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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 0.1%, says research and consulting firm GlobalData.
The company'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.
Dr 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."
The analyst adds that of the seven major pharmaceutical countries of the US, France, Germany, Italy, Spain, the UK and Japan, the US holds the largest AR treatment market share of 38%, which will remain the same over the forecast period.