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 allergy care market is expected to remain consolidated among Tier 1 players, who currently account for approximately 75% share. While these players are focusing on expansion in manufacturing facilities and strategic alliances with regional distributors, small and mid-sized players are eyeing partnerships with local players and strengthening their regional presence.
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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.
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.
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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.
Allergy Care Market - Competitive Landscape
The competitive landscape in the research report of allergy care market sheds light on the key players having a stronghold in the allergy care market space.
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.
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