PUNE, India, Aug. 3, 2017 /PRNewswire/ -- Market Research Future published a Cooked research report on "Global Allergy Immunotherapy Market Research Report - Forecast to 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
ALK Abello A/S (Denmark), Allergy Therapeutics (UK), Circassia (UK), DBV Technologies (France), Stallergenes Greer (UK), Merck KGaA (Allergopharma) (Germany), and HAL Allergy Group (Netherlands) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Allergy Immunotherapy Market.
Allergy Immunotherapy Market - Overview
The Global Allergy Immunotherapy Market is growing with the rapid pace; mainly due to the increasing prevalence of allergic diseases. According to a recent study report published by the Market Research Future, the global market of Allergy Immunotherapy is booming and expected to gain prominence over the forecast period. The global Allergy Immunotherapy market is projected to grow at the CAGR of ~10.85% during the forecast period and is estimated to reach USD 4,324.7 million by 2023.
Increasing number of patient pool suffering from allergy has spurred the growth of the market. Increasing awareness of the treatment, technological advancement, rapid adoption and increasing demand from emerging economies are driving the growth for the market. Some other factors like rising prevalence of various chronic diseases like allergy, asthma, diabetes and hypertension are driving the market growth. Growing research & development, clinical trials, and new approvals are leading the market growth. Companies are collaborating with hospitals and independent research centers to develop new treatments that is another major driver for the market. Rapid adoption of Allergy Immunotherapy treatments by medical professionals as well as patients, technological advancements, increasing knowledge of benefits of the treatments, and increasing success rate are important factors for the growth of global Allergy Immunotherapy market. The market for Allergy Immunotherapy in emerging markets of Asia and Latin America is flourishing and demand for various Allergy Immunotherapy treatments is expected to rise in near future. The countries like China is showing rapid growth in Asia Pacific region. Companies are investing large amount of money for business expansion in this region due to its high potential market growth. Technological advancement is also playing important role in this market by providing effective diagnostic and treatment options that leading to high success rate of Allergy Immunotherapy treatments. Changing healthcare practices, increasing healthcare expenditure and extended insurance cover are creating path for the growth of this market.
Allergy Immunotherapy (AIT), also known as desensitization, is the only treatment therapy which targets the cause of allergy. According to the World Allergy Organization (WAO), in the year 2013, approximately 10%-40% of the global population suffered from allergy.
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Allergy Immunotherapy Market - Segments
Global Allergy Immunotherapy Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Allergy Type: Comprises - allergic rhinitis, allergic asthma, peanut allergy, cat allergy, and other allergies.
Segmentation by Treatment: Comprises - Subcutaneous Immunotherapy (SCIT), Sublingual Immunotherapy (sublingual immunotherapy drops, and sublingual immunotherapy tablets) and Specific Immunotherapy (SIT)
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Segment Cat Allergy covers almost 11.5% of Market share of Global Allergy Immunotherapy market
Allergic Rhinitis segment accounts for the largest market share in the global Allergy Immunotherapy market while peanut allergy segment is projected to grow at a CAGR of 11.30% during the forecast period from 2017 – 2023.
Subcutaneous Immunotherapy (SCIT) segment accounts for the largest market share in the global Allergy Immunotherapy market by treatment, this segment is expected to reach US$ 2,089.2 in 2023
Allergy Immunotherapy Market - Regional Analysis
Considering the global scenario of the market, Europe is the top contributor in this market. The Western Europe is holding the largest market share and is expected to reach USD 954.1 million by 2023. Rise in prevalence of chronic diseases like allergy, asthma, diabetes and hypertension drive this market in Europe. According to the European Academy of Allergy and Clinical Immunology, Belgium, in 2015 nearly 150 million European citizens were suffering from chronic allergic diseases and it is estimated that by 2025 more than 50% of all Europeans will suffer from at least one type of allergy. Due to high prevalence of allergic rhinitis & skin allergy, and increasing awareness regarding treatment of allergies, US Allergy Immunotherapy market was valued USD 329.2 million in 2016. Americas market is expected to reach US$ 1,409.6 by 2023 Asia Pacific is witnessing rapid growth in this market which is mainly due to rapidly increasing awareness of treatments, and rising healthcare expenditure. Asia Pacific Allergy Immunotherapy market is expected to grow at a CAGR of 11.32% during the forecast period. Middle East & Africa is expected to have limited growth. UAE is dominating this market by holding 53.5% of the Middle East & Africa market share.
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Allergic Rhinitis Market will grow at the CAGR of 7% during the forecasted period of 2017 to 2023. The market is likely to achieve $ 15 billion by 2023
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