Allergy Immunotherapy Market Trends
Growth Drivers
- Growing Research and Development Activities - Increasing investments and financial support in the study of these allergies and the development of effective treatments for them. The market is expanding as a result of this. Immune Therapeutics is creating the biologic immunotherapy experimental medication AR101 for people with a peanut allergy.
- Growing Prevalence of Allergies – An individual's quality of life is negatively impacted by allergic diseases because they disrupt many physiological processes. The demand for an efficient treatment method like allergy immunotherapy is growing due to the rising prevalence of allergies among people around the world as a result of increased exposure to numerous allergens such as pollens, mists, moulds, and others. For instance, in the US, about 25.7% of adults will have seasonal allergies by 2023, and about 31.8% of adults will have an allergy. This element is fueling market expansion.
- Increasing Demand for Advanced Procedures – Pharma companies are able to expand their treatment options due to the rising prevalence of allergies and the ensuing medical therapies. Players are improving the already effective SLIT medications, which have been shown to treat atopic dermatitis, respiratory allergies, and a few food allergies. According to recent surveys, SLIT is still preferred by consumers over SCIT despite its drawbacks because of its accessibility. Additionally, a 10% annual increase in the prevalence of food allergies has been documented, which has increased the demand for immunotherapy for food allergies.
Challenges
- Side Effects of Subcutaneous Injections – Patients do experience some alleviation from the subcutaneous injections, but there are some negative effects as well. The couple's adverse effects are anticipated to be hampered by these negative effects. During the projection period, these adverse consequences are anticipated to hurt the market.
- Limitations Associated with Applicability of Allergy Immunotherapy
- Poor Efficacy and Specificity of Immunotherapy
Allergy Immunotherapy Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
9.2% |
|
Base Year Market Size (2024) |
USD 1.85 billion |
|
Forecast Year Market Size (2037) |
USD 5.81 billion |
|
Regional Scope |
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