ID: MRFR/Pharma/2716-HCR | 84 Pages | Published By Rahul Gotadki on April 2023
The Drug Allergy Market is anticipated to reach USD 5,734.2 Million by 2030 at 6.1% CAGR during the forecast period 2022-2030. Generally, drug allergy is considered to be one of the most common allergies types. A drug allergy is hypersensitivity of the immune system to medication or drugs. Any type of drug, such as non-prescription or herbal, and prescription, can induce this drug allergy. Usually, drug allergies have some common symptoms that include itching of the skin or eyes, skin rash, hives, wheezing, swelling of the lips, face or tongue, and others. Here, taking the proper treatment can be helpful to prevent severe reactions and give relief.
The regions like North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa are playing a crucial role in the development of the global market for drug allergy. Among these, the Asia Pacific region is defined to witness the fastest growth rate in the worldwide market because of the availability of treatment products, rising awareness about various drug allergies, and improving healthcare facilities in the region. Here, China is projected to witness the fastest growth in the market for drug allergy, and Japan is projected to hold the major market share during the forecast period. This region is expanding due to the rising patient involvement and changing healthcare practices in the region.
As per the Drug Allergy Market Analysis report, the presence of such huge intended audiences in the drug allergy industry is contributing highly to the market. These intended audiences include drug allergy diagnostic and treatment supplies companies, medical research laboratories, diagnostic and treatment supplies providers, potential investors, market research and consulting service providers, and research and development (R&D) companies.
The global Drug Allergy Market Value witnessed a marginal decline due to the Covid-19 outbreak across the globe. At this time, many diagnoses procedure has been canceled or postponed in most drug allergic diseases.
However, the continuous efforts and measures taken by the key players in the field of Drug Allergy have helped to normalize the industry situation.
The drug allergy market growth is driven due to the increasing demand from emerging markets for drug allergy and raising awareness about many allergies. Moreover, the introduction of the new treatment of products can be one of the major growth driving factors for the worldwide market.
In addition, the increasing advanced research and development to prevent drug allergies are fuelling the growth of the current market for drug allergies.
The high cost associated with the Drug Allergy can be one of the major challenges to the global Drug Allergy Market throughout the review timeframe.
Moreover, the advancement in drug allergy requires highly skilled professionals, which can be one of the major challenges for the worldwide Market.
The Drug Allergy Market is bringing significant opportunities for the market players because of the introduction of the new treatment of products across the world.
Furthermore, the increasing advanced research and development in the field of drug allergy to prevent drug allergies are one of the major opportunities for the global market players and manufacturers.
The Drug Allergy Market Growth might get affected due to the premium costs associated with drug allergy diagnostic instruments.
Moreover, the strident rules and regulations relating to drug allergy treatments might be one of the biggest restraints for the global Market during the research period.
Cumulative Evaluation Of The Market
According to the Drug Allergy Market Outlook report, the global market has seen moderate growth and is further predicted to maintain its growth rapidly during the assessment period.
Out of all the region, the Middle East & Africa is predicted to face limited growth during the forecast period because of the traditional healthcare practices and lack of awareness about diseases. However, some major factors can lead the Middle East in the future, including government support to improve public health and develop healthcare facilities.
The global Drug Allergy Market has been classified into nonimmunologic, immunologic, and others based on the type segment.
Further, the non-immunologic allergy has been sub-classified into unpredictable, predictable, and others. Segmentally, the unpredictable segment is further sub-classified into idiosyncratic, intolerance, pseudoallergic, and others. And the predictable allergy is further sub-classified into drug overdose, secondary pharmacologic side effects, pharmacologic side effects, drug-drug interactions, drug toxicity, and others. On the other hand, the immunologic allergy has been sub-classified into type IV reaction, type III reaction, type II reaction, type I reaction, and others.
Depending on the treatment segment, the current Drug Allergy Market has been categorized into corticosteroids, withdrawal of the drug, antihistamines, treatment of anaphylaxis, and others.
Further, the antihistamines segment is sub-categorized into azelastine nasal sprays, azelastine eyedrops, cyproheptadine, carbinoxamine, levocabastine oral, diphenhydramine, desloratadine, emedastine eyedrops, levocabastine eyedrops, hydroxyzine, and others. On the other hand, inhaled steroids are sub-categorized into fluticasone furoate, flunisolide, triamcinolone acetonide, fluticasone propionate, budesonide, beclomethasone dipropionate, and others. In addition, the corticosteroids are further sub-categorized into inhaled steroids, topical steroids, and others.
The worldwide Drug Allergy Market has been segregated into blood tests, skin tests, patch tests, and others in terms of diagnosis segment.
Further, the skin test is sub-segregated into the intradermal, prick or scratch, and others.
Based on the end-user segment, the global Market has been divided into academic institutes, medical research centers, hospitals & clinics, and others.
In 2016, the hospitals & clinics were projected to generate the largest Drug Allergy Market Share and are further estimated o maintain the market growth in the upcoming years.
Geographically, the Drug Allergy Market has spread across various geographical locations such as North America, South America, Latin America, Asia Pacific, Europe, the Middle East & Africa, and the rest of the world.
Of these, the American regions such as Latin America and North America are leading the global Drug Allergy Market during the assessment timeframe. Here, the North American market for Drug Allergy is projected to account for the largest market share. In this region, the US has considered the top revenue-generating market as nearly 10% of the US’s total population suffers from drug allergies. Moreover, Latin American countries like Argentina, Brazil, and Chile contributed highly to the regional market and were predicted to grow significantly in the forecast period.
Apart from these, the European regional market is considered to be the second-largest market during the research timeframe due to the growing cases of drug allergy in the region. This regional market is highly contributed by the countries like the UK, France, and Germany. Significant growth has been seen in the East European region. This region is expanding because of the rising cases of drug allergies in these countries.
Competitive Intensity Within The Industry
As per the Drug Allergy Market Forecast report, the present market has some of the biggest market players to compete in the industry by giving their 100% contribution. These profiled market players include:
These market players are giving emphasis on the merger and acquisitions to enhance the Drug Allergy Market Size in the upcoming years. Apart from this, these players are also investing highly in research and developmental activities to show their global presence in the following industry.
Recent Market Developments
As per the Drug Allergy Market Trends report, qualitative and qualitative analysis has been conducted to analyze the growth performance of the industry.
This report highlights that the current market has been classified based on the type, treatment, diagnosis and end-users. Moreover, this report has covered the market overview, market dynamics, regional analysis, recent developments, competitive analysis, and Covid-19 analysis.
Key Industrial Segments
drug allergy market is expected to expand at 6.1% CAGR from 2022-2030.
drug allergy market size can reach USD 5,734.2 Million by 2030.
Awareness of major allergies and development of medications are major drivers of the global drug allergy market.
drug allergy market growth is hampered by the adverse effects of medications.
Bayer, Johnson & Johnson Services, Inc., HAL Allergy Group, MAGNA Pharmaceuticals, Inc., Stallergenes Greer, AstraZeneca, and Circassia are major players currently working in the global drug allergy market.