Worldwide allergic rhinitis market expected to stagnant over next 10 years: Report

The value of the global treatment market for allergic rhinitis (AR) will witness minimal growth from $7.2 billion in 2014 to $7.3 billion by 2024, representing a compound annual growth rate (CAGR) of just 0.1%, a new study indicates.

Research and consulting firm GlobalData’s latest report states that the global market will remain stagnant by 2024, primarily due to an increasing push for patients to self-medicate using over-the-counter (OTC) products, hindering growth in the prescription drug space.

Claire Gibson, GlobalData’s managing analyst, says: “In an attempt to retain a revenue stream from branded generics, companies have sought a successful strategy to convert their AR prescription drugs to OTC status, known as the Rx-to-OTC switch, transferring these products to their respective consumer care units. Direct-to-consumer advertising, increased co-payments on prescription AR drugs, and stretched healthcare resources, as well as the increasingly competitive cost of OTC-equivalent options, will further drive the growing trend for AR patients to seek treatment independently.”