Allergic Rhinitis Drugs Market is Growing at a Phenomenal Pace to Reach USD 1.7 Billion in 2020 in 2020, Globally, By 2028 At 5.3% CAGR
According to analysts at Vantage Market Research, the Global Allergic Rhinitis Drugs Market was valued at USD 1.7 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.3% between 2021 to 2028.
Allergic rhinitis is an allergic response that is generated to specific allergens that are present in the environment of the patient such as pollen grains, dust, grass, cat saliva, mold and animal dander and is commonly known as hay fever. The drugs used to treat such allergies come under the class of allergic rhinitis drugs. The market is anticipated to grow owing to the rising awareness among people worldwide regarding the allergic reactions. Moreover, the increasing availability of quality drugs and manufacturing of nasal sprays by manufacturers for efficient treatment of allergic rhinitis is driving the growth of the market.
Over the years with governmental implementation and providing education programs about allergic rhinitis is creating an opportunity for the market. Whereas, having side effects that are rare but can be dangerous and may even be deadly is potentially hampering the growth of market and might restrain the Allergic Rhinitis Drugs Market.
Moreover, the COVID-19 pandemic has adversely impacted the healthcare sector. Due to the mandatory lockdowns imposed by government the market has seen a downfall as companies have found it difficult to find sources for production of these drugs. As a result of which a hike in prices has prominently been forced on the consumers.
Globally, North America is expected to dominate the global allergic rhinitis drugs market with having around more than 50% of revenue share across the globe owing to the presence of majority of pharmaceutical vendors in the region.
Subsequently, Asia-Pacific is expected to be second-highest growing region and is anticipated to have highest CAGR over the next 5 years. The growth in this region is mainly attributable to the rising awareness and availability of efficient treatment options.
Key market players in the global allergic rhinitis drugs market includes Centurion Safety, Pyramex Safety, MSA, and Delta Plus.