by Allergy immunotherapy, also known as desensitization or hypo-sensitization, is a medical treatment for some types of allergies. It works by exposing people to gradually increasing amounts of an allergen in an effort to decrease the symptoms caused by the immune system’s reaction. Allergens include pollen, dust mites, pet dander, molds and venoms. A build-up of tolerance can often provide long-term relief from symptoms after completion of treatment even when further exposed to the same allergens.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing awareness regarding allergy diseases and their management coupled with increasing preference for allergen-specific immunotherapy over the conventional treatment methods like antihistamines are propelling the growth of global allergy immunotherapy market. Moreover, rising environmental pollution levels leading to increasing cases of allergy and asthma are also contributing to the market growth. Furthermore, increasing healthcare expenditure in developing economies and new product launches by market players are some other factors anticipated to present lucrative opportunities to the key players operating in the global allergy immunotherapy market over the forecast period.
SWOT Analysis
Strength: Allergy immunotherapy provides long term benefits for allergic patients and reduces dependency on medications. It helps desensitize the immune system to allergens through controlled exposure over time in three stages. The dedicated clinics and centers for allergy treatment further strengthen accessibility for patients.
Weakness: The multi-year treatment regimen requires long term commitment from patients and frequent follow ups which some may find inconvenient. Secondly, the risk of adverse effects such as allergic reactions during immunotherapy limits its adoption.
Opportunity: Growing patient awareness about advantages of immunotherapy over medications and new diagnostic tests can help identify suitable patients early. Advancements in sublingual and subcutaneous formulations have improved convenience and safety profile, increasing the addressable patient base.
Threats: High costs involved and lack of insurance coverage in some regions can limit the market reach. Alternative emerging therapies for allergies also increase competition. Delays in approval for new products and formulations extend time to market.
Key Takeaways
The global allergy immunotherapy market is expected to witness steady growth.
North America currently dominates owing to strong reimbursement framework and regulatory approvals for novel products. However, Asia Pacific is poised to emerge as the fastest growing regional market led by increasing healthcare investments, patient awareness and presence of leading players in the region.
Key players operating in the allergy immunotherapy market are Alpharma, Stallergenes Greer, Allergy Therapeutics, Aimmune Therapeutics, Biomay, Circassia, Merck KGaA, Anergis, HAL Allergy Group. These companies are focused on expanding their product portfolios through acquisitions and licensing deals. For instance, Stallergenes Greer markets Oralair, an oral sublingual tablet approved for grass pollen allergy.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
