Allergy Immunotherapy Market Is Estimated To Witness High Growth Owing To Increased Allergy Prevalence And Growing Awareness About Allergy Immunotherapy
Market Overview:
Allergy immunotherapy, also known as desensitization or hypo-sensitization, involves administering gradually increasing doses of an allergen to a person made hypersensitive or allergic to it, with the goal of reducing the symptoms upon re-exposure. It works via subcutaneous or sublingual administration to reduce sensitivity and symptoms to otherwise harmless allergens like pollen, dust mites, pet dander, and certain foods.
Market Dynamics:
The allergy immunotherapy market is expected to witness significant growth over the forecast period, owing to the increasing prevalence of allergies worldwide. According to a report by World Allergy Organization, approximately 30% of the global population currently suffers from allergic rhinitis. Additionally, growing public awareness about various immunotherapy treatment options and its advantages such as long-term relief from allergy symptoms without use of medications are further expected to drive the market growth during the forecast period.
SWOT Analysis
Strength: Allergy immunotherapy offers long term relief from allergies with minimal side effects. It builds tolerance to allergens over time through gradual exposure. customized treatment plans. It offers a long lasting solution compared to other alternatives.
Weakness: The treatment involves long term commitment as it requires years of regularly administered doses. It involves risk of systemic allergic reactions. The results may not be seen until 1-3 years of ongoing treatment.
Opportunity: Growing pollution and changing climate increase allergic disorders providing growth potential. Increasing awareness about benefits of immunotherapy over medications drive the market. Adoption of sublingual and subcutaneous therapies make treatment more convenient.
Threats: Alternative treatment options like prescription drugs suppress symptoms effectively. Strict regulations for product approvals can increase costs. Patient non-compliance and dropout rates hamper market growth.
The global Allergy Immunotherapy Market Share is estimated to be valued at US$ 2,116.0 Million in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights
Key Takeaways
The global allergy immunotherapy market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of allergic disorders like asthma and rhinitis. According to ACAAI, allergic rhinitis affect 60 million Americans leading to $5.2 billion in indirect costs.
Regional analysis
North America dominates the global market due to increasing environmental pollution and lack of prevention efforts in the region. Availability of favorable reimbursement policies and healthcare infrastructure also supports market growth. Asia Pacific region is expected to grow at fastest pace owing to large patient pool, improving access to healthcare facilities and growing medical tourism in the region.
Key players
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. Stallergenes Greer and ALK-Abello A/S together account for over 50% of global market share due to their diverse product portfolio and global presence.
Read More: https://blogger-veritas.blogspot.com/2023/10/north-america-contributes-major-share.html
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