Fact.MR’s study also offers an accurate forecast of the allergy care market for the period between 2018 and 2027. The study foresees the allergy care market to record an average CAGR of over 4% through 2027. The business report highlights the drivers, restraints, opportunities and trends affecting allergy care market growth. Worldwide prevalence of allergic ailments continues to rise, with growing sensitization rates to common allergens, particularly among children. In the U.S. alone, allergies are sixth-leading cause of chronic diseases, with an annual allergy healthcare cost of over US$ 18 billion, according to the Centers for Disease Control and Prevention (CDC). A recent study of Fact.MR foresees allergy care market to continue on its steady trajectory, to exceed revenues worth US$ 5,500 Mn in 2018.
The key players in the global allergy care market report consist of
- Johnson & Johnson Inc.
- Abbott Laboratries
- GlaxoSmithKline plc.
- Spirit Pharmaceuticals LLC.
- Others
Each market player encompassed in the allergy care market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. In addition, the allergy care market study scrutinizes the strengths, weaknesses, opportunities and threats (SWOT) analysis.
Allergy care medication sales will remain consolidated in drug & pharmacies stores, accounting for over 50% share in 2018. Availability of a wide variety of kits in drug stores, devoid of the need for prescription has further led affected individuals to buy medicines respective to their ailments from these stores. However, online retailers are fast gaining palpability in the allergy care market, enabling consumers to purchase their medication with the comfort of their home and at relatively affordable costs.
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Revenues from Antihistamine Medication to be 1.5X of Nasal Spray
Antihistamine medication has traditionally been in high demand, with over US$ 2000 Mn worth sales estimated in 2018. Revenues from antihistamine medication is expected to be nearly 1.5X than those from nasal spray sales worldwide in 2018. Antihistamines have emerged as an effective medication to manage allergies such as urticarial, conjunctivitis, and rhinitis. Newer antihistamines introduced in the market are less sedative their traditional counterparts, and are deemed efficacious through head-to-head long-term studies.
Emphasis on Telemedicine for Improving Clinical Outcomes
Healthcare specialists are focusing on allergies are using telemedicine in a bid to enhance clinical outcomes, and reduce travel issues associated with the affected individuals, according to the American College of Allergy, Asthma and Immunology (ACAAI). Designed for providing high-quality care, telemedicine services make effort to gather complete and accurate information clinical information of allergic patients.
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A streamlined process for the multistate licensure is vital for expansion of the telemedicine allergy care. This would further facilitate access to specialty care, allow governments to retain regulatory authority and individual licensing. Current focus is on implementation of a standardized, explicit codes for enabling practitioners in seeking reimbursement for virtual encounters. Scientists who study immune system have commenced understanding root cause of allergies, working on next-generation therapies to eliminate allergies right from their tracks. Several allergy therapies are becoming more specific and customizable with respect to patients.
About Fact.MR
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