Allergic Rhinitis Drugs Market to hit USD 16 billion by 2032, says GMI
Allergic rhinitis drugs industry share is anticipated to register 2.5% CAGR between 2023 and 2032 due to increasing prevalence of allergic rhinitis and technological advancements in the field of allergy diagnosis and treatment.
Selbyville, Delaware, March 23, 2023 (GLOBE NEWSWIRE) —
Allergic rhinitis drugs market value is estimated to cross USD 16 billion by 2032, according to a new research report by Global Market Insights Inc.
Mounting awareness regarding allergic reactions and available treatment modes as the chief allergic rhinitis drugs industry drivers. Furthermore, increasing pollution across developed nations is also impelling the prevalence of respiratory disorders. This rise in air pollution levels results in high allergenic pollen and contributes to a high number of patients suffering from allergic rhinitis. Exposure to high pollution levels thus leads to heightened respiratory symptoms and different allergic disorders, which is foreseen to positively influence the product outlook.
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Wide range of antihistamines available in form of different solutions to shape industry statistics
Allergic rhinitis drugs market share from the antihistamines segment was valued at over USD 4.5 billion in 2022 and is speculated to amass significant gains by 2032. Antihistamines operate on the tenet of preventing the release of histamines in the body during an allergic reaction and are available in the form of tablets, liquids, nasal sprays, and eye drops, among others. Additionally, these medications are sold over-the-counter and via prescription, and the increase in cases of allergic rhinitis has promoted the use of antihistamines, such as cetirizine, desloratadine, and more.
Positive inclination towards self-medication to boost OTC segment progress
The allergic rhinitis drugs market share from the over-the-counter (OTC) drug segment is poised to witness gains at a 3.5% CAGR between 2023 and 2032. As per the study, the easy availability of a variety of OTC and non-prescription drugs for the treatment of allergic rhinitis is fostering product adoption. Moreover, the mounting popularity of self-medication and online purchasing of prescription drugs are also projected to aid segment outlook. As per a research paper, over 8.5% of antihistamines are consumed through self-medication.
High government emphasis on reinforcing healthcare infrastructure to help APAC industry growth
The allergic rhinitis drugs market in the Asia Pacific is foreseen to reach a valuation of more than USD 4 billion by the end of 2032. The region may emerge as a major hub for this industry owing to soaring investments toward strengthening the domestic healthcare infrastructure, as well as notable R&D initiatives, by industry participants. According to the Department of Promotion of Industry and Internal Trade, the Government of India estimates a capital investment of Rs. 151,019 crores (USD 18 million) on medical education and healthcare infrastructure over 2020-2025.
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Product innovation to remain a key development strategy
Some of the key players profiled in the report include Teva Pharmaceutical Industries Ltd., Alcon (Novartis AG), Stallergenes Greer, Sanofi S.A., Boehringer Ingelheim, Unichem Laboratories, and others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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