Allergy Treatment Market Revenues to Reach USD 28.74 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Allergy Treatment Market Report (2023-2028),” the market is estimated at USD 19.47 billion in 2023. It is expected to register a CAGR of 8.10% during the forecast period.

An allergy occurs when the immune system reacts abnormally to a foreign substance. Its treatment involves drugs and therapies that lessen the symptoms of allergies and help the immune system prepare for future encounters. The expanding burden of various types of allergies, the growing investment by manufacturers in developing novel allergic treatments, and the rising importance of self-medication are the major factors propelling the market's growth. With the surge in allergic reactions, there are growing investments seen worldwide for the development of novel treatments.

Report Summary:

Who are the Top Companies in the Allergy Treatment Market?

The global allergy treatment market is highly competitive, comprising several major players.

The key players holding the global allergy treatment market are:

• ALK-Abello AS
• AbbVie Inc.
• Allergy Therapeutics
• Bausch Health Companies Inc.
• Alembic Pharmaceuticals Limited
• F. Hoffmann-La Roche Ltd
• Nicox SA
• GlaxoSmithKline PLC
• Johnson & Johnson
• Leti Pharma
• Novartis International AG
• Sanofi SA
• Teva Pharmaceutical Industries

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Key Highlights from the Allergy Treatment Market Report:

Subcutaneous Immunotherapy (SCIT) Segment to Hold the Largest Market Share

• Subcutaneous immunotherapy (SCIT) is the most effective and widely used allergy immunotherapy. So far, SCIT is the only treatment that alters the immune system and brings systemic relief. SCIT helps prevent the further development of new allergies and asthma.
• A study published in the Journal of Allergy and Clinical Immunology in December 2021 demonstrated the clinical efficacy of all house dust mite immunotherapy modalities and suggests that SCIT may be more effective than SLIT drops or tablets in controlling symptoms of allergic rhinitis. Thus, the increased efficacy of SCIT for treating allergies is expected to boost the market's growth over the forecast period.

North America to Account for Major Market Growth

• North America is projected to hold a significant market share, with the United States accounting for the highest percentage. The region is expected to maintain this trend throughout the forecast period.
• The upsurge in allergy-related research and the increasing prevalence of allergies contribute to the North American allergy treatment market growth. Allergies are the sixth leading cause of chronic illness in the United States, with an annual cost of more than USD 18 billion. Over 50 million Americans suffer from allergies each year.

What are the Latest Developments in the Allergy Treatment Market?  

• In August 2022, Glenmark Pharmaceuticals launched the only-approved fixed-dose combination therapy for seasonal allergic rhinitis in the United States market.
• In March 2022, Perrigo Company PLC received the final approval from the US FDA for the over-the-counter use of Nasonex 24HR Allergy (mometasone furoate monohydrate 50 mcg).

Mordor Intelligence has Segmented the Allergy Treatment Market Based on Type, Treatment, and Geography:

• By Type
  • Eye Allergy
  • Rhinitis
  • Asthma
  • Skin Allergy
  • Food Allergies
  • Other Allergies
• By Treatment
  • Anti-Allergy Drugs
    • Antihistamines
    • Corticosteroids
    • Decongestants
    • Other Drugs
  • Immunotherapy
    • Sub-cutaneous Immunotherapy (SCIT)
    • Sub-lingual Immunotherapy (SLIT)
• By Geography
  • North America  
    • United States  
    • Canada  
    • Mexico
  • Europe  
    • United Kingdom 
    • Germany  
    • France   
    • Italy
    • Spain
    • Rest of Europe  
  • Asia-Pacific  
    • China  
    • India  
    • Japan   
    • Australia
    • South Korea
    • Rest of Asia-Pacific  
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • South Africa
    • GCC
    • Rest of Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the  Allergy Treatment Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.

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• Allergy Treatment Market - Mordor Intelligence