Allergy immunotherapy aims to treat different types of allergies including food, drug, insect and environmental allergies. It involves exposing individuals to small amounts of allergen to induce tolerance and reduce sensitivity. Allergy immunotherapy products such as sublingual immunotherapy tablets and subcutaneous immunotherapy injections are used for desensitization.
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 key trends:
The increasing prevalence of allergic diseases is one of the key trends driving the growth of the allergy immunotherapy market. Allergic diseases are on the rise globally due to changing environmental conditions and exposure to indoor and outdoor allergens. According to a report by the Asthma and Allergy Foundation of America, more than 50 million Americans suffer from allergies every year. The growing burden of allergic diseases like allergic rhinitis, asthma and food allergy has increased the demand for effective and long term treatments such as allergy immunotherapy. Allergy immunotherapy helps alter the natural progression of allergic diseases and provides long lasting relief by inducing immune tolerance.
Segment Analysis
The global allergy immunotherapy market is dominated by subcutaneous immunotherapy segment owing to its effectiveness and convenience of use at home. Subcutaneous immunotherapy involves injecting antihistamines, steroid, or allergen extracts under the skin which helps in reducing the symptoms of allergies. Compared to other alternatives such as sublingual or oral immunotherapy, subcutaneous route provides faster relief from allergic reactions with long term benefits.
Key Takeaways
The global allergy immunotherapy market is expected to witness high growth over the forecast period from 2024 to 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: North America dominates the global market and is expected to maintain its position during the forecast period. High healthcare expenditure and increasing adoption of advanced therapeutics drive the market growth in the region. Asia Pacific is expected to be the fastest growing market owing to growing awareness regarding allergy treatments and increasing healthcare expenditure in developing countries such as India and China.
Key players: 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.
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