ALBANY, New York, Aug. 2, 2019 /PRNewswire/ -- A recent research report published by Transparency Market Research talks about the market dynamics of the globalallergy immunotherapy market. As per the report, the global market was initially valued at US$1.37 bn back in 2016. This valuation of the allergy immunotherapy market is expected to grow and cross the mark of US$3.3 bn by the end of 2025. This growth of the market is expected to be achieved with the help of a strong CAGR of 10.7% over the course of the given forecast period of 2017 to 2025.
From a regional perspective, the global allergy immunotherapy market is segmented into key region such as Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. The market is expected to be led by Europe and North America over the course of the given forecast period. This high growth is possible due to increasing number of patients suffering from several types of allergies. Of these two regions, Europe is projected to lead the market in terms of valuation and contribution. Increasing prevalence of allergies in matured economies such as Germany, the UK, and France is driving the growth of the global market. The Europe market for allergy immunotherapy is expected to grow at a considerable CAGR of 11.7% over the course of the given forecast period of 2017 to 2025.
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Product Innovation, Approvals, and Commercialization are Key Strategies for Market Players
Some of the key players in the global allergy immunotherapy market include names such as Merck KGaA (Allergopharma), ALK Abello A/S, Stallergenes Greer, HAL Allergy Group, and Allergy Therapeutics among others. Most of these big-name players in the market are concentrating on developing new and innovative products that can receive quick approval and can also be commercialized easily.
For instance, in the year 2014, Stellergenes S.A. was successful in gaining approval from the US FDA for their new product called ORALAIR. The company claimed that it was the first immunotherapy tablet used for treating allergic rhinitis caused by grass pollen. ALK Abello A/S also gained approval for the treatment of same allergy in the same year. In 2017, the US FDA allowed the commercialization of Odactra, a drug developed by ALK Abello A/S. This drug was used for the treatment of allergy caused due to house dust mites.
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Pharmacotherapy Alone is not enough for Curtailing Allergic Disorders
Allergy immunotherapy is also called as hypo-sensitization or desensitization. It is a type of medical treatment that allows to tackle different types of allergies. There has been a considerable growth in the different types of allergies across the globe. Pharmacotherapy in itself is not enough to tackle and control the occurrence of these allergic disorders. This has been a key driving factor for the development of the global allergy immunotherapy market. Use of these treatments help in building up the tolerance levels against the allergic substances and also helps in altering the course of the disorder.
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According to the recent study conducted by the America College of Allergy, Asthma, & Immunology, it is predicted that different types of allergies are the sixth leading reason for the development of chronic disorders in North America. It has been reported that with the help of allergy immunotherapy, around 85% of people were able to reduce the symptoms of the allergic rhinitis. Such high prevalence rate of allergies across the globe, and especially in North America is thus helping to drive the growth of the global market.
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The information shared in this review is based on a TMR report, bearing the title, "Allergy Immunotherapy Market (Treatment Type - Subcutaneous Immunotherapy (SCIT), Sublingual Immunotherapy (SLIT); Allergy Type - Allergic Rhinitis, Asthma, Food Allergy, Venom Allergy; Distribution Channel - Hospital Pharmacies, Retail Pharmacies and Drug Stores, Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025"
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