Report Ocean published the latest research report on the Allergic Rhinitis market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Allergic Rhinitis market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
Allergic Rhinitis Market is expected to register a CAGR of 3.10% to reach USD 15064.12 Million by the year 2025.
The Centers for Medicare and Medicaid Services data estimates that the U.S. national healthcare expenditure surpassed US$ 4.1 trillion in 2020 and is forecast to reach US$ 6.2 trillion by 2028. According to the Commonwealth Fund, the U.S. expended nearly 17% of gross domestic product (GDP) on healthcare in 2018. Switzerland was the second-highest-ranking country, expending 12.2%. In addition, New Zealand and Australia devote only 9.3%.
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According to the U.S. Bureau of Labor Statistics, employment in healthcare fields is forecast to grow 16% from 2020 to 2030, much quicker than the standard for all occupations, counting about 2.6 million new jobs. This estimated growth is mainly due to an elder population, showing to greater demand for healthcare services. The median annual wage for healthcare practitioners and technical fields (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040 in May 2021, which was greater than the median annual wage for all occupations in the economy of US$ 45,760.
AstraZeneca, GlaxoSmithKline plc, Johnson & Johnson Services, Inc, Bayer AG, Sanofi, Boehringer Ingelheim, Merck & Co., ALK-Abelló A/S, Novartis AG, Meda Pharmaceuticals, and others are some of the prominent players in the Global Allergic Rhinitis Market. Some of the projected onlookers for the Global Allergic Rhinitis Market are Allergic rhinitis drugs manufacturing companies, Research & development organizations and Academic institutes.
Allergic Rhinitis Market is expected to register a CAGR of 3.10% to reach USD 15064.12 Million by the year 2025. The Global Allergic Rhinitis Market is projected to expose profitable growth during the forecast period. Some of the significant factors characterizing the market growth are the increasing incidence of allergic rhinitis and increasing government initiatives to spread awareness about allergic diseases.
However, the side-effects related usage of Allergic Rhinitis is anticipated to limit market growth over the forecast period. Allergic rhinitis, also known as hay fever, is an allergic disease associated with the nose. The allergic rhinitis affects when the immune system of the human body becomes clarified and overreacts to specific allergens in the environment, which are generally not harmful to most of the people. Allergic rhinitis may be classified as three different types viz., seasonal, perennial, and occupational.
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The increasing prevalence of allergic rhinitis, increasing government initiatives to promote awareness regarding allergic rhinitis, and growing healthcare expenditure and expansion of the private healthcare system is likely to drive the growth of the global allergic rhinitis market during the forecast period. For instance, according to the European Academy of Allergy and Clinical Immunology (EAACI), stated that over 150 million Europeans suffer from chronic allergic disease, out of which 100 million Europeans suffer from allergic rhinitis.
By type the Global Allergic Rhinitis Market has been segmented into Seasonal Allergic Rhinitis, Perennial Allergic Rhinitis and Occupational Allergic Rhinitis. The antihistamines segment held a share of 40.4% in 2018. By Treatment the Global Allergic Rhinitis Market has been divided into Antihistamines, orticosteroids, Decongestants, Immunotherapy, Intranasal Anticholinergicsa and Others. By Route of Administration the global allergic rhinitis market has been segmented into Nasal, Oral and Others.
Based on distribution channel the Global Allergic Rhinitis Market has been segmented into Retail Pharmacies, Hospital Pharmacies and Online Stores. Global Allergic Rhinitis Market into different regions like Americas broken into North America & Latin America. North America is sub-divided into US & Canada. Europe is split into the Western Europe and Eastern Europe. Western Europe is sub-divided into Germany, UK, France, Italy, Spain and Rest of Western Europe. Asia-Pacific including Japan, China, India, Australia, South Korea and Rest of Asia-Pacific, Middle East & Africa.
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Geographically, the global allergic rhinitis market has been segmented into regions like Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas dominates the global allergic rhinitis market owing to the presence of major market players in the region, strategic acquisitions by major players to augment product portfolio, growing cases of respiratory disorders, and availability of advanced medications for the treatment of allergic rhinitis. For the instance, the National Centre for Biotechnology Information (NCBI) stated that the prevalence of allergic rhinitis in the US is approximately 15%, which are physician-diagnosed.
The European region holds the second-largest market share owing to the adoption of advanced processing by hospitals and patients in the European countries, and ongoing efforts made by Global Allergy and Asthma European Network to strengthen European research, spread excellence. Asia-Pacific are estimated to be the fastest-growing region in the global market due to the continuous developments in developing countries like India and China.
Emerging economies are expected to explain maximum cases of allergic rhinitis due to tobacco smoke, exposure to air pollutants in the home and workplace, vehicular pollution, and indoor air pollution, this is likely to drive the growth of the market. This region is expected to grow at a CAGR of 3.65% during the forecast period of 2019 to 2025. The allergic rhinitis market in the Middle East & Africa is expected to witness a modest market growth rate from the year 2019 to 2025.
The established countries in the Middle East, such as the UAE and Saudi Arabia are the ones with the maximum share in the allergic rhinitis market. The advanced healthcare infrastructure boosted healthcare expenditure and growing per capita disposable incomes of the people in these countries are some factors contributing to their large share of the market in this region.
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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