Allergic Rhinitis Market Exponential Growth Rate | Adoption of Self-Administration Practices Is Pushing Healthcare Business by 2023
April, 2018/MRFR Press Release/- Market Research Future published a half cooked research report on “Global Allergic Rhinitis Market Research Report – Forecast to 2023 – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Pune, India – April 17, 2018 /MarketersMedia/ —
Global Allergic Rhinitis Market – Overview
Allergic rhinitis commonly known as hay fever is an inflammation of the nasal membranes. This allergy is caused by inhaling either dust, animal dander, or pollen. Allergic rhinitis is characterized by sneezing, nasal congestion, nasal itching, and rhinorrhea.
The market for allergic rhinitis is growing a healthy growth due to a host of factors such as increasing respiratory disorders, increasing rate of awareness regarding the availability of myriad treatments and diagnostic methods for treating various diseases, and high growth opportunities for players operating in the treatment of allergic rhinitis. Additionally, government initiatives and growth strategies such as new product innovation, large pipeline products, and merger & acquisition activities taken up major market players are likely to enhance the growth of allergic rhinitis market.
According to American Academy of Allergy Asthma & Immunology, in 2014, allergic rhinitis affected 10% to 30 % of the population globally. This rising case of allergic rhinitis is likely to enhance the growth of allergic rhinitis market globally. However, factors such as negligence towards minor health conditions are likely to hamper the growth of allergic rhinitis market.
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KEY MARKET PLAYERS
There are various market players operating in the global allergic rhinitis market. Some of the key market players in this market are GlaxoSmithKline, Sanofi, Meda Pharmaceuticals, Merck & Co., Boehringer Ingelheim, ALK-Abell, AstraZeneca, Johnson & Johnson, Teva Pharmaceutical Industries Ltd., and Novartis AG.
GlaxoSmithKline
Founded on 1715, headquartered at U.K., GlaxoSmithKline, is a biopharmaceutical company that is engaged in the discovery and development of prescriptive medicines. The firm offers vaccines, over-the-counter medicines, and health-related consumer products worldwide. The company has focused on various inorganic and organic growth strategies to enhance its product portfolio and gain foothold in various geographies. For instance in the year 2016, GlaxoSmithKline received US Food and Drug Administration (FDA) approval for its Flonase Allergy Relief product. This is an over-the-counter (OTC) medicine for relief of symptoms associated with seasonal allergic rhinitis. These product approvals and launches increases the firm’s customer base and widens the company’s already existing wide product portfolio.
Bayer AG
Headquartered at Berlin, Germany, the firm offers products for various therapeutic areas such as oncology, hematology, cardiology, women’s health and ophthalmology. The firm offers its products all over the world. The firm has focused on various inorganic and organic growth strategies such as product launches, expansions, collaboration and acquisition to enhance its product portfolio and widen its foothold in various geographies. In order to enhance its products, Bayer AG launched hydraSense, a daily nasal care in 2017. Additionally in 2014, Bayer AG acquired consumer care business from Merck & Co. This acquisition enhances the firm’s customer base and widens its product portfolio.
World Allergic Rhinitis Market Regional Analysis:
On basis of regional analysis, allergic rhinitis market is segmented into four regions: namely the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas is further segmented into North America and South America. And North America is segmented into the U.S. and Canada. Globally, the U.S. is the largest market for allergic rhinitis owing to increasing incidence of seasonal allergic rhinitis, asthma and chronic obstructive pulmonary disease (COPD), growing adoption for self-administration, and increasing need for technological advancements. Similarly, increasing healthcare spending is likely to grow the demand for allergic rhinitis market. Similarly, according to CMS (Centres for Medicare and Medicaid Services) U.S. health care spending increased 4.3 percent to reach USD 3.3 trillion per person in 2016.Additionally, according to American Academy of Allergy Asthma & Immunology, around 7.8% of people over 18 years of age in the U.S. have hay fever. This rising case of hay fever is likely to enhance the growth of allergic rhinitis market in the U.S.
Europe accounts for the second largest market due to advanced technology, new product innovation, growing prevalence of chronic obstructive pulmonary disease, and rising healthcare expenditure. For instance according to Eurostat, Germany incurred healthcare expenditure of over EUR 321 billion in the year 2014.Additionally, according to European Academy of Allergy and Clinical Immunology allergy is the most common chronic disease in Europe and around 150 million Europeans suffer from chronic allergic diseases.
Asia pacific region is expected to be fastest growing region in allergic rhinitis market owing to its growing population and increasing healthcare expenditure and increasing rate of awareness regarding the availability of myriad treatments and diagnostic methods for treating various diseases.
On the other hand, the Middle East & Africa is expected to witness limited growth due to limited access to the healthcare and lack of expenditure on healthcare. In the Middle East, the growth of the market is driven by increasing awareness regarding allergies and the rise in newer technologies to treat various diseases.
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