by The Allergy Immunotherapy Market involves treatments that help desensitize patients to specific allergies through gradual controlled exposure to allergens. Products used in allergy immunotherapy include subcutaneous immunotherapy (SCIT) and sublingual immunotherapy (SLIT) tablets or drops. These products help reduce sensitivity and dependence on medication in patients suffering from allergic rhinitis, asthma, food allergies and other conditions.
The global Allergy Immunotherapy Market is estimated to be valued at US$ 2664.34 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The rising prevalence of allergies such as food, skin and respiratory allergies has been a major driver of growth in the Allergy Immunotherapy Market. According to research, allergies affect over 50 million Americans currently and this number is growing each year. Children in particular are seeing increasing cases of asthma and peanut allergies. Allergy Immunotherapy aims to provide long term relief and protection from symptoms through gradual controlled exposure unlike temporary relief from medications. The safety and effectiveness of newer sublingual and subcutaneous offerings have made Allergy Immunotherapy a widely preferred treatment option for managing different allergies long term without side effects, thereby propelling the demand in the market.
SWOT Analysis
Strength: Allergy immunotherapy market is witnessing high growth due to rising prevalence of allergic diseases globally. It helps desensitize patients by gradually exposing them to higher doses of allergens.
Weakness: Lengthy treatment duration ranging from 3 to 5 years and risk of anaphylaxis with immunotherapy are major limitations. Lack of awareness regarding treatment options in developing regions also poses a challenge.
Opportunity: Increasing R&D investments focused on development of sublingual and epicutaneous immunotherapy can help address current challenges. Growing healthcare expenditure in developing countries presents lucrative opportunities.
Threats: Stringent regulations for approval of immunotherapy products and susceptibility to pricing pressures are major threats. Emergence of alternative treatment options also threatens market growth.
Key Takeaways
The global allergy immunotherapy market is expected to witness high growth over the forecast period of 2024 to 2031. The global Allergy Immunotherapy Market is estimated to be valued at US$ 2664.34 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis: North America currently dominates the global market and is expected to maintain its dominance during the forecast period as well. This can be attributed to growing environmental allergies, favorable reimbursement policies, and presence of major players in the region. Asia Pacific is projected to witness the fastest growth owing to improving access to healthcare facilities, rising medical tourism, and increasing government initiatives.
Key players analysis: Key players operating in the allergy immunotherapy market are B. Braun Vet Care GmbH, BioMedtrix, LLC, IMEX Veterinary, Inc. These players are focusing on new product launches, partnerships and regional expansion strategies to gain market share. For instance, Johnson & Johnson acquired St. Jude Medical in 2017 for US$ 25 billion to enhance its portfolio of medical devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
