The allergy treatment market is projected to reach US$ 35,812.33 million by 2028 from US$ 21,160.92 million in 2020; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028.
The allergy treatment market growth is attributed to the increasing adoption of immunotherapy in allergy treatment and the developments in food allergy treatments. However, the lack of awareness about allergy treatments is hampering the growth of the allergy treatment market. The allergy treatment market report studies the ongoing opportunities and market trends that can have a significant impact on the market growth potential
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Allergies are hypersensitive responses by the human immune system to the substances that come in contact with the body. Some stimuli that cause allergies are dust mites, animal dander, cockroach, pollens, mold, food substances, metals, elements, and others. Severe allergy can be life-threatening, which disturbs the normal functioning of organs, as asthma causes poor functioning of the lungs. The most effective treatment for allergy is to avoid the known allergens, while there are medications such as steroids and antihistamines and other therapies that prevent allergies.
Immunotherapy is offered in two different types—allergy shots and sublingual immunotherapy (SLIT). Allergy shots are the extracts of allergens that are administered with increasing dosage; they are effective for allergies caused by asthma, pets, dust, pollen, bees, and other stinging insects. Generally, SLIT tablets are administered daily by keeping them under the tongue; this type is an effective treatment option for nasal allergies and asthma. The administration of a repetitive dosage of allergen makes patients less sensitive to that allergen, thus providing relief from allergic symptoms. Immunotherapy has shown positive and long-term benefits in allergic patients. Moreover, it is suitable for self-administration and medicine usage in homecare settings. Therefore, immunotherapy has emerged as a safe and effective alternative subcutaneous route for both chronic and recurrent allergies.
Allergy Treatment Market: Competition Landscape and Key Developments
Johnson & Johnson Services, Inc.; Sanofi, AbbVie, Inc.; Pfizer, Inc.; LETIPharma; ALK-Abello A/S; Allergy Therapeutics; Stallergenes Greer; GlaxoSmithKline plc; and Dermapharm Holding are among the key companies operating in the allergy treatment market. These companies commonly adopt product launches and expansion strategies to expand their footprint worldwide. They also broaden their respective product portfolios to meet the growing demand. The allergy treatment market players offer innovative products to cater to constant and changing customer demands worldwide, which also permits them to maintain their brand name globally.
Some of the recent developments in the allergy treatment market include:
In January 2021, Specialty allergy-focused pharmaceutical company Allergy Therapeutics announced that an ex-vivo biomarker study of blood samples from peanut allergy patients had started at Imperial College London. The study aimed to evaluate its novel virus-like particle (VLP)-based peanut allergy vaccine candidate to confirm its hypoallergenic potential and its potent immune response.
Various studies have shown that immunotherapy reduces allergic symptoms by 60–65% among the patients who have completed their dosages of allergen. According to a study published in Annals of Allergy, Asthma and Immunology Journal in February 2016, ~70% of allergy patients do not need medications for their allergic reactions. The study also stated that immunotherapy is effective among children as well as the elderly population. Thus, the increasing adoption of immunotherapy in the treatment of allergies is fueling the allergy treatment market growth.
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