A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global allergic rhinitis treatment market. Presenting exclusive insights into the market from 2016 to 2024, the report projects that the market will witness notable growth during the forecast. Allergic rhinitis, also called hay fever, is highly prevalent across environmentally backward regions with poor healthcare infrastructure. Elements such as grass, pollen, dust, dander, molds, or animal saliva act as allergens, and are highly common in unhygienic environments, thereby posing a greater risk to people living in such regions. Rising healthcare awareness, coupled with increasing disposable incomes in these regions is transmuting into substantial revenue opportunities for the allergic rhinitis treatment market. The growth of the market is primarily driven by the rising prevalence of perennial allergic rhinitis, a large patient pool, and increased spending on healthcare worldwide. Moreover, as the medical fraternity commits to eradicating hay fever viruses, the allergic rhinitis treatment market is anticipated to grow at a remarkable rate in the forthcoming years.
High Prevalence of Allergic Rhinitis Coupled with Increased Healthcare Spending Ensuring Healthy Growth Rate
While the aforementioned allergens remain the most common causes of allergic rhinitis, it is also caused by excessive smoking, exposure to cold temperatures or fumes, and the use of cologne. Due to these factors, allergic rhinitis has become a highly prevalent allergy in both developed and developing regions parts of the world. The high incidence of allergy and its effect on the quality of life is expected to push people to seek treatment for allergic rhinitis treatment. Moreover, exponential increasing rates of awareness regarding the condition and availability of myriad treatments and diagnostic methods, are driving the growth of the allergic rhinitis market. Similarly, the increased healthcare spending is subsequently increasing the demand for quality diagnostic methods and treatments, thereby bestowing lucrative growth opportunities to the market players. It has also been noted that there has been a rise in the levels of disposable incomes and purchasing power of consumers in emerging economies, thus making these treatments affordable. Additionally, several governmental organizations across the world are conducting awareness programs to increase in-patient rates. For instance, the British Allergy Foundation observes annual allergy week from April 25 to May 1. Such awareness programs, coupled with the availability of effective treatments will continue to drive the allergic rhinitis on a positive growth trajectory.
North America to Reign Supremacy While Europe Closely Follows
North America is forecasted to remain at the forefront of the global allergic rhinitis market, owing to high awareness among consumers, high spending on healthcare infrastructure, and rampant availability of efficient treatments. Along similar lines, Europe is expected to be the second most lucrative region for allergic rhinitis markets owing to government efforts to rising awareness regarding the conditions. On the other hand, Asia Pacific is set for an exceptional growth during the forecast period, on the back of high prevalence allergic rhinitis, increasing government investments to improve healthcare architecture and the availability of treatments.