Allergy Treatment Market to hit USD 35,812.33 million, Globally, by 2028 at 6.9% CAGR: The Insight Partners

The allergy treatment market was valued at US$ 21,160.92 million in 2020 and is projected to reach US$ 35,812.33 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.
The report highlights the trends prevailing in the global allergy treatment market, along with market drivers and deterrents.

The allergies are hypersensitive responses from human immune system to the substance that are foreign to the body. Dust mite, animal dander, cockroach, pollens, mold, food substances, and metal and element particles are among the common allergens. While allergies can disturb the normal functioning of organs, severe allergies can be life threatening; for example, asthma leads to poor lung functioning. Although the most effective method of gaining protection against allergies is to avoid being exposed to the known allergens, medications such as steroids and antihistamines are available for treating them.

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Market Insights
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 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.

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 elderly population. Thus, the increasing adoption of immunotherapy in the treatment of allergies is fueling the allergy treatment market growth.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Allergy Treatment Market: Competitive Landscape and Key Developments
A few prominent players operating in the allergy treatment market are Johnson and Johnson Services, Inc.; Sanofi; AbbVie Inc. (Allergan plc); Pfizer Inc.; LETIPharma; ALK-Abelló A/S; Allergy Therapeutics; Stallergenes Greer; GlaxoSmithKline plc; and Dermapharm Holding. Market players are introducing new and innovative products and services to sustain their position in the allergy treatment market.

Based on allergy type, the global allergy treatment market is segmented into eye allergy, rhinitis, asthma, skin allergy, food allergies, and other allergies. In 2020, the rhinitis segment held the largest share of the market; it is also expected to be a leading shareholder in the market by 2028. The market growth is mainly attributed to the growing prevalence of rhinitis worldwide, which is likely to continue in the coming years due to constant climatic and environmental changes, thereby boosting the demand for decongestants, antihistamines, and topical/oral steroids worldwide.

The increasing adoption of immunotherapy in allergy treatment and advancements in food allergy treatment options are driving the growth of the global allergy treatment market. However, the lack of awareness about allergies and their treatments is limiting the market growth.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defence, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

This release was published on openPR.