New York, United States , July 03, 2024 (GLOBE NEWSWIRE) -- The Global Allergy Therapeutics Market Size is to Grow from USD 23.1 Billion in 2023 to USD 42.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.29% during the projected period.
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Allergy therapeutics is the management of various allergic conditions caused by hypersensitivity of the immune system to allergens in the environment. It may involve avoiding allergens, medicines, and/or immunotherapy in which allergens are given as a shot or placed under the tongue. Further, various safe prescription and OTC medicines are available to relieve allergy symptoms. The increased trend of personalization and precision therapies has enhanced the adoption of biological therapies, such as monoclonal antibodies in allergy therapeutics. Immune proteins called IgE-targeted drugs are being developed for allergy therapeutics. The rising prevalence of allergic conditions as well as increased awareness about the impact of allergy on health are driving the market demand. The growing advancements in personalized medicine as well as in biotechnology and the genomic field significantly propel the market growth. Furthermore, the increased healthcare expenditure for the development of new and improved treatment options is driving the global allergy therapeutics market. On the contrary, the adverse effects and safety concerns associated with allergy therapeutics are restraining the market. Further, lack of standardization in allergen extracts and limited access to healthcare are hampering the global allergy therapeutics market.
Browse key industry insights spread across 245 pages with 110 Market data tables and figures & charts from the report on the "Global Allergy Therapeutics Market Size, Share, and COVID-19 Impact Analysis, By Treatment Type (Anti-Allergy Drugs and Immunotherapy), By Allergy Type (Eye Allergy, Asthma, Skin Allergy, Rhinitis, and Others), By Route Of Administration (Oral, Inhalers, Intranasal, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The anti-allergy drug segment dominates the market with the largest revenue share in 2023.
Based on treatment type, the global allergy therapeutics market is segmented into anti-allergy drugs and immunotherapy. Among these, the anti-allergy drug segment dominates the market with the largest revenue share in 2023. Anti-allergy drugs are further divided into antihistamines, corticosteroids, and decongestants. Allergic diseases can be prevented and treated by using anti-allergy drugs. The increasing development of pediatric-friendly anti-allergy drugs to meet the necessity of managing allergy conditions in the pediatric population is driving the market demand.
The rhinitis segment held the largest revenue share of the global allergy therapeutics market through the forecast period.
Based on the allergy type, the global allergy therapeutics market is segmented into eye allergy, asthma, skin allergy, rhinitis, and others. Among these, the rhinitis segment held the largest revenue share of the global allergy therapeutics market through the forecast period. Rhinitis is an allergic reaction triggered by allergens such as pollen in the environment which triggers the release of histamine in the body producing symptoms including congested or runny nose, frequent sneezing, inflammation, and eye inflammation. Seasonal allergic rhinitis, perennial allergic rhinitis, and occupational allergic rhinitis are the forms of allergic rhinitis. Rhinitis being the most common chronic illness drives the market demand.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The presence of advanced healthcare systems along with well-established medical facilities, hospitals, clinics, and specialty practices are significantly responsible for driving the market in the region. The developments in biotechnology and immunology for the development of advanced allergy therapeutics are driving the market in the region. The increasing burden of allergic conditions among the people in the region and increased awareness about the health impact of allergic conditions are driving the regional market growth.
Asia-Pacific region is expected to grow the fastest during the forecast period. The increasing prevalence of allergies raising the demand for individualized medication is significantly driving the market. The growing urbanization and continuous healthcare developments in developing countries such as India and China are propelling the market growth in the region. The developments in the food allergy treatment options in the region are further propelling the market. The rising cases of non-communicable diseases with the increasing government programs for their treatment are responsible for driving the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global allergy therapeutics market are GlaxoSmithKline plc., F. Hoffmann-La Roche Ltd., Allergopharma, Danahar, AbbVie, Inc., Allergy Therapeutics plc., Sanofi SA, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., Merck & Co., and Other Key Players.
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Recent Developments
- In March 2024, UK-based Allergy Therapeutics commenced dosing of the second part of a Phase I/IIa trial of its subcutaneous virus-like particle (VLP)-based peanut allergy vaccine VLP Peanut.
- In June 2021, the FDA approved Bayer’s Astepro allergy nasal spray as an over-the-counter use for the temporary relief of nasal congestion, runny nose, sneezing, and itchy nose due to hay fever or other upper respiratory allergies.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global allergy therapeutics market based on the below-mentioned segments:
Global Allergy Therapeutics Market, Treatment Type Analysis
- Anti-Allergy Drugs
- Immunotherapy
Global Allergy Therapeutics Market, Allergy Type Analysis
- Eye Allergy
- Asthma
- Skin Allergy
- Rhinitis
- Others
Global Allergy Therapeutics Market, Route of Administration Analysis
- Oral
- Inhalers
- Intranasal
- Others
Global Allergy Therapeutics Market, Distribution Channel Analysis
- Hospital Pharmacies
- Retail Pharmacies
- Others
Global Allergy Therapeutics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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