Allergy Immunotherapy Market Overview
As per the latest published report by Market Research Future (MRFR), the global allergy immunotherapy market size is expected to grow at an impressive rate of 10.85% over the forecast period. The market valuation is calculated to reach USD 4,324.7 million by 2023.
It is reported that the increasing number of patients suffering from allergy across the globe is fueling the market demand for allergy immunotherapy. The market is also driven by increasing awareness about the treatment, rapid adoption, advancements in technology, and increasing demand from emerging economies. Other factors like rising incidences of chronic diseases like diabetes, allergy, asthma, and hypertension is also spurring the market growth. With more and more companies collaborating with hospitals and independent research centers to develop new and innovative treatment methods, the market is poised to experience a surge in terms of expansion and demand. Increasing research and development activities, new approvals, and clinical trials are influencing a positive impact over the market. Rapidly ameliorating adoption of such forms of treatment by medical professionals and practitioners, increasing awareness concerning the benefits of these treatments, and growing rate of success with these treatments are also accelerating the demand for the market.
The market for allergy immunotherapy is growing at a swift pace. The market is expected to grow at the CAGR of ~10.85% during the forecast period and is estimated to reach USD 4,324.7 million by 2023.
Allergy Immunotherapy Market Segmentation
The global allergy immunotherapy market segmentation is divided on the basis of treatment and allergy type.
By allergy type, the market includes allergic asthma, cat allergy, allergic rhinitis, peanut allergy, and other allergies.
By treatment, the market comprises of Sublingual Immunotherapy, Subcutaneous Immunotherapy (SCIT), and Specific Immunotherapy (SIT). The Sublingual Immunotherapy segment is further narrowed down into sublingual immunotherapy tablets and sublingual immunotherapy drops.
Allergy Immunotherapy Market 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.
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Allergy Immunotherapy Market 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.