The Allergy Immunotherapy Market is Estimated To Witness High Growth Owing To Increased Healthcare Expenditure and Product Launches

The allergy immunotherapy market is estimated to be valued at US$ 2312.79 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Allergy immunotherapy, also known as desensitization or hypo-sensitization, involves gradually reducing sensitivity to allergens by administering increasing doses of the substance to which the person is allergic, such as pollen, pet dander, dust mites, or mold spores. It help provides long-term relief of symptoms for allergic rhinitis (hay fever) and asthma. Additionally, it can help reduce the need for medications and may prevent the onset of new allergic conditions.

Market key trends:
The allergy immunotherapy market is expected to witness high growth owing to increased healthcare expenditure and new product launches. Leading players are focusing on developing advanced therapies such as sublingual immunotherapy and epicutaneous immunotherapy instead of conventional subcutaneous immunotherapy. For instance, in 2021, Stallergenes Greer launched new high-dose tablet in the US for grass allergy treatment. Such product launches are expected to drive the market growth during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low in Allergy Immunotherapy market due to high capital requirement and R&D investment associated with new drug development. Bargaining power of buyers: The bargaining power of buyers is moderate as Allergen Immunotherapy options are limited to few established players. Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitutes. Threat of new substitutes: Threat of new substitutes is high as advance therapies like DNA based vaccines gaining wide acceptance. Competitive rivalry: Fierce competition exists among existing players to gain higher market share.

SWOT Analysis

Strength: Wide range of product offerings from major players like Stallergenes Greer, ALK, and Allergy Therapeutics. Weakness: High costs associated with Allergy Immunotherapy and long duration of treatment acts as a barrier. Opportunity: Growing prevalence of allergic diseases globally offers potential opportunities. Threats: Stringent regulations for approval and risks of adverse effects pose threats.

Key Takeaways

The global Allergy Immunotherapy Market Share Size is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of allergic diseases worldwide. North America currently dominates the Allergy Immunotherapy market due to growing adoption of sublingual immunotherapy. Europe is the second largest market driven by increasing healthcare expenditure. The Asia Pacific region is expected to be the fastest growing market owing to rising awareness and improving access to allergy treatment options.

Key players operating in the Allergy Immunotherapy market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. Stallergenes Greer holds the leading position due to its broad range of allergen immunotherapy products. ALK and Allergy Therapeutics also have a sizable share in the global market.

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https://www.newsstatix.com/allergy-immunotherapy-market-trends-size-and-share-analysis/

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