New York, June 12, 2023 (GLOBE NEWSWIRE) -- The sublingual allergy immunotherapy (SLIT) market has been experiencing steady growth in recent years due to increasing prevalence of allergies and rising demand for convenient and effective allergy treatments. The market stood at US$ 414.5 million in 2022 and is projected to expand at a CAGR of 9.1% over the forecast period (2023 to 2033). Worldwide revenue from sublingual allergy immunotherapy is projected to reach US$ 1.02 billion by 2033.
Allergies, including allergic rhinitis, allergic asthma, and food allergies, have been on the rise globally. Increasing prevalence of allergies has generated demand for effective and convenient treatments like sublingual allergy immunotherapy (SLIT). SLIT offers several advantages over traditional allergy shots. It is a non-invasive treatment method that can be self-administered at home, eliminating the need for frequent visits to healthcare facilities. SLIT also has a favorable safety profile, with a reduced risk of severe allergic reactions compared to subcutaneous immunotherapy.
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Ongoing research & development efforts have led to the development of improved SLIT formulations, including standardized allergen extracts and novel delivery systems. These advancements enhance the efficacy of SLIT, there driving market growth.
Leading drug manufacturers are focusing on the development and launch of SLIT tablets. SLIT is an effective treatment for respiratory allergies, atopic dermatitis, and food allergies, and recent studies suggest the use of SLIT as the first choice in allergy treatment compared to medications and subcutaneous immunotherapy (SCIT). Use of SLIT can improve compliance with allergen immunotherapy and make allergy treatment more accessible and tolerable.
Key manufacturers are heavily focused on the development of effective drugs. In addition, leading companies such as ALK Abello, Allergy Therapeutics, and others have a strong pipeline for sublingual immunotherapy for the next two to three years.
Key Takeaways from Market Study
- The global sublingual allergy immunotherapy market is forecasted to top a valuation of US$ 1 billion by 2033-end.
- The Odactra drug held 40.1% share of the global market in 2022.
- Allergic rhinitis indication accounted for 43.3% share of the global market in 2022.
- By allergen, sales of SLIT solutions for pollen allergies accounted for 52.2% market share in 2022.
- By distribution channel, retail pharmacies led with a market share of 58.5% in 2022.
- Europe contributed US$ 220.7 million to the global market in 2022.
“Increasing prevalence of allergies projected to drive up demand for effective & convenient treatments such as SLIT over the coming years,” says an analyst of Persistence Market Research.
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Market Competition
Partnerships and collaborations are common in the sublingual allergy immunotherapy market as companies aim to leverage each other's strengths and resources to enhance their product offerings and market presence.
- In 2021, Stallergenes Greer and Aptar Pharma forged a partnership to collaborate on the development of an advanced connected device designed for the administration of allergen immunotherapy treatments.
- HAL Allergy Group obtained marketing approval in Germany in August 2018 for SUBLIVAC® Trees 40,000 AUN/ml and AUN/ml SUBLIVAC® Birch 40,000, expanding their product offerings.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the sublingual allergy immunotherapy market in its latest study, presenting a historical demand assessment for 2015 to 2022 and projections for 2023 to 2033.
The research study is based on drug (Odactra, Grastek, Ragwitek, Oralair, Actair, others), indication (allergic rhinitis, allergic asthma, food allergy, atopic dermatitis, others), allergen (pollen {grass pollen, weed pollen, tree pollen}, house dust mites, mold, animal dander, bee venom, cockroaches/insects, others), and distribution channel (institutional sales {government hospitals, semi-government hospitals, private hospitals}, retail sales {retail pharmacies, drug stores, online pharmacies}) across seven key regions of the world.
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For additional insights on how the growth of the sublingual allergy immunotherapy market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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