Drug Allergy Market Growth to Thrive on Increasing Dependency on Pharmaceutical Drugs and reach USD 4,764 million by 2023, Says MRFR
Market Outline
The expansion of patient pool are urging the need for drugs, in order to get proper treatment. This is also increasing the risk for drug allergies. Alongside, there are several factors which can propel the global drugs allergies market growth, states Market Research Future (MRFR). MRFR in its report on the drug allergies market mentions, the market to capitalize with an impressive CAGR of 5.1% during the forecast period (2017-2023). Simultaneously, by 2023, the global drugs allergies market is to be valued USD 4,764 million, ascertains MRFR.
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Key Players
AstraZeneca, Bayer, Circassia, Johnson & Johnson Services Inc., MAGNA Pharmaceuticals Inc, Stallergenes Greer, HAL Allergy Group, and others.
Market Brief
The mounting complexity of diseases are urging the need for medications with strong dose. This is widening the scope for inducing drug allergies, as body may not react in an intended way to such strong dose and eventually lead to drug toxicity. Hence, the urgency to treat such medical condition can prompt the drug allergy market growth. The growing number of patients, those suffering from multiple health malaises at the same time, need combinations of drugs, to be treated with. At times, the adverse effects of drugs on a person can be an outcome of drug-drug interactions. Thereby, can contribute in generating revenue for the drug allergy market. In addition, the availability of numerous diagnostic aids and treatment regime, and their cognizance among people are reason that can be ascertained to escalate the drug allergy market growth. Drugs, are complex chemical entities which can interfere the regular body functions. This leads to disturbance in pharmacological activities of the body. Hence, evoke the need for better drug allergy treatment, which in turn, can be responsible for amplifying the market expansion. Technical advancements, backing research and developmental activities can cushion the drug allergy market growth, by launching more effective innovations.
Segmental Overview
MRFR’s segmental analysis of the drug allergy market offers a comprehensive understanding of the market. Diagnosis, treatment, and end-user are segments under which, MRFR has conducted the drug allergy market study.
Based on the type, the drug allergy market has been segmented into immunologic and non-immunologic. The immunologic segment has been classified into type I reactions, type II reaction, type III reaction, and others. The non-immunologic segment has been further segregated into unpredictable, predictable, and others. The predictable segment is narrowed down to include pharmacologic side effects, secondary pharmacologic side effect, drug-drug interactions, drug toxicity, drug overdose and others.
Based on the diagnosis, the drug allergy market has been segmented into blood test, patch test, skin test, and others. The skin test segment has been divided into intradermal test, prick or scratch test, and others.
Based on the treatment, the drug allergy market has been segmented into withdrawal of drug, treatment of anaphylaxis, antihistamines, corticosteroids, and others. The antihistamines include Diphenhydramine, Azelastine Nasal Sprays, Levocabastine Eyedrops, Levocabastine Oral, Hydroxyzine, Cyproheptadine, Azelastine Eyedrops, Carbinoxamine, Desloratadine, Emedastine Eyedrops, and others. The corticosteroids segment studies inhaled steroid, tropical steroids, and others.
Regional Analysis
Americas, Asia Pacific, Europe, and the Middle East and Africa are regions across which, MRFR has conducted its regional market analysis.
The Americas accounted for leading the global drug allergy market, securing the largest share. The U.S is expected to dominate the American market, gaining the highest revenue for the drug allergy market, predicts MRFR. In the US, about 10% of the population is afflicted with drug allergies, as an excessive consumption of pharmaceutical drug products is noted. Hence, the rising need for potent treatment can surge the regional drug allergy market. The drug allergy market, in Latin American market, observed to exhibit a fast-paced growth because of the improving healthcare sector and sought-after treatments and diagnostic solutions to cure drug allergies.
The drug allergy market in the Asia-Pacific region is anticipated to grow with the highest CAGR over the review period. While, Japan grasps the largest share of APAC market, China can demonstrate a substantial growth, registering the highest CAGR over the evaluation period. APAC drug allergy market can thrive on the spreading awareness of drug allergies and their available diagnosis and treatments.
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