The Allergy Immunotherapy Market Is Estimated To Witness High Growth Owing To Rising Allergies Prevalence

Market Overview:

Allergy immunotherapy, also known as desensitization or hypo-sensitization, is a medical treatment for some types of allergies. It works to gradually reduce sensitivity to specific allergens such as pollens, dust mites, mold, cat and dog dander, bee and wasp stings, and certain foods. Allergen immunotherapy involves exposing people to gradually increasing doses of an allergen in an attempt to decrease the symptoms experienced with exposure. This is done by injection under the skin (subcutaneous immunotherapy) or by tablet or drops placed under the tongue (sublingual immunotherapy). The treatment reduces sensitivity and the risk of adverse reactions to the allergen.

Market key trends:

The allergy immunotherapy market is witnessing high growth owing to the rising prevalence of allergies across the globe. According to a study published in 2018, more than 50 million Americans have experienced various types of allergies in a given year. Additionally, allergic rhinitis has been estimated to affect around 500 million people globally.

Moreover, the risk factors such as environmental pollution, climate changes, western lifestyle, and food habits have significantly contributed to the rise in allergies prevalence globally. Allergen immunotherapy is a suitable and effective treatment option for allergic patients. Therefore, the increasing allergies cases are majorly propelling the growth of the allergy immunotherapy market.

Porter's Analysis:
Threat of new entrants: The presence of stringent regulatory requirements for entering the allergy immunotherapy market poses a moderate threat of new entrants. Bargaining power of buyers: Individual consumers have low bargaining power due to the specialized nature of allergy immunotherapy products and services.

However, large healthcare facilities and institutions have moderate bargaining power. Bargaining power of suppliers: The presence of a large number of raw material suppliers and contract manufacturing organizations leads to moderate bargaining power of suppliers in this market. Threat of new substitutes: There exists a low threat from new substitutes in this market given the specialized nature of allergen extracts used in allergy immunotherapy. Competitive rivalry: High due to the presence of multiple global and regional players competing on the basis of products, services, and geographic presence.

The global Allergy Immunotherapy Market Share is estimated to be valued at US$ 2,116.0 Million in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights

SWOT Analysis

Strengths: Growing prevalence of allergies globally, strong product pipelines, and established distribution networks are key strengths.
Weaknesses: High costs associated with R&D, manufacturing, and marketing of specialized products. Dependence on seasonal availability of allergen extracts.
Opportunities: Untapped growth potential in emerging markets, new product approvals, and technological advancements in allergen identification and standardization offer opportunities for growth.
Threats: Stringent regulatory framework, risk of adverse reactions, and reimbursement challenges pose threats to market players.

Key Takeaways

The global allergy immunotherapy market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of allergies globally. The market size is projected to reach US$ 4,028.8 million by 2030 from US$ 2,116.0 million in 2023.
Regional analysis: North America dominates the global market and is estimated to maintain its dominance throughout the forecast period. This is attributed to growing environmental pollution levels, advanced healthcare infrastructure, and high awareness levels about allergy diagnosis and treatment in the region.

The Asia Pacific market is anticipated to witness the fastest growth owing to rising disposable incomes, expansion of private healthcare sectors, growing medical tourism, and increasing focus of leading players.
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.

Read More: https://www.ukwebwire.com/allergy-immunotherapy-market-is-estimated-to-witness-high-growth-size-and-share-analysis/