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

According to a new market research study titled "Allergy Treatment Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Allergy Type and Treatment," the market is expected 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 report highlights the trends prevailing in the global allergy treatment market along with the market drivers and deterrents. Increasing adoption of immunotherapy in allergy treatments and developments in food allergy treatments are the key factor fueling the market growth.

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.

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Based on allergy type, the 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 in the market, and it is expected continue to be the largest shareholder in the market by 2028. With the significantly growing prevalence of rhinitis, probably due to frequent climatic and environmental changes, the demand for treatment groups such as decongestants, antihistamines, and topical/oral steroids is also increasing worldwide.

The COVID-19 pandemic is estimated to have a significant positive impact on the allergy treatment market. Majority of the pharmaceutical companies across the world are engaged in the development of vaccines for COVID-19. Moreover, allergy and asthma exacerbations are frequently triggered by viral infections, including coronaviruses. Thus, telehealth can be central in delivering allergy/immunology services within a risk-stratified context of the SARS-CoV-2 pandemic which is anticipated to have a positive impact on the other segments of the market in the coming months. However, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.

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 focused on offering innovative products and services to sustain their position in the allergy treatment market. For instance, in September 2019, Biotechnology company Allergy Therapeutics announced investment in virus-like particle (VLP) technology for applications beyond the allergy immunotherapy field. It has entered into an exclusive licence agreement with Saiba and DeepVax to use their patented VLP technology platform, to develop and commercialise vaccines targeting solid cancer tumours, atopic dermatitis, asthma, and psoriasis.

The report segments the global allergy treatment market as follows:

Allergy Treatment Market - by Allergy Type
Eye Allergy
Rhinitis
Asthma
Skin Allergy
Food Allergies
Other Allergies

Allergy Treatment Market - by Treatment
Anti-Allergy Drugs
Antihistamines
Corticosteroids
Decongestants
Other Drugs

Immunotherapy
Sub-cutaneous Immunotherapy (SCIT)
Sub-Lingual Immunotherapy (SLIT)

Allergy Treatment Market - by Geography

North America
US
Canada
Mexico

Europe
UK
Germany
France
Italy
Spain
Rest of Europe

Asia Pacific (APAC)
Japan
China
India
Australia
South Korea
Rest of Asia Pacific

Middle East and Africa (MEA)
South Africa
UAE
Saudi Arabia
Rest of Middle East and Africa

South and Central America
Brazil
Argentina
Rest of South and Central America

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This release was published on openPR.