Sunday, 14 June 2020

Drug allergy Market Financial Overview, Swot Analysis, Key Development And Forecasts Till 2023

Drug Allergy Market To Grow Rapidly Reaching USD 4,764 by 2023
Market Insights
Reaction to drugs and other medication can differ from patient to patient, with drug allergies becoming increasingly common. Market Research Future (MRFR) in its latest report has discovered that the market is due to witness a CAGR of 5.1% during the forecast period of 2017 to 2023. MRFR has further ascertained that the market is expected to grow to reach an estimated value of USD 4,764 Mn by the end of 2023
Increasing awareness with regards to allergies and the growing number of new treatments and drug offerings have led to an increased demand for drug allergy diagnosis. The rising demand for drug allergy diagnosis in emerging markets where the healthcare sector is experiencing rapid growth is expected to be a major contributor to growth. Drug allergies can be caused by several factors and allergic reaction to drug combinations are one such factor which is increasingly common. New research activities are being conducted by leading market players to prevent drug allergies, as this type of allergy may ultimately impact pharmaceutical organizations negatively. This is expected to reveal market opportunities in the future.
Market Segmentation
Segmental analysis of the market in MRFR factors is performed on the basis of type,diagnosis, treatment, end-users, and region. On the basis of type, the market is segmented into immunologic and nonimmunologic. The immunologic segment is sub-segmented into type I reactions, type II reaction, type III reaction, and  others. Meanwhile, the nono-immunologic segment is further segmented into predictable, unpredictable, and others. The predictable subsegment is even further segmented to include pharmacologic side effects, secondary pharmacologic side effect, drug toxicity, drug-drug interactions, drug overdose and others.
By diagnosis, the market is segmented into skin test, blood test, patch test, and others. Skin test can be done by prick or scratch test,  intradermal test, and others.
By treatment, the market is segmented into antihistamines, corticosteroids, treatment of anaphylaxis, withdrawal of drug and others. Antihistamines are categorized by Levocabastine Eyedrops, Levocabastine Oral, Azelastine Nasal Sprays, Hydroxyzine, Azelastine Eyedrops, Cyproheptadine, Carbinoxamine, Emedastine Eyedrops, Diphenhydramine, Desloratadine, and others. Other sub-segmentations regarding corticosteroids are included in MRFR's report.
Regional Analysis
Globally, the drug allergy market is divided into the Americas, Europe, the Asia Pacific, and the Middle East & Africa. The Americas, led by North America, lead the market with the largest share. The U.S is one of the highest revenue generating countries in the region and is a key market for drug allergies. It has been found that close to 10% of the U.S population is affected by drug allergies. The presence of several important market players and high consumption of pharmaceutical drugs has increased the number of patients who have drug allergies. The Latin American market is growing swiftly due to improving health care and the high demand for treatment and diagnosis of drug allergies among emerging markets of the region.
The Asia-Pacific is growing at the swiftest pace and is expected to display the highest CAGR during the forecast period. Japan holds the largest share of the APAC market while China displays the fastest growth potential and the highest CAGR during the forecast period. Growing awareness regarding drug allergies and the growing demand for pharmaceuticals has led to an increased demand for diagnosis and treatment of drug allergies in the region. Patients are increasingly becoming involved in health care, and the rapidly changing healthcare practices that this region is experiencing is expected to expand the market significantly in the foreseeable future.
Key Players
Eminent market players that have been analyzed in the competitive analysis included in MRFR's report are Bayer, AstraZeneca, Circassia, HAL Allergy Group, Johnson & Johnson Services Inc., Stallergenes Greer, MAGNA Pharmaceuticals Inc, and others.
Latest Industry News
  • Epipens are facing a supply crunch across the globe due to manufacturing problems faced by Pfizer. This has resulted in rationing the access to this vital medicine for anaphylactic
  • In other related news, the U.S FDA has recognized the shortage and provided Teva Pharmaceuticals with approval for a generic version of the EpiPen in both 0.3mg and 0.15mg strength.
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