The global Allergy Immunotherapy Market is estimated to be valued at US$ 2,116.0 million in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergy immunotherapy is a treatment method that helps reduce the symptoms of allergies by exposing the patient to small amounts of allergens. This treatment helps the immune system become less sensitive to allergens over time, providing long-term relief from allergic reactions. The global allergy immunotherapy market is driven by the increasing prevalence of allergies, with a growing number of individuals suffering from various types of allergic conditions such as asthma, hay fever, and food allergies. The need for effective and long-term treatment options for allergies is fueling the demand for allergy immunotherapy products.
Market Key Trends:
The key trend observed in the allergy immunotherapy market is the growing adoption of sublingual immunotherapy (SLIT) as a convenient and effective treatment option. SLIT involves placing allergen extracts under the tongue, where it is absorbed into the bloodstream, stimulating the immune system and reducing allergic reactions. This method eliminates the need for frequent visits to healthcare facilities for injections, making it a more convenient option for patients. Furthermore, SLIT has been found to have a favorable safety profile compared to other immunotherapy methods, further driving its adoption.
PEST Analysis
Political: The political factor affecting the allergy immunotherapy market is the regulatory framework set by government authorities for the approval and commercialization of allergy immunotherapy products. Stringent regulations regarding product safety and efficacy can potentially impact market growth.
Economic: The economic factor influencing the market is the increasing healthcare expenditure globally. As the prevalence of allergies continues to rise, there is an escalating demand for advanced treatment options, leading to a growth in the allergy immunotherapy market.
Social: The social factor affecting the market is the growing awareness among individuals regarding the availability and benefits of allergy immunotherapy. With a rising number of people seeking effective treatment for allergies, the demand for allergy immunotherapy is expected to increase.
Technological: The technological factor influencing the market is the development of innovative immunotherapy products. Advances in technology have led to the introduction of novel treatment options with improved efficacy and reduced side effects, thus driving market growth.
Key Takeaways
The Global Allergy Immunotherapy Market Size is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period (2023-2030). This growth can be attributed to several factors, including the increasing prevalence of allergies worldwide and the rising demand for advanced treatment options. The market is projected to reach US$ 2,116.0 million in 2022.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the allergy immunotherapy market. This can be attributed to factors such as the presence of a large patient pool, high healthcare expenditure, and favorable reimbursement policies.
Key players operating in the allergy immunotherapy market include Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. These companies are actively involved in research and development activities to introduce innovative products and gain a competitive edge in the market.
