The revenue from the worldwide drug eruptions treatment market growth is predicted to reach US$ 3.89 billion in fiscal year 2023, up from US$ 3.66 billion in fiscal year 2022. From 2023 to 2033, the global market is projected to expand at a 6.2% compound annual growth rate (CAGR) and reach US$ 7.1 billion by the end of that year. The skin’s sensitivity to a medication’s ingredient results in a drug rash. The most typical drug-induced illness is a rash. They have an impact on 5–15% of drug regimens. There are drug regimens available that are both over-the-counter and prescribed. There are two types of drug reactions: allergic and nonallergic.
Any medication can cause a rash, but several are especially well-known for doing so. Nonsteroidal anti-inflammatory drugs (NSAIDs), seizure medications, and antibiotics (especially penicillins and sulfa pharmaceuticals) are examples. These reasons will boost revenue in the global market for medication eruptions from 2023 to 2033. One of the most significant challenges for the worldwide market for these things in the coming years may be the high cost of pharmaceutical epidemics. Increasing pharmacovigilance at the same time might help reduce adverse medication interactions, hence averting any potential drug-related eruptions. As a result of these issues, market expansion and, consequently, demand for medication for eruption treatment may be restricted.
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North America is regarded as the most volatile market for the treatment of drug eruptions. According to a national survey, penicillin and associated drugs will account for 18% of drug eruption reports in the United States in 2021. Furthermore, one out of every ten people developed an allergy to antibiotics containing sulfonamides. As a result, throughout the projection period, North American manufacturers will have numerous potential to expand in this regional market.
Key Takeaways :
- Between 2018 and 2022, the market for medication eruptions grew at a 5.2% CAGR.
- The market for drug eruptions is predicted to increase at a 6.2% CAGR between 2023 and 2033.
- Antihistamines are expected to dominate the market, accounting for 41% of total revenue in 2023.
- The intravenous method of administration category will be the second-largest in 2023, with a 21% market share.
- The North American region is predicted to grow at a 7.3% CAGR from 2023 to 2033.
- The European market for drug eruptions is expected to grow at a CAGR of 6.2%.
“The emergence of novel treatment modalities, growing awareness of various drug allergies, and a rise in demand in developing markets are the main factors driving the global market for drug eruptions during the forecast period.” comments a Future Market Insights analyst.
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Competitive Landscape
Some of the prominent developments of the key players in the market are:
- Anuh Pharma Ltd.
- Avik Pharma
- Pfizer CentreOne
- Hovione
- Bausch Health Companies Inc.
- APOTEX
- Astellas Pharma, Inc.
- Sanofi
- Novartis AG
- SBH Sciences
Some of the recent developments in this domain are:
- In 2020, Sanofi India launched ‘Allergy Free’ initiative, a multi-channel educational campaign to promote awareness regarding allergies as well as their impact on one’s quality of life. Given the worldwide pandemic’s sensitivity, there is a lingering sense of panic that has captivated everyone. Allergy free educates individuals on the common symptoms of allergies, medication allergies, flu and cold symptoms, and the primary warning indications of COVID-19.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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