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Allergy Immunotherapy Market Will Grow At 11.37% CAGR From 2022 to 2027

June 23rd, 2022 Market Data Forecast Releases

As per our research report, the size of the global allergy immunotherapy market was worth USD 2.91 billion in 2021. This value is estimated to grow at a CAGR of 11.37% from 2022 to 2027.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/allergy-immunotherapy-market

The allergy immunotherapy market has suffered due to the COVID-19 epidemic. The pandemic outbreak has made it more challenging for researchers to carry out their studies due to movement restrictions imposed by the government. Because the symptoms of these illnesses are similar, pollen allergy sufferers frequently confuse them with COVID-19 symptoms. Moreover, the pandemic has helped reduce pollution levels worldwide, which is one of the significant factors contributing to the allergy immunotherapy market. The shifting focuses of the major pharmaceutical companies in producing products like sanitizers, masks, paracetamol, and others have reduced the availability of the SCIT pills and medications, affecting the overall market growth.

Effective allergy immunotherapy is in high demand due to the increased prevalence of allergies globally. One of the most widespread allergens in the world, for instance, is allergic rhinitis. Nearly 7.8% of Americans over 18 are thought to develop allergic rhinitis, according to estimates from the American Academy of Allergy Asthma & Immunology. In addition, factors like rising pollution levels, changing food patterns, and higher alcohol consumption are contributing to the prevalence of skin and other allergies, which increases the demand for allergy immunotherapy.

The companies operating in allergy immunotherapy can improve their treatment options due to the researchers’ high spending on medical treatment and research activities, providing attractive opportunities in the allergy immunotherapy market. Due to this, players are improving the already effective SLIT medications, which are effective in treating atopic dermatitis, respiratory allergies, and a few food allergies.

Moreover, the rising demand for oral immunotherapy among consumers has boosted the market’s overall growth. Particularly in the management of allergic rhinitis, oral immunotherapy is gaining popularity among physicians and patients. For people with low levels of tolerance to allergens, oral immunotherapy is primarily used to reduce the frequency of allergic reactions brought on by unintentional or accidental allergen exposure.

However, the long treatment involved in allergy immunotherapy compared to conventional therapies is hampering the market’s growth. Due to massive financial expenditure, patients are likely to stop receiving therapy in the middle of it. Therefore, this is anticipated to be somewhat hampered by the market’s expansion. In addition, the side effects of oral immunotherapy further restrain the market’s growth. Adverse effects such as respiratory, gastrointestinal, or skin-related issues happen in about 1.5% of individuals receiving oral immunotherapy. Moreover, due to the relatively expensive nature of therapy, it is not affordable for people of low and middle income.

KEY FINDINGS OF THE STUDY:

  • Based on the treatment, as the most efficient and widely used type of allergen immunotherapy, the subcutaneous immunotherapy (SCIT) segment held the most significant share, with a revenue of 1.1 billion in 2019. This medication can effectively treat asthma, allergic rhinitis, and hypersensitivity to stinging insects. Additionally, SCIT has shown success in managing a variety of allergens.
  • Based on the type, in 2021, allergic rhinitis held a 71.9 percent share of the global market; this is predicted to remain the case for the forecast duration. Asthma affects 24 million Americans, including 6 million children, according to data from the American College of Allergy, Asthma & Immunology. According to the figures, 50 million Americans yearly suffer from an allergy. As a result, the market is anticipated to experience profitable expansion due to the increased disease burden caused by allergic disorders.
  • Based on the end-user, due to an increase in the number of patients seeking treatment for allergic disorders, the hospital pharmacy segment retained the majority of the market with a $600 million revenue in 2019. To track and manage adverse reactions, allergy injections are typically administered in medical offices or hospitals.
  • Due to its rapidly expanding life science sector, increased emphasis on research & new drug development, and rise in the number of pharmaceutical companies specializing in immunotherapy, North America currently controls most of the global market.
  • Europe has accounted for having the second-largest share of the allergy immunotherapy market. Most immunotherapy medications have received approval in Europe, and during the projected period, the use of the therapy is expected to rise sharply.
  • The market for allergy immunotherapy is anticipated to be the most lucrative and to develop at the fastest rate between 2017 and 2025 in the Asia Pacific. Increased government funding, grants, and initiatives, as well as higher life science R&D expenditures, particularly in China, India, and Japan, as well as designated research commercial zones, are luring both domestic and international investors to make investments and enter the lucrative research sector in the Asia Pacific.
  • Allergon AB (Thermo Fisher Scientific, Inc.), HAL Allergy Group, Allergy Therapeutics, Stallergenes Greer, and ALK are some of the major players in the market.

This report can be customized as per the requirements; talk to our team @ https://www.marketdataforecast.com/market-reports/allergy-immunotherapy-market/customization

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:

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Phone: +1-888-702-9626
Email: contact@marketdataforecast.com

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