Allergy Immunotherapy Market By Product, By Technology, By Application, By Region, And Segment Forecast 2023 - 2033
In its new study, Future Market Insights (FMI) has forecast the global allergy immunotherapy market to register healthy growth between 2020 and 2030. The study also projects that the market will reach a valuation of US$ 2,892.2 Mn by the end of 2030
The increasing prevalence of various kinds of allergies – allergic rhinitis, allergic asthma, food allergies, skin allergies, and others is propelling the demand for effective treatments. As patients seek advanced treatments to develop resistance against allergies and lead a hassle-free life, allergy immunotherapy has emerged as a fitting medical solution.
Moreover, allergic rhinitis is among the most common allergies, affecting 10% to 30% of the global population. Also known as hay fever, it leads to inflammation in the nose, swelling in the eyes, sneezing, among other symptoms when the person is exposed to allergens – mostly dust mites and pollen.
Although a remarkable proportion of the population does not seek medical attention, rising awareness regarding the availability of these treatments, coupled with increased spending on healthcare is expected to remain a crucial demand-side trend through the forecast period.
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Key Takeaways from the Allergy Immunotherapy Study
On the basis of product, injections are poised to account for over 2/3rds of market share backed by their effectiveness and easy availability
Based on immunotherapy, SCIT holds the lion’s share in market value, accounting for 66% of global value, while SLIT is exhibiting higher attractiveness
Among indications, allergic rhinitis and allergic asthma are poised to collectively account for around 3/5th of global value, ascribed to their high prevalence
By type of allergen, pollens and house dust mites will cumulatively account for more than 2/5th of market value since pollens such as grass pollen and weed pollen are highly common in living areas
Based on distribution channels, institutional sales account for more than half of overall value owing to high inpatient rates in government and semi-government hospitals
Europe is expected to prevail as the most lucrative regional market, on the back of the rising prevalence of different types of allergies in the region
North America and East Asia will cumulatively account for more than a quarter of market value, owing to the presence of a wide population base with allergies coupled with developing healthcare infrastructure
“Market players are focusing on developing novel treatment methodologies and procuring approvals from concerned authorities to strengthen their foothold,” said a FMI analyst.
COVID-19 Impact on Allergy Immunotherapy Market
The outbreak of COVID-19 has sent ripples of uncertainty across the global pharmaceutical sector and the allergy immunotherapy market is no different. The market is expected to witness several mid-term and long-term impacts due to the pandemic, as demand for SLIT tablets and injections experiences contraction. Likewise, shifting presence towards essential drugs is causing a delay in services, thus further slowing down the growth of the market. Along similar lines, shortages of staff and hindered supply chains during nation-wide lockdowns will further challenge the growth through the pandemic.
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Who is Winning?Key players operating in the market are directing their efforts towards developing novel products and obtaining approvals to ensure revenue prospects and maintain their foothold amid the competition. On these lines:
In May 2020, Stallergenes Greer announced the expansion of the supply of subcutaneous products (SCIT), to expand its offering to patients suffering from asthma, who are at a higher risk of COVID-19.
In April 2020, ALK Abello announced that Health Canada has approved once-daily ITULATEK, a sublingual tablet for the treatment of tree pollen allergy.
