PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462787
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462787
According to Stratistics MRC, the Global Allergy Immunotherapy Market is accounted for $2.67 billion in 2023 and is expected to reach $5.77 billion by 2030 growing at a CAGR of 11.6% during the forecast period. Allergy immunotherapy, also known as allergy shots or desensitization, is a treatment for allergies like pollen allergies, asthma, and food allergies. It works by gradually exposing the immune system to increasing amounts of allergens, retraining it to not overreact, and causing allergy symptoms. Unlike medications that just manage symptoms, immunotherapy offers the potential for a long-term solution or even a cure, making it a promising approach for those seeking relief from chronic allergies, thereby improving patient quality of life and reducing reliance on symptomatic medications.
According to the estimates of the American Academy of Allergy Asthma & Immunology, nearly 7.8% of the American population aged above 18 develops allergic rhinitis.
Rising prevalence of allergies
As more people develop allergies like asthma, hay fever, and food sensitivities, the demand for long-term solutions beyond just managing symptoms grows. Allergy immunotherapy offers a unique approach by gradually desensitizing the immune system to allergens, potentially curing allergies altogether. This increased need for a permanent solution, coupled with a growing population of allergy sufferers, creates a significant market opportunity for companies developing and delivering immunotherapy treatments.
Cost of treatment
Expenses associated with allergen extracts, physician visits, and monitoring for adverse reactions can be substantial. This financial burden may limit access to immunotherapy for some patients, particularly those without adequate financial resources. Also, the long-term nature of treatment and the need for continued follow-up appointments contribute to the overall cost, making it a barrier for individuals seeking this potentially beneficial therapy.
Increasing focus on personalized medicine
The growing focus on personalized medicine unlocks a key opportunity for the Allergy Immunotherapy Market. By tailoring treatment plans to individual patients' specific allergies (considering factors like triggers, age, and medical history), personalized immunotherapy offers the potential for increased efficacy and improved safety. This targeted approach could make immunotherapy more attractive to a wider patient pool that might have been hesitant due to concerns about effectiveness or side effects, ultimately leading to significant market expansion.
Alternative treatment options
Pharmacotherapy like antihistamines and corticosteroids, along with avoidance measures, compete with immunotherapy. These alternatives may be preferred by patients and healthcare providers due to convenience and perceived safety. This threatens market penetration and adoption rates of immunotherapy, potentially impacting revenue streams for providers and limiting the market's overall growth potential.
Covid-19 Impact
Initially, concerns about potential interactions and limited healthcare access caused disruptions, like delays in treatment initiation and a shift towards favoured sublingual immunotherapy methods (administered under the tongue) to minimize contact. However, the pandemic also highlighted the importance of managing chronic conditions like allergies, potentially leading to a future increase in demand for long-term solutions like immunotherapy.
The food allergy segment is expected to be the largest during the forecast period
The food allergy segment is estimated to hold the largest share. Immunotherapy for food allergies involves gradually exposing the body to increasing amounts of the allergenic food, with the goal of desensitizing the immune system and reducing the severity of allergic reactions. This targeted approach offers a potential cure for food allergies, as opposed to just managing symptoms, making it an attractive option for many patients. As food allergies become more prevalent, the segment is expected to see significant growth.
The retail pharmacy segment is expected to have the highest CAGR during the forecast period
The retail pharmacy segment is anticipated to have lucrative growth during the forecast period. Retail pharmacies stock a variety of allergen extracts, medications, and supplies necessary for immunotherapy treatments. Pharmacists at retail pharmacies provide counselling, education, and support to patients undergoing immunotherapy, ensuring proper administration, monitoring for adverse reactions, and optimizing treatment adherence. With their widespread presence and accessibility, retail pharmacies play a crucial role in expanding patient access to allergy immunotherapy and improving overall patient outcomes and satisfaction.
Asia Pacific commanded the largest market share during the extrapolated period owing to growing prevalence of allergies, increasing disposable income, and a strong presence of major pharmaceutical companies in developing Asian markets. These companies are investing in advancements like sublingual immunotherapy and improved allergen standardization, making the treatment more accessible and efficient. This, coupled with rising awareness about allergy management, positions the Asia Pacific region as a major growth engine for the Allergy Immunotherapy Market.
North America is expected to witness profitable growth over the projection period, owing to high prevalence of allergies, strong public awareness about immunotherapy as a treatment option, and a robust healthcare infrastructure that facilitates access. Moreover, North America serves as a hotbed for research and development in allergy immunotherapy, constantly innovating and introducing novel treatment methods.
Key players in the market
Some of the key players in the Allergy Immunotherapy Market include ALK Abello, Allergy Therapeutics, Stallergenes Greer, Mylan N.V., Arrayit Corporation, Merck KGaA, Biomay AG, HollisterStier Allergy, HAL Allergy Group, ASIT Biotech, LETIPharma, Dermapharm Holding SE, Carcassia, Anergis, DVB Technologies SA, Adamis Pharmaceuticals Corporation.
In July 2022, Stallergenes Greer, a global healthcare company that specializes in allergen immunotherapy (AIT), announced the positive data related to the significant benefit of sublingual liquid allergen immunotherapy treatment (AIT) on the onset and worsening of asthma in patients with allergic rhinitis
In April 2021, ALK initiated a clinical trial to study the safety and efficacy of sublingual immunotherapy tablets in children and adolescents suffering from allergic rhinitis induced by birch pollen.