global allergic rhinitis drugs market has been segmented based on treatment into antihistamines, decongestants, corticosteroids, and immunotherapy.
The antihistaminic drugs segment dominates the global allergic rhinitis drugs market. The segment’s growth can be attributed to their low cost and easy availability as over-the-counter medicines. Along with allergic rhinitis, this class of drugs is also used in various other allergies and disease conditions. According to National Centre for Biotechnology, in past years, antihistamines used to cause sedation; However, with recent advancements, the newer antihistamines have suppressed this effect with less sedating drugs, and this is the fueling part for it.
Allergic Rhinitis Drugs Market by Application
Based on application, the global allergic rhinitis drugs market is segmented into seasonal allergic rhinitis, occupational allergic rhinitis, and perennial allergic rhinitis.
Seasonal allergic rhinitis is the most common health condition in patients and occupies the largest revenue share of the global market. According to National Centre for Biotechnology, chronic rhinitis is more prevalent in adults. In contrast, seasonal allergic rhinitis is more common in pediatric age groups. According to ACAAI, symptoms of seasonal allergic rhinitis occur in spring, summer, and early fall. Some patients can be seen suffering from both seasonal allergic rhinitis and perennial allergic rhinitis.
Allergic Rhinitis Drugs Market by Distribution Channel
Based on the distribution channel, the global allergic rhinitis drugs market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The retail pharmacies segment accounted for the largest revenue share of the market in 2021, owing to high patient footfall. Retail pharmacies are the primary source for these drugs to patients, and they offer a wide range of brands to choose from. Retail pharmacies also provide valuable counseling and support to patients, helping them to choose the right drug and manage their symptoms effectively.
Allergic Rhinitis Drugs Market by Region
Based on region, the global allergic rhinitis drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global allergic rhinitis drugs market. The presence of the major market players in North America and the rise in government initiatives related to spreading awareness about allergic rhinitis are expected to support sustained market revenue growth in North America. According to a 2022 report, allergic rhinitis is a common disorder affecting around 400 million people worldwide and represents a global concern as its prevalence has increased in recent years.
The incidence of allergic rhinitis is increasing in Europe, leading to a growing demand for effective treatments. Nasal sprays are becoming more popular as a first-line treatment for allergic rhinitis due to their convenience and efficacy. Biologics, such as monoclonal antibodies, are becoming more widely used in treating allergic rhinitis, as they provide longer-lasting relief and have fewer side effects than traditional treatments. There is a growing trend towards the usage of combination therapies, such as the combination of antihistamines and decongestants, to provide comprehensive relief from symptoms. Increasing public awareness about allergic rhinitis and its impact on quality of life is driving the demand for effective treatments.
The allergic rhinitis drugs market in Asia Pacific is expected to grow significantly in the coming years. This growth is driven by factors such as the increasing prevalence of allergic rhinitis, growing awareness about the condition, and the availability of new and innovative treatments. In recent years, there has been a significant increase in the number of people suffering from allergic rhinitis in Asia, particularly in countries such as China, India, and Japan. This has led to an increased demand for effective treatments, including OTC medicines, prescription medications, and nasal sprays. The Asia Pacific region also houses some of the world’s largest pharmaceutical companies, investing in research and developing new treatments for allergic rhinitis. This is expected to result in the launch of new and more effective treatments in the near future. Overall, the market for allergic rhinitis drugs in Asia Pacific is expected to grow at a healthy revenue CAGR, driven by the increasing prevalence of the condition, growing disease awareness, and the availability of new treatments.
Allergic Rhinitis Drugs Market Competitive Landscape
The prominent players operating in the global allergic rhinitis drugs market are:
Allergic Rhinitis Drugs Market Strategic Developments
Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd, Merck & Co., Meda Pharmaceutical, Johnson & Johnson, and AstraZeneca are among the top market players.
The global allergic rhinitis drugs market size is estimated to be valued at US$ 18 billion by 2030.
The global allergic rhinitis drugs market was valued at US$ 13.71 billion in 2021.
In recent years, allergic rhinitis drugs have gained popularity due to the availability of mainly antihistaminic drugs over the counter. Increasing pollution levels and large tobacco consumption are major factors boosting revenue growth in the global allergic rhinitis market.
North America has the largest market revenue share in terms of revenue. Asia Pacific has the fastest growth rate, and it can be considered the key growth region due to the rapid market developments.
*Insights on financial performance are subject to the availability of information in the public domain