The size of the global allergy immunotherapy market is expected to be growing at a CAGR of 11.37% from 2021 to 2026 and grow USD 5.5 billion by 2026 from USD 3.21 billion in 2021.
The ongoing COVID-19 epidemic has wreaked havoc on the world economy, causing problems in various sectors. As demand for SLIT pills and injections declines, the pandemic is expected to have many medium- and long-term implications on the allergy immunotherapy market. Similarly, the shift in attention to critical medications is causing service delays, further limiting the growth of the global allergy immunotherapy market. Similarly, amid widespread lockdowns, staff shortages and disrupted supply chains will aggravate the pandemic’s impact on development. The increased COVID-19 count, on the other hand, aided the adoption of allergy immunotherapy in the treatment of IgE-mediated allergies and the knowledge of the immunological ramifications for patients. As a result, many allergists and clinicians increasingly employ this strategy to treat infected patients in their daily practices. As a result, during the epidemic, the market experienced moderate growth.
Allergies are growing more frequently worldwide due to several environmental and lifestyle factors that affect immune system function. People’s income levels rise, healthcare spending increases, and the demand for advanced and long-term treatment options rises, driving the growth of the global allergy immunotherapy market. It is also aided by a rise in clinical research and development funds due to several initiatives undertaken by governments and non-governmental organizations worldwide. Furthermore, asthma and respiratory allergy disorders have become more common due to rising air pollution, both indoors and out.
In the healthcare industry, oral immunotherapy to treat allergic rhinitis has grown more frequent to treat unintended allergies. Increased awareness of these medicines’ availability is boosting the whole market. Pharmaceutical companies have also produced more effective immunotherapies for treating various allergies using the most up-to-date medication development technology. The expected income growth can be linked to the rising prevalence and burden of allergy illnesses worldwide. In addition, the composition of allergy shots given to patients to enhance their immune systems has improved due to technological developments in bioengineering and immunology. In the coming years, initiatives to address immunotherapy’s safety, efficacy, standardization, cost, and lengthy duration are likely to drive market growth.
Allergy immunotherapy takes longer than traditional treatments, lasting anywhere from 3 to 5 years depending on the nature and severity of the allergy. In addition, due to financial constraints, it is probable cause patients to stop taking the medication midway through the treatment. To some extent, this is projected to provide a challenge to the market’s growth.
In this vein, it should be highlighted that allergy immunotherapy is more expensive than typical drug therapies due to its duration. Allergy treatment costs roughly $1000 per year, with oral medicine costing $4000 and SLIT costing around $7000. As a result, individuals rely on health insurance to pay their medical bills. When treatment is not covered by insurance, those who cannot afford it have little choice except to use interim medication. The treatment’s high cost limits its use, stifling its overall growth.
The adverse effects of these medicines, on the other hand, are projected to stifle growth. Approximately 1.5 percent of patients who get oral immunotherapy develop adverse effects such as respiratory, gastrointestinal, or skin-related problems, further limiting the market’s healthy expansion.
Avail sample market brochure of the report to evaluate report usefulness, get a copy @ https://www.marketdataforecast.com/market-reports/allergy-immunotherapy-market/request-sample
KEY MARKET INSIGHTS:
- The allergic rhinitis sector held a considerable market share in 2021. Due to the increasing incidence of allergic rhinitis worldwide, this trend will continue during the projected period. On the other hand, due to the success of SCIT and SLIT in the treatment of allergic asthma, the asthma category accounted for the second-largest proportion of the market.
- SCIT had a market share of over 65 percent in allergy immunotherapy in 2021. This sector is predicted to grow and acquire market share throughout the projection period progressively. This medicine is beneficial in treating allergy rhinitis, asthma, and insect sting hypersensitivity. SCIT was also more effective than SLIT at handling multiple allergens at once, resulting in greater SCIT adoption. The SLIT segment, on the other hand, is investigated to discover which has the fastest CAGR throughout the evaluation period. SLIT may benefit those who do not respond well to allergy vaccines. In the future, various medication liquid formulations are projected to be licensed for therapeutic use in the United States. This would help the SLIT category expand faster during the projection period.
- Hospital demand for allergy immunotherapy will rise due to an expanded patient pool and easy access to allergy injections at these facilities. Furthermore, reimbursements and supportive regulations, and greater acceptance of this method in government and semi-government entities would increase the market’s growth.
- Asia-Pacific is expected to have the largest share of the worldwide allergy immunotherapy market during the projected period. Due to increased government investments and trade for research and development, an increase in the number of people suffering from allergies, and industrialization and infrastructural development, air pollution in China and India has improved. As a result, allergic rhinitis is one of the most common allergens in China, and its incidence has skyrocketed in the previous two decades. Changing environmental conditions, breakthroughs in cleanliness and infection control, and rising incidences of hereditary difficulties in the allergy immunotherapy market, according to specialists, are the primary causes of the unexpected surge in allergic rhinitis.
- The worldwide allergy immunotherapy market in North America is expected to grow fast over the projected period due to the increased prevalence of food allergies. The United States is predicted to be the world’s largest market for allergy immunotherapy. The high prevalence of allergies in the United States, as well as stringent regulatory guidelines requiring allergic testing in all cases of urgent and emergency care, are propelling the allergy immunotherapy business to new heights in the United States.
- During the evaluation period, Europe is likely to remain the largest regional market for allergy immunotherapy. It controls more than half of the worldwide market capitalization. The region’s supremacy can be ascribed to the fact that it has a large population with various allergies. According to the European Academy of Allergy and Clinical Immunology (EAACI), chronic food allergies affect about 150 million people in Europe, accounting for 20% of the population.
- The most prevalent allergies are allergic rhinitis and asthma, which affect 100 million and 70 million individuals, respectively. Furthermore, by 2025, 50 percent of Europe’s population will be allergic, presenting a profitable growth opportunity for the allergy immunotherapy business, according to the organization.
- Similarly, allergies in Europe are becoming a significant financial burden. This is due to the resultant loss of productivity in European countries. As a result of these reasons, European governments and organizations, such as EAACI, are trying to raise public awareness and advocate for better medical education and treatment, ultimately favorably influencing the market growth in the region.
- The market for allergy immunotherapy is well-established, with a small number of businesses owning most of the market. Stallergenes Greer, Circassia, Biomay AG, Anergis, Aimmune Therapeutics, ALK-Abello A/S, Allergy Therapeutics, Merck KGaA (Allergopharma), and HAL Allergy Group are among of the industry’s most well-known businesses.
The report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/allergy-immunotherapy-market/customization
SEGMENTS COVERED IN THIS REPORT:
By Type:
- Allergic Rhinitis
- Asthma
- Food Allergy
- Venom Allergy
By Treatment:
- Subcutaneous Immunotherapy (SCIT)
- Sublingual Immunotherapy (SLIT)
By End-User:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
About MarketDataForecast:
Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.
Contact Us:
Market Data Forecast
Phone: +1-888-702-9626
Email: contact@marketdataforecast.com