Allergy Treatment Market Worth US$ 35,812.33 Mn by 2028 and to grow at a CAGR of 6.9%
According to The Insight Partners 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 market drivers and deterrents.
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.
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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.
For instance, in September 2019, Allergy Therapeutics, a biotechnology company, announced investments in exploring the applications of virus-like particle (VLP) technology in the field of allergy immunotherapy. It has entered into an exclusive license agreement with Saiba and DeepVax to use their patented VLP technology platform in the development and commercialization of vaccines targeting solid cancer tumors, atopic dermatitis, asthma, and psoriasis.
The COVID-19 pandemic is estimated to have a positive impact on the allergy treatment market. Majority of the pharmaceutical companies across the world are engaged in the development of vaccines against this disease. 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.
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.
The report segments the global allergy treatment market as follows:
Allergy Treatment Market – by Allergy Type
- Eye Allergy
- Skin Allergy
- Food Allergies
- Other Allergies
Allergy Treatment Market – by Treatment
- Anti-Allergy Drugs
- Other Drugs
- Sub-cutaneous Immunotherapy (SCIT)
- Sub-Lingual Immunotherapy (SLIT)
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