FMI, a prominent market research and analysis firm, has unveiled promising projections for the Global Allergy Immunotherapy Industry. According to FMI’s latest report, the market is poised for substantial growth, with an estimated value of US$ 1.74 billion anticipated by the end of 2023. What’s more, an impressive compound annual growth rate (CAGR) of 8.9% is forecasted from 2023 to 2033.
The burgeoning industry, akin to the innovative principles underpinning cancer immunotherapy treatments, is swiftly gaining traction in addressing allergies affecting millions worldwide. While cancer immunotherapy often commands the spotlight for its groundbreaking methodologies, the ascent of allergy immunotherapy underscores its pivotal role in tackling prevalent allergies.
This substantial growth trajectory highlights the market’s potential for substantial advancements in allergy treatment, significantly improving the lives of those suffering from allergies. It also underlines the market’s commitment to harnessing the principles of immunotherapy for the greater good, showcasing innovation that extends beyond the realm of cancer treatment.
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The predicted revenue growth could be related to the burden of allergy conditions, which are becoming more prevalent globally. The responsibility that complex allergies with increased morbidity place on the healthcare system motivates research and development in this area for the introduction of innovative medicines.
The primary factors propelling the global market are:
- The expansion of industrialization and population.
- Improvements in healthcare and medicine.
- The launch of novel immunotherapeutic medications.
Current regulatory approvals, such as those for oral dissolvable tablets, are further enhanced to gain a larger global allergy immunotherapy industry share.
Compared to other treatments already on the market, sublingual allergy immunotherapy has been clinically shown to be more effective and have fewer adverse effects. Another factor influencing the allergy immunotherapy industry growth is the demographic shift in the population and the macroeconomic environment.
The prevalence of asthma and allergy respiratory illnesses has increased due to rising air pollution levels inside and outside. According to the Asthma and Allergy Association of America (AAFA), rising pollen levels cause more than 25 million allergies.
Europe and North America are the two leading markets for allergy immunotherapy, and they are likely to continue holding a sizable market share during the forecast period. Given the increased awareness, healthcare reimbursement regulations, and growth in the population who suffer from allergies, Europe is estimated to hold a significant portion of the global allergy immunotherapy industry.
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“Allergy immunotherapy represents a transformative approach to allergy treatment. This therapeutic method offers long-term relief by desensitizing the immune system to allergens, fundamentally changing how we manage allergies and providing hope for sufferers worldwide.”—by Lead Analyst at Future Market Insights.
Global Allergy Immunotherapy Industry KEY TAKEAWAYS:
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 9.1% through 2033.
- The United States is expected to develop at a 9.1% CAGR during the forecast period.
- With a CAGR of 9.3% over the forecast period, Canada is predicted to grow rapidly in the market.
- The market in China is expected to increase, registering a CAGR of 8.8% over the forecast period.
- Germany is estimated to grow decently, registering a CAGR of 9.7% until 2033.
Global Allergy Immunotherapy Industry COMPETITIVE LANDSCAPE:
Top players operating in the allergy immunotherapy market are ALK Abello, Stallergenes Greer, Allergy Therapeutics, Aimmune Therapeutics, Anergis, Arrayit Corporation, Biomay AG, HAL Allergy Group, DBV Technologies, and others.
These key players in the market are developing innovative products, such as sublingual and subcutaneous immunotherapy, to cater to the growing demand for effective allergy treatments. They also invest in research and development to improve existing therapies’ efficacy and safety and expand their market reach through strategic partnerships and collaborations.
RECENT DEVELOPMENTS:
- In September 2021, ALK confirmed that by expanding the number of patients by at least 100,000 yearly, it intends to make allergy testing, immunotherapy treatments, and adrenaline products accessible by 2030.
- In June 2021, with the complete restoration of SCIT manufacturing in Antony, Stallergenes Greer declared that Alustal®, its subcutaneous allergen immunotherapy (SCIT) remedy, is now accessible in Italy and Spain.
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Global Allergy Immunotherapy Industry Segmentation:
Product:
- SLIT Tablets
-
- Odactra
- Grastek
- Ragwitek
- Oralair
- Actair
- Others
- Oral
- Palforzia
- Others
- Injections
- Others
Immunotherapy:
- Sublingual Immunotherapy
- Subcutaneous Immunotherapy
-
- Specific Immunotherapy
- Others
Indication:
- Allergic Rhinitis
- Allergic Asthma
- Food Allergy
- Atopic Dermatitis
- Others
Allergen:
- Pollens
-
- Grass Pollens
- Weed Pollens
- Tree Pollens
- House Dust Mites
- Mold
- Animal Dander
- Bee Venom
- Cockroaches/Insects
- Others
Distribution Channel:
- Institutional Sales
-
- Government Hospitals
- Semi-Government Hospitals
- Private Hospitals
- Retail Sales
- Retail Pharmacy
- Drug Stores
- Online Pharmacy
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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