Pune, India, June 19, 2023 (GLOBE NEWSWIRE) -- The global allergy immunotherapy market size was valued at USD 1.58 billion in 2022. The market is anticipated to grow from USD 1.70 billion in 2023 to USD 3.20 billion by 2030, exhibiting a CAGR of 9.5% during the forecast period. The growing allergic population and heavy investments by significant players to develop novel immunotherapies are expected to support the allergy immunotherapy market growth. Rising awareness among consumers globally and government initiatives for developing immunotherapy products for untouched allergic conditions are expected to propel the market during the forecast period. Fortune Business Insights presents this information in their report titled "Global Allergy Immunotherapy Market, 2023–2030."
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Key Industry Development:
- January 2022 – Allergy Therapeutics received the IND clearance for its virus-like particle (VLP) based peanut allergy vaccine candidate from the U.S. FDA.
Key Takeaways:
- Reduction in Patient Visits to the Clinics Hampered Market Growth Amid the Pandemic
- Shifting Preference Towards Sublingual Immunotherapy (SLIT) Tablets and Drops Aided Market Expansion
- Growing Prevalence of Allergies to Augment the Demand for Immunotherapy Drugs
- High Cost of Treatment Coupled with Poor Adherence to Medication to Impede Market Growth
- ALK-Abello Dominated the Market Owing to its Strong Presence and Robust Product Portfolio
List of Key Players Profiled in the Market Report:
- ALK (Denmark)
- Stallergenes Greer (Switzerland)
- Allergy Therapeutics (U.K.)
- HAL Allergy B.V. (Netherlands)
- HollisterStier Allergy (U.S.)
- Zhejiang Wolwo Bio-pharmaceutical Co., Ltd. (China)
- LETIPharma (Spain)
- Dermapharm Holding SE (Germany)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.5% |
| 2030 Value Projection | USD 3.20 Billion |
| Base Year | 2022 |
| Allergy Immunotherapy Market Size in 2022 | USD 1.58 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 129 |
| Segments covered | Type, Distribution Channel and Application |
COVID-19 Impact:
Fewer Patient Visits led to Sluggish Growth During Pandemic
Stringent pandemic regulations during the COVID-19 pandemic reduced patient visits to clinics and hospitals, resulting in slow growth of the market. For instance, globally, patient visits declined by 93.0% in 2022, according to the European Academy of Allergy and Clinical Immunology’s survey in NCBI.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
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Drivers & Restraints:
Increasing Prevalence of Allergic Condition to Spur Growth
Growing exposure to molds, pollens, dust mites, and others is leading to an increasing prevalence of allergies globally. An individual’s life quality is severely affected due to these allergic conditions. This is leading to a massive demand for the treatment of these conditions. For instance, Angany and Nextmune came to an agreement to treat atopic dermatitis and allergies by developing novel vaccines and increasing the allergy immunotherapy market share.
However, the high cost associated with the treatment and limited insurance coverage may stifle the allergy immunotherapy market growth.
Segments:
SCIT Products Dominate the Market as They are Preferred for Treating Allergies
Based on type, the market is segmented into subcutaneous immunotherapy (SCIT) and sublingual immunotherapy (SLIT). To treat high efficacy allergies SCIT products are used as they are a benchmark for treating allergies. SCIT dominated the market in 2022.
Allergic Rhinitis’ Increasing Prevalence to Bolster Growth
On the basis of indication, the market is categorized into allergic rhinitis, allergic asthma, and others. The allergic rhinitis segment is anticipated to dominate the market during the study period owing to the growing burden of allergic rhinitis cases.
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Rise in Pharmacies Drives the Segmental Growth
On the basis of distribution channel, the market is segmented into hospital pharmacies and retail & online pharmacies. Due to the increased number of pharmacies, discounts, and convenience, the retail & online pharmacies segment dominates the market and is expected to lead during the forecast period.
Geographically the market is segmented across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights
Constant Initiatives by the Government to Maintain Europe’s Dominance
Europe dominated the market in 2022 with a valuation of USD 1.11 billion. Continuous government initiatives and efforts by major companies to develop new allergy immunotherapy products are expected to continue the region’s dominance throughout the forecast period. Asia Pacific is expected to grow at a substantial CAGR during the forecast period due to rising awareness among consumers and the growing number of patients suffering from allergies.
Competitive Landscape
Key Companies Focus on R&D to Develop New Products for Global Expansion
ALK leads the market with a significant share and plans to expand outside Europe. Investments in R&D for sublingual and subcutaneous products and a strong product pipeline contribute to its growth. With the companies such as Allergy Therapeutics, Stellargenes Greer, ALK, and others the market is semi-consolidated.
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Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Key Conditions (Food Allergy, Allergic Rhinitis, etc.), By Key Countries, 2022
- Pipeline Analysis, By Key Players
- Key Industry Developments-Merger, Acquisitions, New Product Launches, Etc.
- Impact of COVID-19 on the Market
- Global Allergy Immunotherapy Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Subcutaneous Immunotherapy
- Sublingual Immunotherapy
- Market Analysis, Insights and Forecast – By Application
- Allergic Rhinitis
- Allergic Asthma
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail and Online Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Type
- North America Allergy Immunotherapy Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Subcutaneous Immunotherapy
- Sublingual Immunotherapy
- Market Analysis, Insights and Forecast – By Application
- Allergic Rhinitis
- Allergic Asthma
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail and Online Pharmacies
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
- Europe Allergy Immunotherapy Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Subcutaneous Immunotherapy
- Sublingual Immunotherapy
- Market Analysis, Insights and Forecast – By Application
- Allergic Rhinitis
- Allergic Asthma
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail and Online Pharmacies
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- Germany
- France
- U.K.
- Italy
- Spain
- Netherlands
- Belgium
- Poland
- Sweden
- Norway
- Denmark
- Rest of Europe
- Market Analysis, Insights and Forecast – By Type
Toc Continue…
FAQs :
How big is the allergy immunotherapy market?
- The global allergy immunotherapy market size was valued at USD 1.58 billion in 2022. The market is anticipated to grow from USD 1.70 billion in 2023 to USD 3.20 billion by 2030, exhibiting a CAGR of 9.5% during the forecast period.
Which are the key factors driving the market?
- The increasing prevalence of allergic rhinitis, allergic asthma, and others across the globe, robust product pipeline, increasing investment in research and development, and increasing awareness among the patient population, among others, are a few factors driving the market growth.
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