by The Allergy Immunotherapy Market is estimated to be valued at US$ 2312.79 Mn or million in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergy immunotherapy, also known as desensitization or hyposensitization, involves exposing people to larger and larger amounts of allergen to counteract the allergic response. The products in this market include subcutaneous immunotherapy (SCIT) and sublingual immunotherapy (SLIT) tablets and drops. SCIT involves injection of allergen extract just beneath the skin, whereas SLIT involves placing allergen extracts under the tongue. These products are prescribed to treat allergic diseases such as allergic rhinitis, asthma, food allergy and more.
Market Dynamics:
The growth of the allergy immunotherapy market is majorly driven by the increasing prevalence of allergic diseases globally. According to a report by the Asthma and Allergy Foundation of America (AAFA), allergic diseases affect more than 50 million Americans annually. The increasing cases of allergic rhinitis, also known as hay fever, is another key factor promoting the demand for allergy immunotherapy products. Moreover, the development of convenient self-administered immunotherapy products such as drops and tablets is accelerating the market growth.These products provide ease of use to patients by enabling self-administration at home and eliminating the need for regular hospital visits. On the other hand, the high costs associated with immunotherapy and lack of awareness regarding available treatment options in developing regions are some of the factors expected to hinder the market growth.
Segment Analysis
The global Allergy Immunotherapy market is dominated by the subcutaneous immunotherapy segment. It accounts for over 70% of the market share owing to its long history of use and clinical efficacy in treating allergies such as allergic rhinitis and asthma. Subcutaneous immunotherapy involves regular injections of gradually increasing doses of an allergen to achieve desensitization.
PEST Analysis
Political: The market is positively influenced by favorable government regulations and policy support for immunotherapy drugs and protocols.
Economic: Rising healthcare expenditures and the growing middle-class population are driving the demand for effective allergy treatments.
Social: Growing allergy epidemic coupled with increasing awareness about treatments is boosting the market growth.
Technological: Advancements in immunotherapy technologies such as sublingual and cluster therapies are expanding the treatment landscape.
Key Takeaways
The global Allergy Immunotherapy Market Share Size is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of allergic diseases worldwide. North America is expected to dominate the market during the forecast period owing to growing allergy patient base and increasing adoption of immunotherapy treatments in the region. Europe is also expected to register significant growth. Key players operating in the Allergy Immunotherapy market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. The market is characterized by launch of new products, approvals, collaborations, and acquisitions for further expansion.
The regional analysis shows that North America is the fastest growing region in the Allergy Immunotherapy market due to increasing allergies, approvals of new products, and reimbursement structure. Europe is also among the major markets due to growing access to treatment options.
The key players analysis shows that major players in the Allergy Immunotherapy market are adopting organic and inorganic growth strategies like new product launches, approvals, collaborations and acquisitions to strengthen their geographical presence and product portfolio in growing market segments like sublingual and cluster immunotherapies. For instance, Stallergenes Greer’s Oralair received FDA approval to treat grass pollen allergy in 2018.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
