Allergy immunotherapy, also known as desensitization or hypo-sensitization, involves gradually reducing a person’s sensitivity to allergens by administering increasing quantities of certain allergens to the allergic patient. It aims to reduce symptoms and the need for medication on exposure to allergens. Allergy immunotherapy products include sublingual immunotherapy and subcutaneous immunotherapy. The growing prevalence of allergic diseases and the need for new therapies with less potential side-effects have been driving the demand for allergy immunotherapy products.
The global Allergy Immunotherapy Market is estimated to be valued at US$ 2664.34 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Allergy immunotherapy provides an opportunity to address the growing need for new allergy therapies with lesser side effects compared to usual drug treatments like antihistamines and steroids. It aims to cure the root cause of allergies by gradually reducing sensitivity to allergens through controlled exposure rather than just treating symptoms. This has led to a growing preference for immunotherapy among allergy sufferers and physicians. With the rising cases of allergic diseases and limitations of existing drug therapies, allergy immunotherapy with its disease-modifying ability presents a huge market opportunity to develop novel and more effective products in this field.
Porter's Analysis
Threat of new entrants: Low capital requirements and established customer base make it easy for new companies to enter the market. However, large companies have significant resources and economies of scale advantages.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of many product alternatives in the market. However, large healthcare organizations and distributors have significant bargaining power.
Bargaining power of suppliers: A few large multi-national companies dominate the supply of immunotherapy products, giving them strong bargaining power over buyers.
Threat of new substitutes: Threat is moderate as alternative treatment options exist but immunotherapy offers distinct clinical benefits over them.
Competitive rivalry: Intense due to presence of many global and regional players. Companies compete based on product innovation, quality, and price.
SWOT Analysis
Strengths: Growing patient awareness, favorable reimbursement policies, clinical efficacy of immunotherapy in treatment of respiratory allergies.
Weaknesses: High treatment costs, risk of adverse reactions, lack of treatment effectiveness in some patients.
Opportunities: Untapped growth potential in developing markets, pipeline for novel product development, combination therapy approaches.
Threats: Stringent regulatory norms, reimbursement cuts, social stigma around allergy treatment.
Key Takeaways
The global Allergy Immunotherapy market is expected to witness high growth over the forecast period till 2031. The global Allergy Immunotherapy Market is estimated to be valued at US$ 2664.34 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis shows North America accounted for the largest share of over 40% in 2024 owing to supportive insurance policies covering immunotherapy procedures. However, Asia Pacific is projected to grow at the fastest rate during the forecast period driven by rapidly developing pharmaceutical infrastructures across India and China along with growing environmental degradation leading to higher allergy incidences.
Key players operating in the Allergy Immunotherapy market are B. Braun Vet Care GmbH, BioMedtrix, LLC, IMEX Veterinary, Inc., Innoplant Medizintechnik GmbH, KYON AG, Orthomed (UK) Ltd., BLUESAO Co. Ltd., New Generation Devices (NGD), Johnson & Johnson, MWI Animal Health, AmerisourceBergen Corporation, Platon Japan Co., Ltd., Veterinary Orthopedic Implants, NORER Orthopedic & Dental, OC Oerlikon Management AG, Jindal Medi Surge, Inc., and Mercury Orthopedics and Design, Inc. The market is fairly consolidated in nature.
Explore more related article on this topic: https://www.trendingwebwire.com/the-global-allergy-immunotherapy-market-demand-analysis/
https://masstamilan.tv/recombinant-protein-the-future-of-biomanufacturing/
