Rising Prevalence of Skin and Food Allergies to Steer Allergy Care Market Past US$ 40 Billion by 2032

North America to Remain at the Top of the Ladder, Contributing Nearly 1/5^th of Overall Allergy Care Sales

In its latest study, Fact.MR offers a detailed analysis of the global allergy care market from 2022 to 2032. The report analyzes key factors such as drivers, trends, and challenges that are influencing allergy care product sales. Beside this, it highlights opportunities across various segments, including allergy type, product type, form, sales channel, and region.

NEW YORK, Sept. 19, 2022 /PRNewswire/ -- The global allergy care market size is projected to grow from US$ 22 Billion in 2022 to US$ 40 Billion in 2032, with overall sales accelerating at a healthy CAGR of 6.1% over the forecast period (2022-2032).

Increasing incidence of various types of allergies caused by Asthma, dust, etc., growing popularity of OTC drugs, and introduction of novel, and effective allergy care products are some of the key factors driving the global allergy care market.

The healthcare industry has been alarmed by the rising number of fatalities related to different allergies. Consequently, the need for efficient allergy therapies has increased over time. As a result, this element has the potential to greatly expand the allergy treatment industry.

Similarly, increasing investments in research and development (R&D) along with rise in the number of product launches will bode well for the allergy care market during the next ten years. Leading manufacturers are continuously focusing towards developing more effective allergy care products to help patients to relieve their symptoms.

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In addition to this, increasing government efforts to tackle the global burden of allergies is expected to generate lucrative growth opportunities for allergy care product manufacturers during the forecast period.

Regionally, North America will continue to dominate the global allergy care market during the forecast period, owing to the rapid surge in allergy cases, high levels of healthcare awareness among people, and strong presence of leading pharmaceutical giants in countries like the U.S. Fact.MR predicts the North American allergy care market to increase by 1.5X through 2032.

Key Takeaways:

• By product type, revenue from antihistamine medication segment is expected to grow by 1.4X as compared to nasal spray segment.
• By sales channel, drug & pharmacies stores segment accounts for around 52.4% share of the global allergy care market and is likely to retain its dominance during the forecast period.
• North America will continue to dominate the global allergy care market, accounting for the largest share of around 23.8% in 2022.
• With rising spending on allergy care products, the U.S. holds around 19.2% to the overall market share.
• Demand for allergy care products in Europe is expected to grow by 1.3X during the forecast period.

Growth Drivers:

• Rising prevalence of allergies along with increasing need for effective allergy therapies will continue to bolster market growth during the forecast period.
• Growing trend of telehealth and telemedicine in allergy care is expected to foster sales of allergy care products during the next ten years.
• Increasing awareness about various types of allergies and their treatments due to various government initiatives and campaigns is acting as a catalyst triggering market growth.

Restraints:

• Underdiagnosis of allergies is a key factor restraining the growth in the market.
• High cost of some allergy care products might also limit their adoption across lower economies.

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Competitive Landscape:

The allergy care market is expected to witness steady growth as a result of increased financing in research and development (R&D) among key companies. For the purpose of consolidating their positions in the market, key players are emphasizing on mergers, acquisitions, joint ventures, collaborations, and partnerships.

They are also focusing on fast-tracking the approval for their product by regulatory authorities such as the U.S. Food and Drugs Administration (FDA) and others to gain competitive edge.

For instance,

• In July 2020, Alcon announced that it has received the FDA approval for the OTC switch of Pataday once daily relief additional strength, the first and only eye allergy itch drop offering a full 24 hours of relief without a prescription in the U.S.
• In 2022, Glenmark Pharma launched Ryaltris nasal spray, the only-approved fixed-dose combination therapy for seasonal allergic rhinitis in the U.S market.

Key Companies Profiled by Fact.MR

• Johnson & Johnson Services, Inc.
• Sanofi Aventis U.S. LLC
• Bayer AG
• Spirit Pharmaceuticals LLC
• Abbott
• Merck & Co. Inc.
• GlaxoSmithKline plc
• LETIPharma
• Genentech USA, Inc.
• ALK-Abelló A/S

More Valuable Insights on Allergy Care Market

In the latest study, Fact.MR offers a detailed study on global allergy care market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of allergy care through detailed segmentation as follows:

By Allergy Type:

• Eye Allergy
• Skin Allergy
• Food Allergy
• Other Allergies (Rhinitis)

By Product Type:

• Nasal Spray
• Antihistamine Medication
• Eye Drops

By Form:

• Tablet/Gels/Pills
• Sprays
• Liquids

By Sales Channel:

• Drug & Pharmacies Stores
• Modern Trade
• Departmental Stores
• Institutional Sales
• Monobrand Stores
• Online Retailers

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

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Key Questions Covered in the Allergy Care Market Report

• What is the projected value of the allergy care market in 2022?
• At what rate will the global allergy care market grow until 2032?
• Which are the factors hampering the growth in the allergy care market?
• Which region is expected to lead in the global allergy care market during 2022-2032?
• Which are the factors driving the allergy care market during the forecast period?
• What is the expected market value of the allergy care market during the forecast period?

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