The growing prevalence of urticaria is a key factor expected to drive the market growth during the forecast period, states Fortune Business Insights, in a report, titled “Urticaria Treatment Market Size, Share & Industry Analysis, By Disease Type (Acute Urticaria, Chronic Urticaria), By Drug Type (Antihistamines, H2-blockers, Monoclonal Antibodies, Antidepressants, Other), By Route Of Administration (Oral, Topical, Parenteral), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others) and Regional Forecast 2020-2027.” The market size is expected to rise tremendously during the forecast period owing to the surging drug approvals.
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Growing Awareness about Hypersensitivity to Support Development
The growing cognizance about hypersensitivity and allergies can have a tremendous impact on the global market. The increasing drug approvals for the treatment of urticaria can have a tremendous impact on the market. For instance, In October 2019, JDP Therapeutics received USFDA approval for cetirizine injection (quzyttir) to treat acute urticaria. Urticaria, also known as hives, occurs when the body reacts to an allergen and releases histamine and other chemicals from under the skin’s surface. The histamine and chemicals cause inflammation and fluid to accumulate under the skin, causing wheals. Urticaria can be treated using drugs such as antihistamines, H2-blockers, monoclonal antibodies, antidepressants. However, preference for other treatment options such as homeopathy is expected to dampen the market’s growth.
Advanced Healthcare Facilities to Influence Growth in North America
The market in North America is expected to experience a rapid growth rate during the forecast period owing to the increasing incidence of urticaria in the region. The well-developed healthcare facilities, coupled with significant research investments, will enable growth in the region. According to Allergy & Asthma Network, chronic spontaneous urticaria (CSU) affects approximately 1.6 million people in U.S. High awareness about the disease and improving quality of life can promote North America expansion. Asia Pacific is expected to register the highest CAGR owing to the rising prevalence of urticaria and increasing healthcare expenditure in the region. The market in Latin America and the Middle East & Africa are expected to hold a significant share due to the healthcare sector’s heavy investments.
October 2019: JDP Therapeutics received USFDA approval for cetirizine injection (quzyttir ) for acute urticaria.
September 2018: Novartis AG announced the USFDA approval for Xolair (omalizumab) prefilled syringe formulation for chronic idiopathic urticaria.
The Report Lists the Key Players in the Urticaria Treatment Market
- Pfizer Inc.
- Merck & Co., Inc.
- Novartis AG
- Johnson & Johnson Services Inc.
- Genentech, Inc.
- Teva Pharmaceutical Industries Ltd.
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