by The global Allergy Immunotherapy Market is estimated to be valued at US$ 2312.79 Mn or Million in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Allergy immunotherapy, also known as desensitization or hypo-sensitization, involves gradual exposure to small quantities of allergens to help decrease the symptoms of allergic diseases such as asthma, rhinitis, conjunctivitis, food allergies and insect venom allergies. Allergen immunotherapy aims to restore the immune system’s tolerance to allergens to which the person has become allergic. Allergy immunotherapy products includes sublingual immunotherapy tablets, subcutaneous immunotherapy injections and allergen immunotherapy vaccines used for both diagnosis and treatment of allergies. These products help reduce sensitivity of the immune system to specific substances that would normally cause allergic reactions such as sneezing, itching and coughing. The advantages of allergy immunotherapy include long-term benefits, lesser need for medications and ability to treat the root cause of allergies rather than just symptoms.
Market key trends:
The key trend driving the growth of the allergy immunotherapy market is the rising prevalence and incidence rates of allergic diseases across the globe. According to a report by the World Allergy Organization, allergic rhinitis affects 10-30% of the global population and its prevalence is rising due to increased environmental pollution and lifestyle changes. Similarly, the World Health Organization estimated that worldwide prevalence of asthma was around 4.3% in 2017 affecting around 339 million people globally. Thus, the growing patient pool suffering from allergic diseases is increasing the demand for allergy immunotherapy which helps provide long term relief from chronic conditions. Another major trend is ongoing research and development of advanced allergy immunotherapy products such as sublingual and epicutaneous tablets and patches offering more convenience of use compared to conventional injections. Innovation focused on enhanced efficacy and safety is expected to boost adoption of allergy immunotherapy treatment over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the allergy immunotherapy market due to high R&D costs, manufacturing barriers and regulatory requirements.
Bargaining power of buyers: The bargaining power of buyers is high as allergy immunotherapy products are prescribed by physicians hence buyers have higher influence on pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials used in manufacturing are available from multiple suppliers globally.
Threat of new substitutes: The threat of new substitutes is low as immunotherapy is the only treatment that can provide long-term relief from allergies with minimal side effects.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and regional players.
Key Takeaways
The global Allergy Immunotherapy Market Share Size is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of allergic diseases like asthma and rhinitis.
The North America region currently dominates the allergy immunotherapy market and is expected to continue its dominance over the forecast period. This is attributed to growing awareness about AIT and availability of advanced treatment options in the region.
Key players operating in the allergy immunotherapy market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. These companies are focusing on new product approvals and launches to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
