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 20210 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.
The allergy treatment market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the allergy treatment market are present globally and have wide distribution and sales network through partnerships or authorized dealers.
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Rhinitis Segment to Contribute Major Share to Allergy Treatment Market during 2021–2028
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.
Market leaders are involved in extensive research for the development of new allergy treatment with better efficiency and treatment outcomes. For instance, in September 2020, 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 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.
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