Allergy Immunotherapy Market Trends & Growth
The global allergy immunotherapy market size is expected to reach USD 3.1 billion by 2027 registering a CAGR of 9.0%, according to a new report by Grand View Research, Inc. Rising prevalence of allergic conditions is expected to boost the market growth. According to the statistics published by the American Academy of Allergy, Asthma & Immunology (AAAAI), global prevalence of allergic rhinitis ranges from 10% to 30%. The disease affects 7.8% of the adult population in U.S. alone.
Technological advancements in the field of bioengineering and immunology have improved the composition of allergy shots given to patients for boosting the immune system. In addition, efforts to overcome the problems associated with safety, efficacy, standardization, costs, and long duration of immunotherapy is also expected to propel the market growth in the coming years. Europe occupied the largest market share in 2019 and will retain its leading position during the forecast period. However, Asia Pacific is estimated to be the fastest-growing regional market from 2020 to 2027.
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Allergy Immunotherapy Market Report Highlights
- Subcutaneous Immunotherapy (SCIT) segment generated the maximum revenue in 2019 as SCIT is the most effective and highly adopted form of allergy immunotherapy
- SCIT can be used for the treatment of a wide range of disorders including allergic rhinitis, asthma, and stinging insect hypersensitivity
- However, Sublingual Immunotherapy (SLIT) has emerged as a safe & effective alternative for SCIT
- During SLIT, the allergen is administered under the tongue in the form of tablets or drops
- Allergic rhinitis was the largest revenue-generating segment in 2019 and is estimated to maintain its dominance throughout the forecast period owing to the high disease burden across the globe
- Hospital pharmacy segment held the largest share in 2019 owing to a rise in the patient pool for treatment of allergic disorders in hospitals
- ASIT Biotech; Circassia; Mylan N.V.; Adamis Pharmaceuticals Corp.; Merck KGaA; Stallergenes Greer plc.; Allergy Therapeutics; ALK-Abelló A/S; DESENTUM OY; HAL Allergy B.V.; HollisterStier Allergy; LETIPharma; and DBV Technologies SA are the prominent participants operating in this market