Increasing incidences of allergies and inefficient treatment methodologies, such as pharmacotherapy, for controlling the occurrence rate of allergies are fuelling adoption of allergy immunotherapy, which is deemed as a designated cure for various types of allergies. A notable shift of patients and healthcare providers towards allergy immunotherapy has been observed, owing to its competency to change the course of the disease and improve the immunological resistance.
Development of new products to cure allergies is expected to reflect positively on the growth of the global allergy immunotherapy market. Analysing a cohort of these factors, a new report published by Future Market Insights opines that the allergy immunotherapy market is poised to surpass a valuation of US$ 3.33 billion with an impressive CAGR of over 10% through 2025.
According to the study, growing focus on taking preventive measures against chronic illnesses is also catalysing the allergy immunotherapy market. The American College of Allergy, Asthma and Immunology anticipates that allergies are the sixth-most significant reason for the occurrence of the chronic illness in the North America region. As stated by the Centers for Disease Control and Prevention (CDC), over 50 Mn Americans suffer from various types of allergies every year. Moreover, it is estimated that by the end of 2025, about 50% of the population will suffer from allergic diseases.
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Novel Product Launches in Sublingual Immunotherapy Segment to Offer Lucrative Growth Opportunities to the Allergy Immunotherapy Market
Depending on the treatment type, the sublingual immunotherapy drugs segment is expected to hold a prominent share in the allergy immunotherapy market during the forecast period. This is attributed to the United States
Food and Drug Administration (FDA) approval for sublingual therapy. Launch of novel therapies such as Ragwitek, Grastek, and Oralair has significantly influenced the allergy immunotherapy market growth. In addition to this, development of Odactra to treat the allergy caused by house dust mite is projected to trigger the growth of allergy immunotherapy market.
Hospital Pharmacy Remains the Preferred Distribution Channel in Allergy Immunotherapy Market
According to the FMI study, hospital pharmacy remains a preferred distribution channel, and the status quo is likely to continue throughout the forecast period. The study opines this segment to grow at a significant CAGR through 2025, on the back of wide availability of allergy immunotherapy products and drugs at the hospital pharmacies. Sales are also surging through online channels, with this segment likely to account for over 12% CAGR by the end of 2025, owing to the development of leading pharmaceutical chains.
Popularity of Allergy Immunotherapy in Europe to Lend Lucrative Growth Opportunity Market Players
According to the report, Europe is projected to account for the largest share of the allergy immunotherapy market during the forecast period. The growing size of the allergy immunotherapy market in this region can be attributed to the pervasiveness of allergic disorders, development of novel therapies, and high budget sanctioned for the R&D of an effective cure. As a result, Europe procures a prominent share with a notable CAGR of 11.5% in the global allergy immunotherapy market.
Growing awareness of the allergy and its treatment in parallel to the development of the effective products have considerably influenced the growth of the allergy immunotherapy market in North America. Asia Pacific is envisaged to witness a steady growth of the allergy immunotherapy market throughout the forecasted period.
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Novel Products Launched by Manufacturers to Bolster Growth of the Allergy Immunotherapy Market
Some of the key players of the global allergy immunotherapy market comprise WOLW Pharma, Holister Stier, Leti, Allergopharma, Stallergenes, Greer, Allergy Therapeutics, ALK-Abello A/S, HAL Allergy Group, Biomay AG, Circassia, DBV Technologies, Aimmune Therapeutics, and Merck KGaA, among others. Below are the insights into the key developments of these players.
- In the year 2014, United States FDA approved the product of Stallergeners S.A., ORALAIN, as it became the first immunotherapy tablet for curing allergic rhinitis caused by grass pollen.
- In 2014 itself, Alk-Albeno A/S received approval for the launch of Grastek as an effective cure for treating allergic rhinitis.
Such neoteric development and product launches are expected to boost the global allergy immunotherapy market.