Market Research Future (MRFR) confirms that the global Allergy Immunotherapy Market is estimated to reach USD 4,324.7 million by 2023. MRFR also estimates that the market is set to grow phenomenally at the CAGR of 10.85% during the forecast period (2017–2023). The apparent market expansion can be accredited to rise in incidences of allergies across the globe. Growing awareness regarding allergy treatment and launch of new products boost the market growth imminently. Moreover, high prevalence of allergies cannot be tackled by pharmacotherapy alone, thus the need for allergy immunotherapy arises to curb this demand. Furthermore, this therapy increases immunological tolerance and alters the disease course, providing the long-term effect. These benefits account for its massive demand from all quarters of the world. Changing healthcare practices, growing healthcare expenditure and extended insurance cover provide the gist of the market expansion across the globe.
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Competitive Landscape:
The Global Allergy Immunotherapy Market includes various key and prominent players, including
DBV Technologies (France),
Stallergenes Greer (UK),
ALK Abello A/S (Denmark),
Circassia (UK),
Merck KGaA (Allergopharma) (Germany),
Allergy Therapeutics (UK),
HAL Allergy Group (Netherlands), and others.
March 19th, 2019, it is revealed that Aimmune’s Biologics License Application is accepted and approved by the US Food and Drug Administration (FDA) for the treatment of curbing down the risk of anaphylaxis in both peanut-allergic adolescents and children.
Global pharmaceutical company, ALK recently announced that its sublingual allergy immunotherapy (SLIT) tablet ODACTRA will be now available through prescription in the United States (US) for patients within the bracket of 18 years and 65 years of age, suffering from house dust mite (HDM)-induced allergic rhinitis. ODACTRA is a fast dissolving immunotherapy tablet to treat dust mite allergy and is also a new treatment option for physicians and patients. ODACTRA is the first HDM SLIT-tablet to be approved for use in the US.
Segments:
The global allergy immunotherapy market is segmented on the basis of allergy type and treatment.
By allergy type, the market is segmented on the basis of allergic rhinitis, allergic asthma, peanut allergy, cat allergy, and other allergies. The allergic rhinitis segment has captured the largest market share in the global market whereas the peanut allergy segment is projected to grow at a competitive CAGR of 11.30% during the forecast period. High usage of tobacco, greater respiratory anomalies and rising demand for new treatments has led to the growth of the allergic rhinitis segment.
By treatment, the market is segmented on the basis of subcutaneous immunotherapy (SCIT), sublingual immunotherapy, and specific immunotherapy (SIT). Sublingual immunotherapy is sub-segmented into sublingual immunotherapy drops and sublingual immunotherapy tablets. The subcutaneous immunotherapy (SCIT) segment claims the largest market share in the global allergy immunotherapy market and is estimated to reach the value of USD 2,089.2 by 2023. Subcutaneous immunotherapy (SCIT) is highly favorable in the treatment of allergies as it provides symptomatic relief, at the same time modifying the allergic disease by targeting the underlying immunological mechanism.
Regional Analysis:
The Global Allergy Immunotherapy Market is geographically segmented into four major regions, namely Europe, Asia Pacific, Americas, and the Middle East & Africa.
Europe holds the top position as the leading contributor in the market. The Western Europe region in particular holds the largest share of the market therein and is slated to reach a valuation of USD 954.1 million by 2023. The market in this region is driven by the rising prevalence of various chronic diseases like diabetes, asthma, allergy, and hypertension.
Owing to the high prevalence of skin allergy & allergic rhinitis as well as an increasing level of awareness concerning the treatment of allergies, the US market valuation stood at USD 329.2 million in 2016. Latin America is a key regional market as well.
The Asia Pacific region is reported to experience rapid growth during the forecast period due to expanding awareness concerning the treatments and rising level of healthcare expenditure. The Allergy Immunotherapy Market in the Asia Pacific region is expected to grow at an impressive rate of 11.32% during the forecast period. The Middle Eastern & African region is forecasted to attain limited growth in the forthcoming years due to lack of awareness and infrastructural facilities. In this region, UAE is the dominant country with over 50% of the market share to its name.
The market in Asia and Latin America are considered as two flourishing regional areas, wherein demand for allergy immunotherapy is expected to rise in the forthcoming years. In Asia, China holds massive potential in terms of opportunities and growth. Key market players are investing in large amounts in this region to expand their business and leverage its potential.
Related Report:
Global Allergic Rhinitis Market; by Type (Seasonal, Perennial and Non allergic rhinitis), by Treatment (Antihistamines, Decongestants, Eye drops, Nasal sprays and others) and by Test (Skin Test, IgE RAST Test and Complete Blood Count) – Forecast to 2023
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