The global allergy immunotherapy market is flourishing at a significant rate owing to increase in cases of allergies across the world.
The global allergy immunotherapy market is flourishing at a significant rate owing to increase in cases of allergies across the world. The global allergy immunotherapy market is expected to grow notably with a CAGR of 10.7% within the forecast period from 2017 to 2025. The global market in 2016 was valued at a worth US$ 1.37 Bn, and this figure is likely to reach around worth of US$ 3.33 Bn by the end of forecast period, 2025. The key reasons behind the growth of global immunotherapy market are increase in number of allergic population, increased awareness about treatment of allergy, and release of new products in the market.
Allergy immunotherapy is known as hypo-sensitization and desensitization as well. It is a medical process focused for various kinds of allergies. There is a rise in cases of allergy, where pharmacotherapy is not sufficient enough to control the conditions. The allergy immunotherapeutic treatment enables the rise in immunological tolerance and changes the course of the illnesses. The therapy of desensitization gives a long-term relief, which stays after the end of the treatment as well. This therapy as well contributes in improving the quality of life of the patients suffering from allergies.
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Research Being Carried Out to Eliminate Peanut Allergies by Immunotherapy
According to a report by Tech News, three Tech experts are working in the direction to eliminate peanut allergies with a sanctioned grant of US$3.3 million from the National Institute of Allergy and Infectious Diseases.
The research group involves the Whitacre Endowed Chair of Science and Engineering- Harvinder Gill, who is also an associate lecturer at Edward E. Whitacre Jr. College of Engineering, teaching of chemical engineering, and the main investigator of the grant; Brittany Backus, who is a senior research associate in the College of Agricultural Sciences and Natural Resources’ Department of Animal & Food Sciences; and another research assistant professor of chemical engineering, Akhilesh Shakya. “The entire aim behind this grant is to develop an immunotherapy for peanut allergy,” Gill said in the release conference.
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Rising Number of Allergic Population to Boost Growth in Europe
On the basis of regions, the allergy immunotherapy market is categorized into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these, in 2016, Europe region held the maximum share in the global allergy immunotherapy market, trailed by North America. The dominance of Europe is credited to the increase in funds provided for the research and development, rise in awareness among people, increased number of allergic population, supportive reimbursement policies, and promising products in clinical pipeline. The region provides a highly lucrative market for the key players and is foreseen to grow at a decent CAGR in forthcoming years. However, the regional market of Asia Pacific is likely to have a moderate growth in coming years. The most of the share contributed from the region is by nations such as China and Japan, due to increasing number of people suffering from allergies.
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The global allergy immunotherapy market is marked by some of the big firms, holding the maximum share of the market. Some of the key players are ALK-Abello A/S, Stallergenes Greer, Merck KGaA (Allergopharma), and Allergy Therapeutics. Manufacturers are taking up commercialization of SLIT therapies in the global market so as to bank on the unmet requirement of allergy immunotherapy.
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