Allergy Immunotherapy Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Allergies
The allergy immunotherapy market is estimated to be valued at US$ 2312.79 Mn or Mn 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 hypo-sensitization, involves treating people who suffer from allergies by gradually exposing them to larger doses of allergens like pollen, pet dander, or dust mites. This trains the body's immune system to recognize these allergens as harmless. Allergy immunotherapy is offered as subcutaneous immunotherapy (SCIT) or sublingual immunotherapy (SLIT). SCIT involves injecting allergen extracts under the skin, while SLIT involves placing drops of allergen extracts under the tongue. Both treatments help reduce allergy symptoms and decrease the need for medications.
Market Dynamics:
The allergy immunotherapy market is primarily driven by the increasing prevalence of allergies around the world. According to a World Allergy Organization White Book report published in 2021, the prevalence of allergic rhinitis, asthma, food allergies, etc. has been rising steadily in many parts of the world. Approximately 30-40% of the global population suffers from one or other form of allergic disease. The major prevalence is in industrialized countries like the United States, Canada, and Europe. Furthermore, immunotherapy provides long-term benefits in reducing symptoms unlike other symptomatic treatments like antihistamines. It trains a person's immune system to not overreact to usually harmless allergens. These advantages of immunotherapy treatment and rising allergy cases are expected to fuel the market growth over the forecast period.
SWOT Analysis
Strength: Allergy Immunotherapy provides long lasting relief from allergies. It reduces sensitivity to allergens over time. It is a safer treatment option compared to lifelong use of medications.
Weakness: Allergy Immunotherapy requires long course of treatment and regular visits to the doctor. It may cause few side effects like itching, swelling at the injection site.
Opportunity: Rising air pollution levels and increasing number of people suffering from allergic diseases provide growth opportunities. Development of sublingual and subcutaneous therapies improved compliance and convenience of treatment.
Threats: Availability of alternative treatment options like corticosteroids and antihistamines pose competitive threats. Stringent regulatory approval process delays market entry of new products.
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 disorders. According to World Allergy Organization, allergic rhinitis and asthma affects over 30% and 10% of global population respectively.
Regional analysis North America dominates the global allergy immunotherapy market growing at CAGR of 8.5% during forecast period. This is attributed to developed healthcare infrastructure, availability of reimbursements and increasing healthcare spending. Europe is the second largest market growing at CAGR of 9% due to rising environmental pollution and introduction of innovative products.
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. Key players are focusing on new product launches, collaborations and geographic expansion to strengthen their market position.
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https://www.trendingwebwire.com/allergy-immunotherapy-market-trends-size-and-share-analysis/
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