Allergy Immunotherapy Market Blatant Growth at USD 4,324.7 million with CAGR of 10.85% by MRFR – Outlook till 2023
Allergy Immunotherapy Market Report include on MarketReseacrhFuture.com with exhaustive Study. The report aims to provide an overview of Allergy Immunotherapy Market Report. The report provides key statistics on the market status. Global Forecast till 2023.
Pune, India – July 31, 2018 /MarketersMedia/ —
Market Scenario:
Market Research Future (MRFR) confirms that the global market for allergy immunotherapy is estimated to reach USD 4,324.7 million by 2023. MRFR also estimates that the market is set to grow phenomenally at the CAGR of 10.85% during the forecast period (2017–2023). The apparent market expansion can be accredited to rise in incidences of allergies across the globe. Growing awareness regarding allergy treatment and launch of new products boost the market growth imminently. Moreover, high prevalence of allergies cannot be tackled by pharmacotherapy alone, thus the need for allergy immunotherapy arises to curb this demand. Furthermore, this therapy increases immunological tolerance and alters the disease course, providing the long-term effect. These benefits account for its massive demand from all quarters of the world. Changing healthcare practices, growing healthcare expenditure and extended insurance cover provide the gist of the market expansion across the globe.
A restraining factor that can potentially impede the ongoing market growth includes occurrence of side effects after undergoing allergy immunotherapy. However, the success rate as compared to the negative effects is quite high making sure that the global market gains upward traction without any hiccups. Adding ammunition to this growth are growing clinical research and development (R&D) budget provided by governments and non-profit organizations.
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Key Players:
The key players mentioned in the report are Stallergenes Greer (U.K.), Merck KGaA (Allergopharma) (Germany), ALK Abello A/S (Denmark), Allergy Therapeutics (U.K.), Circassia (U.K.), DBV Technologies (France), HAL Allergy Group (Netherlands), and others.
Market Segmentation:
The global allergy immunotherapy market is segmented on the basis of allergy type and treatment.
By allergy type, the market is segmented on the basis of allergic rhinitis, allergic asthma, peanut allergy, cat allergy, and other allergies. The allergic rhinitis segment has captured the largest market share in the global market whereas the peanut allergy segment is projected to grow at a competitive CAGR of 11.30% during the forecast period. High usage of tobacco, greater respiratory anomalies and rising demand for new treatments has led to the growth of the allergic rhinitis segment.
By treatment, the market is segmented on the basis of subcutaneous immunotherapy (SCIT), sublingual immunotherapy, and specific immunotherapy (SIT). Sublingual immunotherapy is sub-segmented into sublingual immunotherapy drops and sublingual immunotherapy tablets. The subcutaneous immunotherapy (SCIT) segment claims the largest market share in the global allergy immunotherapy market and is estimated to reach the value of USD 2,089.2 by 2023. Subcutaneous immunotherapy (SCIT) is highly favorable in the treatment of allergies as it provides symptomatic relief, at the same time modifying the allergic disease by targeting the underlying immunological mechanism.
Allergy Immunotherapy Market – Regional Analysis:
The global market is spread across North America, Asia Pacific, Europe and the Middle East & Africa.
As per observation, Europe is the largest contributor to the global market. Western Europe holds the largest market share and is projected to reach the value of USD 954.1 million by 2023. Increasing prevalence of chronic diseases such as allergy, asthma, diabetes and hypertension results in the market expansion in the region.
The North America market has exhibited a significant growth owing to high prevalence of allergic rhinitis & skin allergy along with growing awareness regarding treatment of allergies. The market in United States (US) was valued at USD 329.2 million in 2016. Worsening immunity, changing lifestyle, rapid industrialization and increasing number of smokers have also led to the market expansion in the region.
On the other hand, the region of Asia Pacific is experiencing rapid market growth on account of steadily growing awareness of treatments and rising healthcare expenditure. The market in Asia Pacific region is presumed to grow at a CAGR of 11.32% during the forecast period. Moreover, launch of sublingual immunotherapies in emerging economies in the region and introduction of several allergen immunotherapy tablets (AITs) by regional market players are leading to the market growth immensely.
Lastly, the Middle East & Africa market is expected to have restricted growth. However, United Arab Emirates (UAE) is leading the regional market by holding 53.5% of the total market share in the region. This is due to growing economy, increasing awareness about health-related issues and increasing healthcare infrastructure. Also, continuous strategic actions such as product launch and development, undertaken by regional market players establish the growth of the market significantly.
Industry News:
Global pharmaceutical company, ALK recently announced that its sublingual allergy immunotherapy (SLIT) tablet ODACTRA will be now available through prescription in the United States (US) for patients within the bracket of 18 years and 65 years of age, suffering from house dust mite (HDM)-induced allergic rhinitis. ODACTRA is a fast dissolving immunotherapy tablet to treat dust mite allergy and is also a new treatment option for physicians and patients. ODACTRA is the first HDM SLIT-tablet to be approved for use in the US.
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