The Global Allergy Immunotherapy Market was around USD 2,100.0 million in 2016 and is expected to reach USD 4,324.7 million by 2023 which is a projected CAGR of 10.85%
The global market for allergy immunotherapy is majorly driven by the advancement in the medical sector. A few years back there proper treatment for various chronic allergies was nowhere to be found. But with time various medical procedures have been devised. According to the research report by MRFR, the global market for allergy immunotherapy will witness significant growth during the forecast period of 2017-2023.
Allergy is a kind of a disorder in which the body’s immune system reacts uncharacteristically to an alien substance. The exterior material or substance that is responsible for this reaction is termed as the allergen. Allergy immunotherapy on the other hand is a treatment procedure that is employed to eliminate the root cause of the allergy i.e. the allergen.
On a global level, the prevalence of various allergies has risen in a dramatic fashion. As a result of this fact, it is being speculated that the worldwide market for immunotherapy will grow by leaps and bounds during the forecast period.
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Currently, millions of people across the world are suffering from some of the other allergy. This fact acts as one of the chief growth factors for the market. High number of people suffering from disorders like diabetes, asthma, hypertension and allergy are expected to propel market progression.
Additional factors that further work in the favor of the market are higher awareness amongst the masses regarding treatment methodologies, rising adoption rate and increased demand from growing economies, investments in R&D activities, new approvals and strategic alliances amongst various companies.
The market may however face certain hindrances like insufficient knowledge regarding various allergic conditions and expensiveness of the treatment. Although, efforts are being made in this direction and soon enough a plausible solution will be discovered.
Market Players & Key Strategies:
Some of the oldest and most reliable players of this market can be listed as Merck KGaA, Allergy Therapeutics, DBV Technologies, HAL Allergy Group and Stallergenes Greer.
These players work consistently upon improving and updating themselves to rope in the best for their business. Apart from that, they also employ strategies like acquisitions, strategic alliances and investment in research and development.
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The worldwide market for allergy immunotherapy has been segmented into two equal parts. Both of these and their sub-divisions are listed below:
Treatment – Sublingual immunotherapy, subcutaneous immunotherapy (SCIT) and specific immunotherapy (SIT). Sub lingual immunotherapy is further segmented into sublingual immunotherapy tablets and sublingual immunotherapy drops. SCIT segment accounts for the largest market share and is expected to generate around USD 2,089.2 by 2023.
Allergy type – Cat allergy, allergic rhinitis, allergic asthma, peanut allergy and other allergies. Allergic rhinitis holds the largest share of the market at the moment. Whereas, the peanut allergy sub-segment is expected to progress at the CAGR of 11.30 during the projection span.
In-Depth Regional Analysis:
Geographically, the allergy immunotherapy market has its reach across various areas of the world. Some of the major areas where its presence is felt are North America, Asia Pacific, Europe and Rest of the World.
The research report by MRFR (Market Research Future) suggests that the region which dominates this market is Europe. And all of the credit for the success of this area goes to the business brought in by Western Europe, it grabs the biggest chunk of the market share and is expected to make around USD 954.1 million by the end of the forecast period. Asia Pacific is the second in command and is projected to expand at the CAGR of 11.32% during the forecast period.
March 21, 2018 – Recently an immunotherapy trial for children’s allergy was undertaken. Many children participated in this survey and the results that came across were that a child’s food allergy may also affect the care-giver i.e. the parent. The results from this survey have helped in creating an awareness regarding the allergies and this fact is anticipated to benefit the market.
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