According to the latest report published by Credence Research, Inc. “Allergy Immunotherapy Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the Allergy Immunotherapy market was valued at USD 1,499.0 Mn in 2017, and is expected to reach USD 3,602.1 Mn by 2026, expanding at a CAGR of 10.1% from 2018 to 2026.
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Allergy is commonly found and immunotherapy is currently in high demand as preventive treatment against substances such as grass pollens, house dust mites and bee venom. Immunotherapy is carried out by providing high doses of allergen to patient who is allergic and results in gradual decrease in the sensitivity of body’s immune system. Immunotherapy is effectively used to reduce the inflammation that characterizes asthma & rhinitis. Allergen immunotherapy is very efficient specifically in case of in patients suffering with IgE-mediated disease that possess limited allergy spectrum. Due to seasonal pollinosis in patients, immunotherapy is preferred in allergic asthma and allergic rhinoconjunctivitis treatment. Thus, allergy immunotherapy market will grow significantly in the near future due to rising prevalence and awareness related to allergies in people, and people suffering with allergy are preferring treatment that provides long-term benefit.
In 2017, allergic rhinitis accounted for the largest market share due to key market drivers such as increasing public awareness related to the allergic rhinitis, and immunotherapy is currently highly preferred therapy against allergic rhinitis. According to WebMD, global prevalence of allergic rhinitis is increasing and study suggests that approximately 40% of children and 10% to 30% of adults are affected. Highest prevalence of severe allergic rhinitis was identified in children and specifically in regions such as Africa & Latin America. Thus, increasing prevalence of allergic rhinitis and growing demand for prolonged relief from patients is assisting the demand for allergy immunotherapy in the near future.
Europe was identified as the largest allergy immunotherapy market in 2017 due to increasing prevalence of allergy disorders, high awareness related to allergy treatment & management in public, and advancement in the research & development of allergy immunotherapy. According to World Health Organization (WHO), allergic rhinitis affects 23-30% of patients in Europe. Thus, Europe allergy immunotherapy expected to maintain its dominance throughout the forecast period.
Market Competition Assessment:
The growth of allergy immunotherapy is at gradual rate and key companies are strategizing to develop allergy immunotherapy that will provide efficient and cost-effective products. The major companies present in the allergy immunotherapy market are Holister Stier, Leti, WOLW Pharma, Aimmune Therapeutics, ALK-Abello A/S, Stallergenes Greer, Allergopharma, DBV Technologies, Allergy Therapeutics, Biomay AG, HAL Allergy Group, Circassia, and Merck KGaA, among others.
Key Market Movements:
- Increasing prevalence of allergy disorders assisting the growth of allergy immunotherapy
- Incessant technological advancements in the allergy immunotherapy and mounting demand for long-term relief against allergy
- Asia Pacific will be the fastest growing allergy immunotherapy market with its developing healthcare infrastructure, and increasing public awareness related to allergy immunotherapy
- Subcutaneous immunotherapy (SCIT) was identified as the largest allergy immunotherapy market throughout the forecast period