New York, March 16, 2023 (GLOBE NEWSWIRE) -- The Global Allergy Shots Market is currently valued at around US$ 2.2 Billion in 2022. Sales of the Allergy Shots Market are set to witness growth at a CAGR of 10.4% and be valued at around US$ 6.4 Billion by 2033. North America is the largest market for allergy shots, followed by Europe and Asia-Pacific. The increasing prevalence of allergies, rising healthcare expenditure, and the availability of advanced allergy treatments are driving the growth of the market.
Allergies are a growing concern worldwide, affecting millions of people, and the demand for allergy treatments continues to rise. One of the most effective treatments for allergies is immunotherapy, which involves administering allergy shots to gradually desensitize the patient to specific allergens. The allergy shots market is expected to grow significantly in the coming years, driven by increasing awareness of allergies and their impact on health and quality of life. This research report aims to provide an overview of the allergy shots market, including market size, growth prospects, key players, and trends.
The Allergy Shots Market has experienced substantial growth over the past few years, with many leading healthcare companies entering the market in order to capitalize on this emerging trend. Many companies now offer various types of allergy shots, which are designed to target specific allergens and provide relief for those who take them.
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Trends:
One of the significant trends in the allergy shots market is the growing preference for sublingual immunotherapy (SLIT) over traditional allergy shots. SLIT involves administering allergens in the form of drops or tablets under the tongue, making it a less invasive and more convenient alternative to allergy shots. SLIT is also considered safer than allergy shots, as it carries a lower risk of adverse reactions.
Another trend in the market is the increasing use of personalized immunotherapy. With the help of genetic testing and biomarker analysis, physicians can now identify specific allergens that trigger a patient's allergies and develop customized immunotherapy treatments tailored to the patient's individual needs. Personalized immunotherapy is expected to become more widespread in the coming years, as it offers a more targeted and effective approach to allergy treatment.
Allergy Shots Market Dynamic
The allergy shots market is a dynamic industry, with several factors influencing its growth and development. Here are some of the key dynamics shaping the allergy shots market:
- Increasing prevalence of allergies: The growing prevalence of allergies, including food allergies, environmental allergies, and drug allergies, is driving the demand for allergy treatments such as allergy shots. According to the World Allergy Organization, over 30% of the global population suffers from one or more allergies.
- Advancements in allergy treatments: There have been significant advancements in allergy treatments, including allergy shots, sublingual immunotherapy, and personalized immunotherapy. These advancements are making allergy treatments more effective, convenient, and safe, which is contributing to the growth of the allergy shots market.
- Rising healthcare expenditure: As healthcare expenditure continues to rise globally, patients are becoming more willing to invest in treatments that can improve their health and quality of life. This is driving the demand for allergy shots, as patients seek effective and long-term allergy relief.
- Regulatory landscape: The regulatory landscape for allergy shots varies across different regions, and changes in regulations can impact the growth of the market. For example, the U.S. FDA has approved several new allergy treatments in recent years, which has expanded the market for allergy shots and other allergy treatments.
- Competition among key players: The allergy shots market is highly competitive, with several established players and new entrants vying for market share. Companies are investing in research and development to develop new and improved allergy treatments, expanding their product portfolio, and collaborating with other companies to enhance their market presence.
Overall, the allergy shots market is a dynamic and growing industry, driven by increasing awareness of allergies, advancements in allergy treatments, rising healthcare expenditure, and competition among key players.
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Competition Landscape
Aimmune Therapeutics, Hollister Allergy, Leti Pharma, and Merck KGaA are just a few of the internationally and regionally recognized companies whose market shares are examined in the competitive landscape.
Some key instances of development include:
- In October 2022, Allergy Partners collaborated with Aimmune therapeutics strengthening patient access to Palforzia with national Allergy Partners national network of specialty practices.
- In July 2020, Anergis entered into a research collaboration with Virometix, to analyze synthetic virus like particles for ultra-fast allergy shots.
Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the allergy shots market, which are available in the full report.
Allergy Shots Market Segmentations-
- Product: SLIT Tablets ( Odactra, Grastek, Ragwitek, Oralair, Actair, Others), Oral ( Palforzia, Others), Injections
- Immunotherapy: Sublingual Immunotherapy (SLIT), Subcutaneous Immunotherapy (SCIT) (Specific Immunotherapy)
- Indication: Allergic Rhinitis, Allergic Asthma, Food Allergy, Atopic Dermatitis
- Allergen: Pollens (Grass Pollens, Weed Pollens, Tree Pollens), House Dust Mites (HDM), Mold, Animal Dander, Bee Venom, Cockroaches/Insects
- Distribution Channel: Institutional Sales ( Government Hospitals, Semi-Government Hospitals, Private Hospitals), Retail Sales( Retail Pharmacy, Drug Stores, Online Pharmacy)
- Region: North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa
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