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Allergy Treatment Market Growth Forecast 2024-2033: What’s the Expected Rate?

The market size for allergy treatments has seen robust growth in the past few years. It’s projected to increase from $21.19 billion in 2023 to $22.94 billion in 2024, with a compound annual growth rate (CAGR) of 8.3%. The expansion during the historic period can be credited to a surge in allergy cases, the growing significance of self-medication, an increase in healthcare expenditure, and a rising patient population with diverse allergies.

The market size of allergy treatment is poised for significant expansion in the coming years, anticipated to reach $30.25 billion in 2028 with a compound annual growth rate (CAGR) of 7.2%. The surge during this projection period can be linked to factors such as patient-focused strategies, broader availability of over-the-counter (otc) allergy medicines, aspects of globalization and urbanization, increased environmental pollution, and improved access to health insurance services. The forecast period also suggests major trends such as enhanced diagnostic technology, advances in immunotherapy, innovative delivery systems for drugs, collaborations amongst pharmaceutical entities, and increased manufacturer investment in the creation of novel allergy treatments.

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What Factors Are Impacting the Growth of the allergy treatment Market?

The rising incidence of allergy-related conditions is predicted to stimulate the expansion of the allergy treatment market. An allergy is characterized by the immune system’s overreaction to what is usually a harmless substance, or an allergen. Allergy treatments provide therapies that use over-the-counter or prescribed medicines to identify and evade various allergy triggers. This helps prevent allergic reactions, alleviate symptoms, prevent allergy severity, and enhance an individual’s health. For instance, in January 2023, the Centers for Disease Control and Prevention (CDC), a federal public health agency in the US, reported that over one-third of American adults and over one-fourth of American children experienced a seasonal allergy, eczema, or food allergy in 2021. Additionally, around 6% of adults and children in the United States have a food allergy. Hence, the increasing incidence of allergy-related conditions boosts the allergy treatment market’s growth.

What Are the Fundamental Segments in the Allergy Treatment Market?

1) By Treatment Type: Anti-Allergy Drugs, Immunotherapy

2) By Type: Eye Allergy, Skin Allergy, Food Allergy, Asthma, Rhinitis, Other Types

3) By Route of Administration: Oral, Parenteral, Nasal, Other Routes of Administration

4) By Distribution Channels: Hospital Pharmacies, Retail Pharmacies, Online Retailers, Other Distribution Channels

5) By End-Users: Hospitals, Specialty Clinics, Homecare, Other End-Users

What Trends Are Shaping the New Direction of the Allergy Treatment Market?

The ongoing evolution in technology is a prevailing trend being observed in the allergy treatment market. Big players in the allergy treatment arena are resorting to the integration of new technologies to maintain their market standing. For example, Metropolis Healthcare Limited, a leading pathology and diagnostics chain based in India, rolled out its AI-enabled allergy component testing technology in May 2023, built on the principles of Component Resolved Diagnostics (CRD). This component testing uses artificial intelligence to provide physicians with critical assistance in making clinical decisions and provides crucial insights for crafting and optimizing an individual’s allergy management plan. This innovation is powered by a multiplex system built on nanotechnology that uses molecular components, and can detect specific IgE antibodies against 295 different allergens via a straightforward blood test. The system can reveal results for 158 food allergies, ten contact allergens, and 127 respiratory allergens.

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Which Regions Are Making a Mark in the Allergy Treatment Market Growth?

North America was the largest region in the allergy treatment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the allergy treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Allergy Treatment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the allergy treatment market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Allergy Treatment Market Include

1. Allergy Treatment Market Executive Summary

2. Allergy Treatment Market Segments

3. Allergy Treatment Market Size And Template Market Growth Rate

4. Key Allergy Treatment Market Trends

5. Major Allergy Treatment Market Drivers

……

25. Key Mergers And Acquisitions In The Allergy Treatment Market

26. Top Allergy Treatment Companies

27. Allergy Treatment Market Opportunities And Strategies

28. Allergy Treatment Market, Conclusions And Recommendations

29. Appendix

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