According to FMI, the global allergy immunotherapy market could be worth US$ 1.74 billion in 2023. The market is expected to reach US$ 4.07 billion by 2033, growing at an 8.9% CAGR between 2023 and 2033.
In the United States, around 15 million people have food allergies, of which 4% are children and more than 60% are adults, as per FARE (Food Allergy Research & Association). Allergies are when the body’s immune system becomes oversensitive to certain things, such as certain foods, pollen, fur, or dust. Food, dust, pollen, latex, medicines, and other things can cause allergies, to name a few.
By exposing the body to allergens in minute amounts so that antibodies can build against the allergens, allergy immunotherapy is a method of treating allergies. Immunotherapy involves repeatedly exposing patients to specific allergens and in tiny doses, which trains the body to tolerate their presence and promotes effective and prompt allergy treatment.
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The predicted revenue growth could be related to the burden of allergy conditions, which are becoming more prevalent globally. The responsibility that complex allergies with increased morbidity place on the healthcare system motivates research and development in this area for the introduction of innovative medicines.
The primary factors propelling the global market are:
- The expansion of industrialization and population.
- Improvements in healthcare and medicine.
- The launch of novel immunotherapeutic medications.
Current regulatory approvals, such as those for oral dissolvable tablets, are further enhanced to gain a larger global allergy immunotherapy market share.
Compared to other treatments already on the market, sublingual allergy immunotherapy has been clinically shown to be more effective and have fewer adverse effects. Another factor influencing the allergy immunotherapy market growth is the demographic shift in the population and the macroeconomic environment.
The prevalence of asthma and allergy respiratory illnesses has increased due to rising air pollution levels inside and outside. According to the Asthma and Allergy Association of America (AAFA), rising pollen levels cause more than 25 million allergies.
Europe and North America are the two leading markets for allergy immunotherapy, and they are likely to continue holding a sizable market share during the forecast period. Given the increased awareness, healthcare reimbursement regulations, and growth in the population who suffer from allergies, Europe is estimated to hold a significant portion of the global allergy immunotherapy market.
“Allergy immunotherapy represents a transformative approach to allergy treatment. This therapeutic method offers long-term relief by desensitizing the immune system to allergens, fundamentally changing how we manage allergies and providing hope for sufferers worldwide.”—by Lead Analyst at Future Market Insights.
KEY TAKEAWAYS:
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 9.1% through 2033.
- The United States is expected to develop at a 9.1% CAGR during the forecast period.
- With a CAGR of 9.3% over the forecast period, Canada is predicted to grow rapidly in the market.
- The market in China is expected to increase, registering a CAGR of 8.8% over the forecast period.
- Germany is estimated to grow decently, registering a CAGR of 9.7% until 2033.
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COMPETITIVE LANDSCAPE:
Top players operating in the allergy immunotherapy market are ALK Abello, Stallergenes Greer, Allergy Therapeutics, Aimmune Therapeutics, Anergis, Arrayit Corporation, Biomay AG, HAL Allergy Group, DBV Technologies, and others.
These key players in the market are developing innovative products, such as sublingual and subcutaneous immunotherapy, to cater to the growing demand for effective allergy treatments. They also invest in research and development to improve existing therapies’ efficacy and safety and expand their market reach through strategic partnerships and collaborations.
RECENT DEVELOPMENTS:
- In September 2021, ALK confirmed that by expanding the number of patients by at least 100,000 yearly, it intends to make allergy testing, immunotherapy treatments, and adrenaline products accessible by 2030.
- In June 2021, with the complete restoration of SCIT manufacturing in Antony, Stallergenes Greer declared that Alustal®, its subcutaneous allergen immunotherapy (SCIT) remedy, is now accessible in Italy and Spain.
Allergy Immunotherapy Market Segmentation:
Product:
- SLIT Tablets
-
- Odactra
- Grastek
- Ragwitek
- Oralair
- Actair
- Others
- Oral
- Palforzia
- Others
- Injections
- Others
Immunotherapy:
- Sublingual Immunotherapy
- Subcutaneous Immunotherapy
-
- Specific Immunotherapy
- Others
Indication:
- Allergic Rhinitis
- Allergic Asthma
- Food Allergy
- Atopic Dermatitis
- Others
Allergen:
- Pollens
-
- Grass Pollens
- Weed Pollens
- Tree Pollens
- House Dust Mites
- Mold
- Animal Dander
- Bee Venom
- Cockroaches/Insects
- Others
Distribution Channel:
- Institutional Sales
-
- Government Hospitals
- Semi-Government Hospitals
- Private Hospitals
- Retail Sales
- Retail Pharmacy
- Drug Stores
- Online Pharmacy
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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The post Allergy Immunotherapy Market Set to Reach a Valuation of US$ 4.07 Billion by 2033, Fueled by Global Allergy Prevalence Surge | Future Market Insights Inc. appeared first on Future Market Insights.
