Market Synopsis:
The multiplying number of researches for treatments of allergies induced by drugs has catapulted the market expansion of drug allergy market. Market Research Future (MRFR) has asserted in its latest report that the global drug allergy market will grow at a healthy CAGR of 5.1% during the forecast period and its estimated market value will reach USD 4764 Mn by 2023.
With increasing prevalence of diseases, the drug intake, as well as allergic reactions to it, has been on the rise. The trend is expected to continue over the next couple of years and fuel the growth of drug allergy market. The rising awareness about the side effects of drugs and amplified research & development activities for the development of treatments and cures will accelerate the market expansion.
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Drug allergy can be induced by any drug whether prescribed or non-prescribed. Although herbal products are deemed to be on the safer side, some of the herbal medicines can cause allergic reactions. The wide prevalence of drug allergy problem has opened up avenues for the market players to tap the unexplored opportunities which will lead to the growth and expansion of the market throughout the projection period.
Market Segmentation:
By type, drug allergy market has been segmented into immunologic, non-immunologic, and others. The immunologic allergy segment is sub-segmented into type I reaction, type II reaction, type III reaction, type IV reaction, and others. The non-immunologic allergy segment has been sub-segmented into predictable, unpredictable, and others. The predictable segment is further segmented into pharmacologic side effect, secondary pharmacologic side effect, drug toxicity, drug-drug interactions, drug overdose, and others. The unpredictable segment is further sub-segmented into pseudoallergic, idiosyncratic, intolerance, and others.
By diagnosis, the market for drug allergy is segmented into skin tests, blood tests, and others.
By treatment, the market has been segmented into antihistamines, corticosteroids, and others. Antihistamines segment is further sub-segmented into azelastine eyedrops, azelastine nasal sprays, carbinoxamine, cyproheptadine, desloratadine, diphenhydramine, emedastine eyedrops, hydroxyzine, levocabastine eyedrops, levocabastine oral, and others. Corticosteroids segment has been further sub-segmented into topical steroids, inhaled steroids, and others. Inhaled steroids segment is further sub-segmented into flunisolide, fluticasone furoate, fluticasone propionate, triamcinolone acetonide, beclomethasone dipropionate, budesonide, and others.
By end-user, the market is segmented into hospitals & clinics, medical research centers, academic institutes, and others. The hospitals & clinics segment will account for the most significant share of the market over the assessment period.
Regional Analysis:
By region, the global drug allergy market has been segmented into Asia Pacific, Europe, Americas, and, Middle East & Africa. The Americas region encompasses North America and Latin America. North America market is projected to demonstrate a steeper upward shift than the Latin America market with the U.S. being the primary revenue generator in the region. The countries that will play a crucial role in the Latin America market expansion are Brazil, Argentina, and Chile.
Europe market holds the second spot in terms of market size and includes Western Europe and Eastern Europe. The developed economies such as France, Germany, and the U.K. are driving the market growth through increased demand in Western Europe region. Eastern Europe market is projected to thrive at a healthy CAGR over the next couple of years.
Asia Pacific market will exhibit the highest growth during the forecast period owing to factors such as increased product offerings for drug allergy treatment, developments in the healthcare sector, rising incidences of drug allergy, etc. Japan is poised to be the principal shareholder in the market with China demonstrating excessive potential for growth across the assessment period.
Although the Middle East & Africa market is poised to exhibit sluggish growth, the developed healthcare sector of Middle East region will fuel the growth of the market in the region.
Competitive Dashboard:
Some of the key players profiled by MRFR include AstraZeneca (U.K.), Circassia (U.S.), Johnson & Johnson Services, Inc. (U.S.), Stallergenes Greer (U.K.), Bayer (U.S.), HAL Allergy Group (the Netherlands), and, MAGNA Pharmaceuticals, Inc. (U.S.). The top-notch players exercise vigorous competition and avail of opportunities such as strategic alliances, product developments, acquisitions & mergers, etc. to garner more control of the market.
Industry Developments:
Researchers have developed a way to manipulate the location of molecules within individual cells. The scientists can determine exactly which location has harmful effects and which location can enhance treatment.
A convolutional neural network has been developed by computer scientists in Stanford University for predicting side effects such as allergies induced due to intake of drug. The solution developed is named Decagon and it has outperformed alternative approaches by 19.7% (AUROC), 22.0% (AUPRC) and 36.3% (AP@50).
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