According to analysts at Vantage Market Research, the Allergic Rhinitis Drugs Market is expected to reach USD 2.2 Billion by 2028, growing at a CAGR of 5.3% from 2021 to 2028. This disease is mainly caused by some of the typical allergens namely grass, pollen, cat saliva, mold, dust, and animal dander. The major factor that overcome this allergic tendency is mainly due to the increased technological advancement and prevalence of respiratory disease. In addition, increasing R&D activities and rising disposable income further capture the overall market demand for allergic rhinitis drugs market during the forecast period.
- The antihistamines segment of the allergic rhinitis drugs market is anticipated to be the fastest-growing segment with the highest shat of 5% than others in the forecast period. Antihistamine is a type of drug basically used to tackle allergenic symptoms. It also helps to relieve from runny nose, sneezing, watery eyes, itchy eyes or nose, and itchy throat. This in turn responsible to drive the market growth of the segment.
- The oral route of administration segment of allergic rhinitis drugs market carried the largest share in the allergic rhinitis treatment market at a CAGR of 3% than others. The factor that causes the growth of this segment is ease of ingestion, good patient compliance, pain avoidance, safety, and versatility to accommodate various types of drugs.
- North America dominates the allergic rhinitis treatment market over a CAGR of 6% due to a large amount of R&D expenditure for the development of allergy treatment, the rising prevalence of food allergies, and huge healthcare investments.
Some of the key players of the allergic rhinitis drugs market are Allergy Therapeutics, Dr. Reddy's Laboratories, GlaxoSmithKline plc, Johnson & Johnson Merck & Co., Mylan NV, Pfizer Inc., Sanofi, Stallergenes Greer, Sun Pharmaceuticals, and among others.
Some of the key factors to drive the market growth are the increasing prevalence of allergic rhinitis and rising respiratory disease. According to Centres for Disease Control and Prevention, Children under 18, and above 18 people as well have been affected by hay fever, almost 19.2 million cases have hay found which are increasing the growth of the allergic rhinitis drugs market. Rising healthcare expenditure and the high demand for new technology investment are some of the reasons for driving the growth of the market. In addition, increasing diagnostic methods to treat various diseases and increasing the rate of awareness about the availability of treatments are anticipating the growth of the allergic rhinitis drugs market.
Asia Pacific region is expected to be a rapidly growing market during the forecast period. This is mainly due to the rising healthcare expenditure and high disposable income. High demand for advanced technology and high prevalence of respiratory disease are fuelling the market growth of allergic rhinitis drugs market.