Drug allergy market information: by type (immunologic, nonimmunologic), diagnosis, by treatment, by end user- global forecast till 2023
Pune, India -- (SBWIRE) -- 03/15/2018 -- When a particular medication enters into our body and our immune system is induced to generate hypersensitivity to that drug or medication, it is termed as drug allergy. Drug allergy is one of the most common among the different types of allergies. Development of the drug allergy is mostly dependent on the individual's body response towards drug. A certain drug causing allergy to one person may not produce allergic response for other person and vice versa.
The Global Drug Allergy Market is expected to grow at the CAGR of ~5.1% during the forecast period and is estimated to reach USD 4764.0 million by 2023.
Drug allergy can be induced by any type of drug such as prescription drug, over the counter drug, biologic drug or even herbal drug. Some of the common symptoms of the drug allergies are, skin rash, hives, swelling of the face, lips, or tongue, itching of the eyes or skin, wheezing among others. Early detection of such drug allergies can save a patient from a lot of pain and sufferings and treatment for these allergies can relieve and prevent severe reactions.
According to a recent study published by the Market Research Future, the global drug allergy market is growing at a double digit growth rate. The growth is this market is majorly attributed to the increasing support by the non-governmental organisations in running campaigns about the allergy awareness and spreading the word all across the regions. This has really resulted in increased awareness about various allergies. Increasing awareness has also increased demand for the anti-allergy medications from the developing countries, and emerging markets. Apart from that, number of companies introducing new drugs to counter the allergic reactions produced by certain drugs.
On the other hand, the allergy sector is unfortunately underrated and neglected in the context of global medical sector. In Europe, there are nearly 150 million patients suffering from different types of chronic allergic diseases including the drug allergies. It is very unfortunate that, half of this patient population is under diagnosed or poorly managed due to inadequacy of medical specialists and lack of awareness.
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That being said, this scenario is changing with time. Government initiatives for screening, increasing penetration of diagnostic and healthcare etc. Availability of easy diagnostic kits for testing allergies and the serious nature of allergic reactions has led to the growth of market.
Allergic reaction are a medical emergency. The reimbursement for medical emergencies is higher due to their high life threatening nature which is expected to drive the future market for allergy immunotherapy.
Global Drug Allergy Market - Competitive Analysis
AstraZeneca (UK), Bayer (US), Circassia (US), HAL Allergy Group (the Netherlands), Johnson & Johnson Services, Inc. (US), MAGNA Pharmaceuticals, Inc. (US), Stallergenes Greer (UK), and others.
There are number of companies involved in the development of the drugs and therapies to counter the allergic reactions which are now being used all across the world.
In January 2017, acquired the operating assets in Allergy Laboratory of Oklahoma Inc., and Crystal Labs LLC.
In 2015, ALK-Abelló A/S took over the allergy immunotherapy activities of Albio Allerji Ürünleri Ith. Ve Tic. Ltd. Sti. (Albio) which is the former distributor of the company in Turkey
In 2015, Stallergenes Greer was formed by the union of two companies Stallergenes, and Greer. It provides both sublingual and subcutaneous immunotherapies.
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These companies have adopted the strategies such as mergers and acquisition with other large and small market players, and product launches, and collaborations to cater the rising needs of the market. Apart from these major companies, there are players which are operating in specific regions and countries.
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