Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- A newly released research report on the Allergy Immunotherapy Global Market for 2023 forecasts a market growth from $2.34 billion in 2022 to $2.59 billion in 2023, at a CAGR of 10.5%. This follows the recent news as reported by Financial Times, where Nestlé divested its peanut allergy business, Palforzia, to Swiss healthcare group Stallergenes Greer after slower-than-expected adoption rates.
Report Overview
The report offers a comprehensive analysis of the allergy immunotherapy market, which involves treating allergic reactions through increasingly higher dosages of allergens. The market includes treatments for various allergy types such as allergic rhinitis, asthma, food allergy, and venom allergy among others. With the Russia-Ukraine war affecting global economic recovery and disrupting supply chains, the report projects the allergy immunotherapy market to reach $3.85 billion by 2027 at a CAGR of 10.4%.
Key Market Trends
One of the most significant trends in the market is product innovation. Companies like Aimmune Therapeutics, which was acquired by Nestlé in 2020, are developing innovative products. Aimmune’s Palforzia was the first-ever treatment for peanut allergy to be approved by the European Commission in December 2020. However, as Nestlé recently divested the business, this serves as a cautionary tale for the market regarding the rate of adoption and market reception of new therapies.
Regional Insights
Europe was the largest market for allergy immunotherapy in 2022, and Asia-Pacific is expected to be the fastest-growing region. The report covers a variety of geographies including North America, Western Europe, Eastern Europe, South America, Middle East, and Africa.
Rising Prevalence of Allergies
The Centers for Disease Control and Prevention (CDC) indicate that nearly one-third of adults in the USA suffer from some form of allergy, further supporting the report’s projections for market growth. The prevalence of seasonal allergies, food allergies, and asthma continues to rise, driving the need for effective treatments.
Looking Ahead
The report serves as a resourceful guide for stakeholders in the allergy immunotherapy market, offering insights into market size, trends, and opportunities. Major players in the market include LETI Pharma, Stallergenes Greer International AG, Allergy Therapeutics PLC., and many more.
For those interested in the allergy immunotherapy market, this report provides a full perspective, especially in light of recent industry shake-ups such as Nestlé's divestiture. Such shifts emphasize the need for companies to remain agile and responsive to changing market demands and adoption rates.
For more information on the Allergy Immunotherapy Global Market Report 2023, visit https://www.researchandmarkets.com/r/enza8f
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News Source: Financial Times
