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, rising pollen levels cause more than 25 million allergies.
According to FMI, the Allergy Immunotherapy Market could be worth US$1.74 billion globally in 2023. The market is expected to cross US$ 4.07 billion by 2033, mounting at a CAGR of 8.9% 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 a condition 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.
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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 exposing patients repeatedly and in tiny doses to certain allergens, which trains the body to tolerate their presence and promotes effective and prompt allergy treatment.
The predicted revenue growth could be related to the burden of allergy conditions, which are becoming more prevalent globally. The burden that complex allergies with increased morbidity place on the healthcare system motivate research and development in this area for the introduction of innovative medicines.
The primary factors propelling the global market are:
Current regulatory approvals, such as those for oral dissolvable tablets, are further enhanced to gain a larger share of the global allergy immunotherapy market.
Compared to other treatments already on the market, sublingual allergy immunotherapy has now been clinically shown to be more effective and have fewer adverse effects. Another factor influencing the market for allergy immunotherapy is the demographic shift in the population and the macroeconomic environment.
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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.
Key Takeaways:
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.
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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 are also investing in research and development to improve existing therapies' efficacy and safety and expand their market reach through strategic partnerships and collaborations.
Recent Developments:
Allergy Immunotherapy Market - Segmentation
Product:
Immunotherapy:
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Indication:
Allergen:
Distribution Channel:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 29, 2023