PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397159
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397159
Skin Allergy Therapeutics Market size was valued at USD 4,400 Million in 2022, expanding at a CAGR of 9.1% from 2023 to 2030.
Skin allergy therapeutics encompass the management and treatment of allergic reactions that impact the skin. Various factors can lead to irritated skin, including immune system disorders, medications, and infections. When an allergen triggers an immune system response in the skin, it results in an allergic skin condition. For instance, Eczema is a prevalent skin condition, particularly among children, affecting one in five infants but only 10% of adults. One possible explanation for eczema is the "leakiness" of the skin barrier, which causes it to dry out and become susceptible to irritation and inflammation from environmental factors. In cases of severe skin allergies, particularly those involving autoimmune components, biologic therapies may be considered. These medications specifically target components of the immune system to regulate the allergic response.
The Skin Allergy Therapeutics market is experiencing significant growth due to the increasing prevalence of allergic diseases worldwide. Conditions such as allergic rhinitis, asthma, eczema, and food allergies are driving this growth. The rise in allergic reactions has created a higher demand for effective and easily accessible treatment options. Allergies, including asthma, allergic rhinitis, food allergies, and eczema, are common among people of all age groups in the United States. In fact, asthma alone affects over 24 million individuals in the U.S., with more than 6 million of them being children. Allergies are also the 6th leading cause of chronic illness in the country, with an annual cost exceeding USD18 billion, according to the American College of Allergy, Asthma & Immunology. The increased awareness about allergic diseases and advancements in diagnostic capabilities have contributed to higher detection rates. The preference for over-the-counter (OTC) drugs for allergy treatment reflects the growing demand for convenient and easily accessible solutions. Additionally, ongoing research and development in dermatology and immunology offer opportunities for the discovery of new therapeutic agents and treatment methods. However, the high costs associated with clinical testing of skin allergy therapeutics may present financial challenges for the market.
The Global Skin Allergy Therapeutics Market is segmented on the basis of Indication, Route of Administration, End-user, and Region.
The market is divided into three categories based on Indication: Urticarial, Anaphylaxis, Conjunctivitis, Drug Allergy, Allergic Asthma, Allergy Rhinitis and Others. Urticaria holds a significant share in the market. The market for therapeutics targeting skin allergies, particularly urticaria (hives), offers a range of treatment options that focus on relieving symptoms and addressing the root causes of allergic reactions. Urticaria is identified by the emergence of red, itchy welts or hives on the skin.
The market is divided into two categories based on Route of Administration: Oral and Parenteral. The market is primarily dominated by the oral segment. Within the skin allergy therapeutics market, oral medications hold significant importance in the management of different allergic conditions, specifically skin allergies. The main objective of these medications is to alleviate symptoms like itching, redness, and inflammation that are commonly associated with skin allergic reactions.
The market is divided into two categories based on End-user: Hospitals & clinics, Diagnostic centers and Others. The market is predominantly dominated by the hospitals and clinics segment. These establishments hold significant importance in the identification, therapy, and control of diverse skin allergies. Numerous hospitals and clinics are equipped with specialized dermatology departments that concentrate on diagnosing and treating skin disorders, which encompass allergies. Dermatologists play a vital role in delivering comprehensive care to patients afflicted with skin allergies.
The Skin Allergy Therapeutics market is geographically widespread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the nations involved in the business. In terms of dominance, North America takes the lead in this market due to the growing consumer demand for dermatological solutions. The increasing demand for aesthetic dermatology treatments, which also includes addressing skin allergies for cosmetic purposes, plays a significant role in this dominance. In North America, patients actively seek solutions for different skin conditions, thereby contributing to the demand for skin allergy therapeutics. As the population ages, the number of individuals requiring treatment for skin diseases is expected to increase. According to current projections, by 2060, approximately 95 million Americans will be 65 years or older, and nearly 50% of people in this age group experience skin diseases at a rate of 2.2 per person. Acne, atopic dermatitis, and hair loss are the top three conditions treated by dermatologists in the United States, as reported by Dermatology Statistics. In the upcoming years, Europe and Asia Pacific are expected to drive the market growth, primarily due to increased investments in research and development.
Various pharmaceutical companies and biotech firms are actively involved in the competitive landscape of the skin allergy therapeutics market. These companies are dedicated to developing and marketing treatments for skin allergies. The competition in this market is influenced by several factors, including the effectiveness and safety of products, the introduction of innovative treatments, market reach, and regulatory approvals. To stand out from their competitors, companies often focus on research and development, conducting clinical trials, and implementing effective marketing strategies. For instance, Allergy Therapeutics Plc is a field pharmaceutical business that specializes in the development of therapies for allergy handling and prevention. The company offers allergy vaccines and diagnostics that are free from aluminum. Allergy Therapeutics operates in various countries, including Germany, Italy, Spain, Austria, Switzerland, the Netherlands, and the UK. The company's headquarters are located in Worthing, West Sussex, UK.
17 August 2022, Nowadays, Thermo Fisher Scientific has made an announcement regarding the approval of ImmunoCAP Specific IgE (sIgE) Allergen Components for wheat and sesame allergies by the U.S. Food & Drug Administration (FDA) for in vitro diagnostic use. These state-of-the-art blood tests will soon be accessible across the nation, serving as a valuable tool for healthcare professionals in identifying wheat and sesame allergies in patients who may be susceptible to severe allergic reactions.