Market overview
Theallergic rhinitis market is currently growing at a CAGR of 3.10%. The market is expected to be worth the USD 15,064.12 million by 2025. Growth is expected to be strong in this market until at least the end of 2027.
Allergic rhinitis is becoming more of a problem worldwide. Various governments around the world are investing heavily in educational campaigns regarding various allergies and the many ways that allergic rhinitis medicines can help alleviate these.
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COVID-19 analysis
COVID-19 became a global nuisance in the Spring of 2020. At first, governments thought that this virus was nothing more than a stronger version of the flu. However, many people reported long-term side effects months after having recovered from the virus. Some of these conditions included diabetes and strokes. What complicated matters further was the fact that the antibodies only lasted for a few months. Therefore, those who recovered could get it again.
Governments around the world responded with mandatory lockdowns and quarantines. This adversely affected the allergic rhinitis market. Many companies found it difficult to source the raw materials for these drugs. This pushed production costs up. These companies were forced to pass these costs onto the end consumer in the form of higher prices.
Market dynamics
Drivers
Climate change has meant that more and more people around the world are suffering from seasonal or long-term allergies. Since these allergies can be severe, governments around the world have been launching marketing and educational programs and campaigns that are designed to warn and inform people about allergies. These campaigns are also designed to promote allergic rhinitis drugs as much as possible.
Many private and national healthcare providers are responding by covering allergic rhinitis drugs and treatments. This phenomenon is expected to be a major driver of growth until at least the end of 2027.
According to the European Academy of Allergy and Clinical Immunology (EAACI), approximately 150 million people in Europe suffer from chronic allergies. About two-thirds of those are suffering from allergic rhinitis.
Opportunities
Massive government educational programs about allergic rhinitis are expected to create many new opportunities for the allergic rhinitis drugs market. This is especially true because companies are investing heavily in research and development. This is allowing them to create a new generation of over-the-counter and prescription allergic rhinitis drugs that can sell for very high prices. These new-generation drugs are far more effective at relieving the symptoms of allergic rhinitis for longer.
Restraints
One factor that could potentially hamper growth in the allergic rhinitis market is the many side effects. Though rare, some of these side effects can be dangerous and even deadly!
Challenges
One major challenge that companies in the allergic rhinitis market face are the issue of keeping production costs down. This will make these drugs more affordable and result in more sales. COVID-19 and its aftermath have only exacerbated this challenge.
Cumulative growth analysis
The CAGR of this allergic rhinitis market is expected to be 3.10% by the end of 2027. The allergic rhinitis drugs market is expected to be worth USD 15,064.12 million by the end of 2025.
Technology analysis
Merck & Co has been at the forefront in terms of research and development in the global allergic rhinitis market. The results have paid off. One new generation of allergy drugs is Asmanex. This is a prescription medicine. It’s an aerosol corticosteroid that’s taken nasally. Asmanex is a strong drug that can relieve many allergy symptoms for longer.
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