Allergic Rhinitis Market Overview 2024-2028: Projected Market Size, Growth Factors And Leading Regions As Per The Business Research Company’s Allergic Rhinitis Global Market Report 2024
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LONDON, Dec. 20, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s research on the allergic rhinitis market, the allergic rhinitis market has exhibited steady growth, scaling from $14.57 billion in 2023 to an anticipated $15.22 billion in 2024, with a commendable Compound Annual Growth Rate (CAGR) of 4.5%. This surge is attributed to factors such as allergen exposure, environmental shifts, increased public awareness, rising pollution levels, ongoing research and developments in allergic rhinitis, and the upswing in disposable incomes.
Charting the Future Trajectory
The allergic rhinitis market is poised for continued growth, with projections estimating an ascent to $17.62 billion by 2028, with a CAGR of 3.7%. Factors contributing to this sustained growth include the demand for preventive treatments, an aging population, urbanization trends, and increased healthcare spending. Emerging trends encompass biologics and monoclonal antibodies, digital health solutions, allergen avoidance strategies, pediatric allergic rhinitis, and the integration of allergen detection technology.
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Driving Growth: The Surge in Corticosteroid Treatment
One of the primary drivers fueling the allergic rhinitis market’s growth is the increasing adoption of corticosteroid treatment. This involves the use of medications, specifically corticosteroids, to alleviate symptoms associated with allergic rhinitis by reducing inflammation in the nasal passages. Recent data from JAMA Network indicates a significant rise in the usage of corticosteroids, underscoring their effectiveness in managing allergic rhinitis.
Major Players and Technological Innovations
Leading the charge in the allergic rhinitis market are key players, including Merck and Co. Inc., Bayer AG, Novartis AG, and others. These industry giants are actively driving innovation, as exemplified by Hikma Pharmaceuticals PLC and Glenmark Specialty S.A.’s collaborative development of Ryaltris. This product, recently approved by the United States Food and Drug Administration (FDA), is the first fixed-dose combination drug that provides relief for nasal and ocular symptoms of seasonal allergic rhinitis through a convenient nasal spray.
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Stakeholders in the allergic rhinitis landscape can leverage the insights provided in this comprehensive market report for strategic decision-making. The allergic rhinitis market report offers a detailed breakdown of market segments, emerging trends, and growth opportunities. Armed with this information, businesses can make informed decisions, identify areas for expansion, and stay ahead in a dynamic market. The allergic rhinitis market report serves as a valuable tool for stakeholders to navigate the evolving landscape of the allergic rhinitis market, fostering innovation and advancements that contribute to improved patient outcomes and sustained market growth.
Allergic Rhinitis Global Market Report 2024 by The Business Research Company provides insights on the allergic rhinitis market size, allergic rhinitis market segments, allergic rhinitis market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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