Singapore Allergy Therapeutics Market Analysis

Singapore Allergy Therapeutics Market Executive Summary

Singapore Allergy Therapeutics Market was valued at $28 Mn in 2022 and is estimated to reach $48 Mn in 2030, exhibiting a CAGR of 7% during the forecast period.

Allergies are immune responses that are periodically triggered by environmental chemicals known as allergens. Dust mites, pollen, mildew, and specific foods like milk, eggs, soy, and almonds are examples of common allergies. Allergy reactions can manifest in a variety of ways, ranging from mild symptoms like a runny nose and itchy eyes to more serious ones like anaphylaxis, which can cause unconsciousness and breathing problems. A few potential treatment options include immunotherapy, avoiding allergens, and prescription medications such as antihistamines and nasal corticosteroids.

With 13.1% of the population suffering from allergic rhinitis, also referred to as hay fever, allergic disorders represent a serious health risk in Singapore. Eggs, milk, and peanuts have been found to be common triggers for food allergies, which are becoming more common, especially in children, and impacting about 5% of Singaporean children. Up to 80% of allergy symptoms are attributed to dust mites, which are abundant in Singapore due to the country's warm and humid atmosphere. With a prevalence of approximately 24%, allergic rhinitis is most common in children between the ages of 4 and 17. The most prevalent food-related allergic reaction that frequently results in anaphylaxis is shellfish allergy. As in other nations with distinct seasons, pollen allergies are less common, although they still afflict a certain population in Singapore, particularly those who are susceptible to local kinds of pollen. Mold, latex, insects, and certain drugs are among the other major allergies.

A new oral immunotherapy (OIT) pill for peanut allergy is presently undergoing a ground-breaking Phase 1 clinical trial at the Institute of Bioengineering and Biomedicine (IBB) at the Agency for Science, Technology, and Research (A*STAR). This new treatment is based on engineered peanut allergens, which may offer a safer and more practical option than the conventional OIT techniques. This trial has the potential to transform allergy treatment methods if it is effective. A Phase 2 experiment for HyQvia, a biologic medication that has been approved for the treatment of asthma, is being led by Tan Tock Seng Hospital (TTSH) and the National Skin Centre (NSC). In particular, the drug's safety and effectiveness for treating chronic urticaria, or hives, are the main goals of this experiment.

Market Dynamics

Market Growth Drivers

Increasing Incidence of Allergies: In Singapore, allergies are common, affecting a sizeable portion of the populace and creating a significant demand for workable treatment options. Urbanization, cleanliness standards, genetic susceptibility, and other factors all contribute to the rising frequency, which disproportionately affects children.

Urbanization and changing lifestyles: The trend toward a greater demand for allergy treatment medications is largely being driven by urbanization and lifestyle changes, which include increased exposure to indoor allergens like dust mites and outdoor pollutants.

Increased Awareness and Diagnosis: More access to healthcare, public health campaigns, and educational programs result in earlier and more accurate allergy diagnoses, which encourage people to seek treatment.

Market Restraints

Treatment Compliance and Adherence: The efficacy of allergy medications, particularly immunotherapy therapies, depends on patient’s continuous adherence to extended treatment plans. Obstacles like exorbitant expenses, complexity, or unsatisfactory outcomes resulting in insufficient patient compliance may reduce the effectiveness of treatment and hinder market growth.

Awareness and Education: Many people are ignorant of the various kinds of allergies, the various sorts of therapies for them, and the advantages of controlling chronic allergies over time. This could result in poor therapy, poor diagnosis, and dependence on ineffective over-the-counter drugs. This may impede market expansion.

High Cost of Treatment: The cost of allergy treatment can be highly expensive for some people, particularly when it comes to AIT methods like immunotherapy injections and SLIT tablets. The exorbitant cost of allergy drugs could hinder their widespread use and accessibility, hence restricting their market penetration.

Healthcare Policies and Regulatory Landscape

The Health Sciences Authority (HSA), acts as the main regulatory body in charge of regulating the registration and compliance of pharmaceutical products in order to guarantee their safety and efficacy, is the main body that oversees healthcare policies and the regulatory framework for allergy treatment medications in Singapore. The Ministry of Health (MOH), in close collaboration with the HSA, has a role in shaping healthcare policy and providing strategic direction for the industry as a whole. The Singapore Pharmacy Council (SPC) also oversees the regulation of the pharmacy industry, guaranteeing appropriate distribution and dispensing procedures.

Competitive Landscape

Key Players

• GlaxoSmithKline
• Novartis
• AstraZeneca
• Merck & Co.
• Sanofi
• Pfizer
• Johnson & Johnson
• Abbott
• Bayer
• Boehringer Ingelheim