Nasal Allergy Treatment Market Projects a US$ 13.3 Billion Valuation by 2033

The latest industry report from Future Market Insights estimates that the global nasal allergy treatments market will grow at a compound annual growth rate (CAGR) of 6.7% to reach an estimated valuation of US$ 13.3 billion in 2033. The market was estimated to be worth US$ 6.6 billion in 2022.

Although allergies are frequent, their causes might differ from person to person. The allergen can be easily found with a diagnostic test. The incidence of nasal allergies among patients is high, and there is a low degree of awareness and information about them, according to the Journal of Family Medicine and Primary Care in 2020. The patient has a limited understanding of the causes, symptoms, effects, and management of nasal allergies. Patients’ knowledge of nasal allergies may be influenced by health education programs on the topic.

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In such circumstances, awareness is crucial, therefore webinars and campaigns aid in spreading the message. One such example is a health-focused week called allergy awareness week, which was established by the charity Allergy UK and is observed every year during a week chosen by the organization. It occurs in the year 2023 from April 24 to April 30. This week is dedicated to educating people about allergies and providing assistance and support to those who suffer from allergic disorders.

Key Takeaways:

Allergic Rhinitis is the leading segment among other diseases, and holds around 65.8% market value share in 2022, owing to higher rates of identified cases.
The tablets/Capsules segment is set to lead in terms of the form of nasal allergy treatment with a projected market value share of around 33.6% by 2033, with respect to the physical and chemical attributes.
By prescription type, the widely adopted is OTC drugs as they are easily available without prescription and also the commonly prescribed drugs for allergy can be easily availed from drug stores. OTC by prescription type held a market share of 76.3% in the year 2022.
Multiple treatments are available but Antihistamines hold a significant share of 46.0% in the treatment segment as they can successfully treat a wide range of allergic reaction symptoms.
By distribution channel, hospital pharmacies held a share of around 35.9% in 2022 due to the easy accessibility of licensed and approved medications.
North American region dominated the global market with the U.S. contributing 92.4%value share to the North American market, owing to the prevalence of nasal allergies in the region.

“In light of the increasing demand for nasal allergy treatment and the increasing prevalence of allergies, the market for nasal allergy treatment is predicted to expand globally,“says an analyst at Future Market Insights (FMI).

Market Competition:

The market for nasal allergy treatment represents a fragmented market. The market players are focused on developing and launching drugs and attaining approvals in order to improve treatment outcomes. Manufacturers are also looking ahead to acquisition and collaborations.

GlaxoSmithKline plc’s (GSK) Nucala (mepolizumab) received US Food and Drug Administration (FDA) on 29 July 2021. Nucala (mepolizumab) is a monoclonal antibody targeting interleukin-5 (IL-5). Patients with chronic rhinosinusitis with nasal polyps (CRSwNP) can be treated using this drug.
In April 2020, ALK Abello was pleased to share that Health Canada has approved once-daily ITULATEK, a sublingual tablet for the treatment of tree pollen allergy.

Key Players: