Allergy care refers to the treatment of any kind of allergy with the help of over-the-counter and prescription medications. Allergy care fundamentally revolves around evaluation and management of services meant for treatment of a wide-range of allergic conditions.
Allergy care market report offers a scrutinized and detailed analysis on the allergy care market for the period, 2018 to 2027. Key allergy care market growth influencers, such as drivers, restraints, trends, and opportunities, along with a detailed segmental analysis of allergy care market have been included for enhanced understanding of the readers apropos of allergy care market.
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Allergy Care Market to Witness a Paradigm Shift from Cure to Prevention
Allergy cases are rapidly increasing in prevalence, making the heavy dependency on pharmacotherapy for treatment seem unfeasible. As per a revelation by the Centers for Disease Control and Prevention (CDC), allergies stand as the 6th leading cause of chronic illness in the U.S. alone, with an annual cost of around $18 billion. Furthermore, a population of more than 50 million Americans suffers from different kind of allergies every year. According to the European Academy of Allergy and Clinical Immunology (EAACI), more than 150 million Europeans suffer from chronic allergic diseases as per the current scenario and half of the entire EU population is foreseen to be affected by 2025.
In line with the aforementioned alarming situation, allergy care market is witnessing several efforts and formulations focusing on prevention over cure. One of such compelling efforts was taken by Japan’s Astellas Pharma in formulation of a DNA vaccine, which was meant to protect the body from cedar pollen.
Genentech, Inc., a prominent biotechnology corporation, introduced omalizumab, which is an engineered antibody that binds to human IgE to treat a form of asthma. Developments as such are likely to carry promising potential ahead and might offer untapped opportunities for the market players to tap into.
Increasing Awareness Programs on Allergic Conditions to Underpin Growth
Despite the high prevalence of allergic conditions, lack of awareness about their impact is the primary reason for them being underestimated and underdiagnosed. However, there have been multiple initiatives carried out by prominent organizations in order to bring awareness apropos of allergy, underpinning growth of allergy care market.
For instance, the European Federation of Allergy and Airways Diseases Patients’ Associations (EFA) introduced a 4-year awareness program representing facts of allergies with the aim of improving cognizance of the same. Moreover, increasing governmental initiatives oriented toward training and infrastructure associated with diagnosis of allergies is boosting the growth of allergy care market.
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Technology Permeation in Allergy Care Gains Palpability with Enhanced Outcomes and Reduced Costs
The use of technologies, such as telehealth and telemedicine, in case of allergy care represents one of the evolving trend gaining prominence and is supported by prominent authorities. Technologies as such enable effective allergy care by enhancing the patient-physician collaborations, resulting in enhanced clinical outcomes. Moreover, healthcare specialists across the globe are also eyeing these technologies to boost their bottom line by treating multiple patients within stipulated timespan.
Few of the prominent authorities, such as the American College of Allergy, Asthma and Immunology (ACAII), are supporting use of telemedicine and telehealth in the field of allergy care. Relative efficiency and improved results offered by such technologies pinpoint their future penetration into the allergy care market, thereby contributing to the overall market size.
Allergy Care Market - Competitive Landscape
Johnson & Johnson Inc., a leading player in the allergy care market, announced a binding offer from Fortive to acquire advanced sterilization products in 2018. This is a strategic move by J&J in order to streamline its portfolio post review of its over-the-counter drugs.
Sanofi-Aventis U.S. LLC, a prominent player in the allergy care market, completed the acquisition of Bioverativ for $11.6 billion in 2018. This acquisition is aimed at expansion of the company in specialty care and solidification of its leadership for treatment of rare diseases.
Bayer AG, a key player in the allergy care market, completed acquisition of consumer care business of the U.S. pharmaceuticals group Merck & Co., Inc., Whitehouse Station, New Jersey in 2014. This acquisition represents a milestone for Bayer for prosperous diversification of its product portfolio.
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Allergy Care Market: Future Forecast Indicates Impressive Growth Rate Until 2027
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