Allergy immunotherapy, also known as desensitization or hypo-sensitization, involves administering gradually increasing doses of an allergen to a person with allergic respiratory diseases such as allergic asthma, allergic rhinitis, and others. It is a medical treatment aimed at changing or modifying the immune system's response to allergen exposure. By exposing people to larger amounts of allergens over a period, immunotherapy reduces inflammation and symptoms upon re-exposure to the same allergens. It is customized for each patient according to their diagnosed allergen triggers. Some common immunotherapy treatments include subcutaneous immunotherapy and sublingual immunotherapy.
The global Allergy Immunotherapy Market is estimated to be valued at US$ 2312.79 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing preference for customized therapy: As highlighted in the heading, the growing preference for customized allergy immunotherapy over conventional medications is expected to drive the market growth over the forecast period. Customized immunotherapy involves administering incremental doses of allergens tailored as per the individual patient's specific allergy triggers. This offers higher efficacy and reduces the risk of side effects associated with alternative treatment options such as oral antihistamines.
Growing prevalence of allergic diseases: Another major factor propelling the market growth is the rising prevalence of allergic respiratory diseases globally. According to a report by the American Academy of Allergy, Asthma and Immunology, more than 50 million Americans currently suffer from allergies each year. The increasing environmental pollution and changes in lifestyle are contributing to the growing burden of allergic diseases worldwide. This is increasing the demand for allergy immunotherapy for long-term management of such conditions.
Segment Analysis
The global allergy immunotherapy market is dominated by the subcutaneous immunotherapy segment, which accounts for over 95% of the market share. This is because subcutaneous immunotherapy (SCIT) is the standard treatment method and has demonstrated its efficacy and safety profile over a long period of time. However, the sublingual immunotherapy (SLIT) segment is expected to witness the highest growth during the forecast period. SLIT offers advantages over SCIT such as ease of self-administration at home and a better safety profile.
PEST Analysis
Political: Allergy immunotherapy is regulated by various regulatory bodies globally to ensure safety and efficacy. Favorable regulations and reimbursement policies are boosting the adoption of immunotherapy especially in developed markets.
Economic: The rising incidence of allergies along with the growing healthcare expenditure is fueling the demand for immunotherapy treatments. However, the high costs involved, especially with newer therapeutic areas, remains a challenge.
Social: Growing environmental pollution and changing lifestyle habits have increased the prevalence of allergy cases across regions. This is driving patients to opt for long-term treatment options like immunotherapy for effective management of their conditions.
Technological: Advancements in therapeutic formulations and delivery systems are expanding the scope of sublingual and epicutaneous immunotherapy. Digital technologies are also being leveraged for developing precision and personalized immunotherapy protocols.
Key Takeaways
The global allergy immunotherapy market is expected to witness high growth over the forecast period.
Regional analysis: North America is anticipated to hold a significant share in the global allergy immunotherapy market due to rising environmental pollution, genetic predisposition, and increasing healthcare expenditure. As per Asthma and Allergy Foundation of America, over 50 million Americans have experienced various types of allergies in 2020.
Key players: Key players operating in the allergy immunotherapy market are ALK, Stallergenes Greer, HAL Allergy Group, DBV Technologies, ASIT Biotech. Allergy Therapeutics, Aimmune Therapeutics, Circassia, Merck KGaA, and Biomay AG.
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https://www.marketwebjournal.com/allergy-immunotherapy-market-market-size-and-share-analysis/
