New York, United States, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Allergy Immunotherapy Market Size to grow from USD 2.0 billion in 2021 to USD 4.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. The expected rise in revenue can be traced to the growing number of allergy illnesses and the trouble they cause for people worldwide. Complex allergies that make people sicker are putting a strain on the healthcare system, driving research and development in this industry. The goal is to come up with new medicines. The rising levels of air pollution inside and outside have also been linked to a rise in the number of people with asthma and allergies that affect the respiratory system. The Asthma and Allergy Foundation of America (AAFA) says that more pollen causes more than 25 million people allergies.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The subcutaneous immunotherapy (SCIT) segment to account for the largest market size during the forecast period
Based on the Type of Immunotherapy, the allergy immunotherapy market is categorized into Subcutaneous Immunotherapy (SCIT) and Sublingual Immunotherapy (SLIT). The subcutaneous immunotherapy (SCIT) segment accounts for the largest market size during the forecast period. The subcutaneous immunotherapy (SCIT) method is the most common and effective way to treat allergies. The treatment works to ease the symptoms of allergic rhinitis, asthma, and being overly sensitive to insect stings. SCIT has also been useful for treating allergies to more than one type of substance. Because of this, the number of people using SCIT has grown more than those using SLIT.
Browse key industry insights spread across 240 pages with 104 market data tables and figures & charts from the report "Global Allergy Immunotherapy Market Size, Share, and COVID-19 Impact Analysis By Type of Immunotherapy (Subcutaneous Immunotherapy (SCIT) and Sublingual Immunotherapy (SLIT)), By Allergy Type (Allergic Rhinitis, Asthma, Food Allergy, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." in detail along with the table of contents
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The allergic rhinitis segment to hold a higher CAGR during the forecast period
Based on the allergy type, the allergy immunotherapy market is categorized into Allergic Rhinitis, Asthma, Food Allergy, and Others. The allergic rhinitis segment to hold a higher CAGR during the forecast period. The American College of Allergy, Asthma, and Immunology says that 24 million people in the United States have asthma, and that 6 million of them are children. The numbers show that about 50 million people in the United States have some kind of allergy every year. So, it is expected that the growing number of illnesses caused by allergy diseases will give the market a chance to grow in a way that is good for business.
North America is estimated to account for the highest market share in 2021.
The global allergy immunotherapy market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. There are a number of reasons for the growth, such as the fact that allergic reactions are becoming more common and more people are becoming aware of the treatments that are available. For example, a report from the International Food Information Council that came out in May 2022 says that about 32.0 million people in the United States have said they have food allergies, and about 200,000 people go to the emergency room every year because of food allergies. It was also found that food allergies were common among young people. About one in every 13 children in the United States has been diagnosed with a food allergy, and about 40.0% of children with food allergies are allergic to more than one food. It is thought that events like these will make the need for allergy immunotherapy in this area grow faster. Asia-Pacific to hold a higher CAGR during the forecast period.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: ASIT Biotech, Circassia, Mylan N.V., Adamis Pharmaceuticals Corporation, Merck KGaA, Stallergenes Greer plc, Allergy Therapeutics, ALK-Abelló A/S, DESENTUM OY, HAL Allergy B.V., HollisterStier Allergy, LETIPharma, DBV Technologies SA and Other Prominent Key Players.
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