Allergy immunotherapy, also known as desensitization or hypo-sensitization, involves gradually reducing a person's sensitivity to allergens by administering increasing doses of substances that trigger allergic reactions. The immunotherapy is administered via injections under the skin (subcutaneous) or sublingually as drops. Allergy immunotherapy provides long-term relief from symptoms of allergic rhinitis (hay fever) and allergic asthma caused by certain substances, such as dust mites, pollen, molds, pet dander, and stinging insects like wasps and bees.
The global Allergy Immunotherapy Market is estimated to be valued at Us$ 2312.79 Mn in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Prevalence of Allergies
The growing prevalence of allergies such as allergic rhinitis and asthma is primarily driving the growth of allergy immunotherapy market. As per statistics provided by American College of Allergy, Asthma, and Immunology (ACAAI), allergies afflict over 50 million Americans annually. Moreover, the prevalence of asthma has increased significantly in the past two decades. Globally, approximately 300 million people are suffering from asthma. Furthermore, improved diagnosis and treatment rates in developing countries are also expected to boost the growth of allergy immunotherapy market over the forecast period.
The other driver that is fueling the market growth is the increasing R&D investments by key players for development of safer and more effective allergen-specific immunotherapy products. Moreover, supportive government initiatives to create awareness regarding treatment options for allergies are further propelling the market growth. However, high costs associated with allergen-specific immunotherapy and risk of anaphylaxis can hamper the market growth.
SWOT Analysis
Strength: Allergy Immunotherapy (AIT) has been proven effective in treating allergic diseases like pollinosis, dust mite allergy, and venom hypersensitivity over a long period. The multi-year course of AIT boosts immunity against recurring symptoms of allergies such as sneezing, runny nose and itchy eyes. It can also provide long-lasting relief from allergies even after treatment is stopped.
Weakness: AIT requires multiple injections or tablets over a span of 3-5 years and compliance can be a hurdle. The buildup phase takes 4-6 months which requires frequent visits to the clinic making it inconvenient for some patients. Some patients experience adverse reactions like itching, swelling at the injection site during the initial phase.
Opportunity: As allergic diseases are on the rise globally, the demand for safe and effective treatments like AIT is expected to increase significantly. Technological advancements in drug delivery and standardization of protocols are addressing the long treatment duration weakness making AIT more appealing. Growing environmental pollution levels will drive the demand for allergy treatments.
Threats: Risk of severe anaphylaxis can discourage some doctors from recommending AIT. Alternative treatment approaches like regular medication might affect the adoption of AIT. Changing climate and environmental conditions may impact allergen exposure patterns posing distinct challenges.
Key Takeaways
The Global Allergy Immunotherapy Market Demand is expected to witness high growth over the forecast period 2023-2030. The prevalence of allergic diseases has increased manifold propelling the need for treatments beyond just symptomatic relief. AIT is emerging as the treatment of choice to provide long term relief by modifying the immune system's response. The global allergy immunotherapy market is estimated to be valued at US$ 2312.79 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates due to high awareness and rising healthcare expenditure in the US and Canada. Europe is another major regional market led by Germany, France and the UK. Asia Pacific market is expected to grow at a high rate owing to huge patient population, growing medical tourism and improving access and affordability of treatments in countries like India, China and Japan.
Key players:
Key players operating in the Allergy Immunotherapy market are B. Braun Vet Care GmbH, BioMerieux, HAL Allergy Group, Allergy Therapeutics, DBV Technologies, Stallergenes Greer, ASIT Biotech, ALK and LETIPharma. These players are focusing on expanding their geographical presence and offering a diverse product portfolio to cater to the worldwide demand for improved allergy management.
Get more insights on this topic :
Check more trending articles on this topic:
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Russian
Romaian