by The Allergy Immunotherapy Market is estimated to be valued at US$ 2,116.0 million in 2022 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.
Market Overview:
Allergy immunotherapy is a treatment that involves administering gradually increasing doses of allergens to a patient to desensitize their immune system and reduce allergic symptoms. This treatment is primarily used for allergic rhinitis, allergic asthma, and insect sting allergies. It helps in building the patient’s immunity towards specific allergens and provides long-term relief from allergies. Allergen extracts, sublingual drops, and subcutaneous injections are some of the products associated with allergy immunotherapy.
Market Dynamics:
The rising prevalence of allergic diseases, such as asthma, allergic rhinitis, food allergies, and insect allergies, is one of the key drivers fueling the growth of the allergy immunotherapy market. According to the World Allergy Organization, allergic diseases affect around 30% to 40% of the global population. The increasing healthcare expenditure and growing awareness about allergy treatment options are also contributing to the market growth.
Moreover, technological advancements in allergen-specific immunotherapy and the development of innovative treatment options, such as sublingual immunotherapy, are further propelling market growth. These treatments offer convenience, ease of administration, and improved patient compliance. Additionally, the increasing investments in research and development activities by key market players to develop novel immunotherapies are expected to create lucrative opportunities in the market.
Segment Analysis:
The segment analysis for the Allergy Immunotherapy Market reveals that the subcutaneous immunotherapy segment dominates the market. Subcutaneous immunotherapy involves the administration of allergens through injections under the skin and is considered the gold standard for allergy treatment. This dominance can be attributed to several factors. Firstly, subcutaneous immunotherapy has been extensively studied and proven to be effective in reducing allergic symptoms and improving quality of life for patients. Secondly, it offers long-term benefits as it targets the underlying cause of allergies rather than just providing temporary relief of symptoms. Finally, subcutaneous immunotherapy is recommended for patients with severe allergies or those who do not respond well to other forms of treatment. These factors contribute to the domination of the subcutaneous immunotherapy segment in the Allergy Immunotherapy Market.
PEST Analysis:
Political: The political landscape plays a crucial role in shaping the Allergy Immunotherapy Market. Government regulations and policies related to healthcare, drug approvals, and reimbursement policies can impact the accessibility and affordability of immunotherapy treatments.
Economic: Economic factors such as healthcare expenditure, insurance coverage, and disposable income of individuals influence the demand for allergy immunotherapy. Increasing healthcare expenditure and rising awareness about the long-term benefits of immunotherapy contribute to market growth.
Social: The increasing prevalence of allergies worldwide, coupled with a growing awareness and acceptance of immunotherapy as a treatment option, drives the demand in the market. Changing lifestyle patterns, environmental factors, and dietary habits also contribute to the rising incidence of allergies.
Technological: Technological advancements in the production and delivery of allergens, such as the development of high-purity extracts and advanced administration techniques, enhance the efficacy and safety of immunotherapy treatments. Additionally, advancements in diagnostic techniques for accurately identifying and profiling allergens further contribute to market growth.
Key Takeaways:
The Global Allergy Immunotherapy Market Size is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period of 2023-2030. This growth is primarily driven by the increasing prevalence of allergies, growing awareness about the long-term benefits of immunotherapy, and technological advancements in the field.
In terms of regional analysis, North America is the fastest-growing and dominating region in the Allergy Immunotherapy Market. The region has a well-established healthcare infrastructure, high healthcare expenditure, and a large patient population suffering from allergies. Additionally, favorable reimbursement policies and growing adoption of immunotherapy treatments contribute to the market dominance in North America.
Key players operating in the Allergy Immunotherapy Market include Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. These players offer a wide range of immunotherapy products and are investing in research and development to enhance their product portfolios and expand their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
