May 18, 2024
Allergy Treatment Market

Allergy Treatment Market is Estimated to Witness High Growth Owing to Innovations in Allergy Immunotherapy

The allergy treatment market is witnessing high demand for immunotherapy products including subcutaneous and sublingual immunotherapy. Immunotherapy involves gradually exposing patients to higher doses of allergens to build up tolerance. It is primarily used for respiratory allergies like allergic rhinitis and asthma. The Global Allergy Treatment Market Size is estimated to be valued at US$ 23048.97 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players: Key players operating in the allergy treatment market are Amcor PLC, Blisters Inc., Honeywell International Inc., Blisterpak Inc., VisiPak, Sonoco Products Company, Powerpak Industries L.L.C., Clearwater Packaging Inc., Constantia Flexibles GmbH, Westrock Company, and Algus Packaging Inc.

Key opportunities: Growing patient awareness about immunotherapy and availability of treatment options present high growth opportunities. Advancements in sublingual and subcutaneous formulations are also supporting market growth.

Technological advancements: Development of innovative drug delivery systems like soft gel capsules and melt-in-mouth strips for sublingual immunotherapy are improving patient compliance. Digital technologies are also being used for monitoring treatment response.

Market drivers: Rising global allergy prevalence primarily driven by increasing environmental pollution levels is a major market driver. Growing preference for allergy immunotherapy over conventional pharmacotherapy due to its long term benefits is further supporting revenue growth in the allergy treatment market.

Current Challenges in Allergy Treatment Market

The allergy treatment market is facing several challenges currently. One of the major challenges is the growing preference for alternative treatment options such as traditional medicines over modern medicines. This reduces the uptake of prescribed drugs and other medical devices for allergy treatment. Another challenge is the high cost of allergy medication such as immunotherapy. The expensive treatment puts it out of reach of many patients living with allergies globally. Stringent regulations for approval of new drugs and devices is also slowing down innovation in the market.

SWOT Analysis

Strength: Growing prevalence of allergies worldwide is increasing the patient population requiring treatment. This ensures constant demand.
Weakness: Preference for alternative treatment options is reducing demand for prescribed medication and devices. High treatment costs make medication inaccessible for many patients.
Opportunity: Untapped developing markets with a growing middle class represent major opportunities. Innovation in affordable treatment and diagnosis options can drive future growth.
Threats: Intense competition amongst existing players may lead to pricing pressures. Stringent regulations can delay market entry of new products.

Geographical Regions

North America accounts for the largest share of the global allergy treatment market, both in terms of value and volume. This is attributed to high awareness, advanced healthcare facilities and widespread medical insurance. Another major region is Europe which has a large patient population and favourable reimbursement policies supporting allergy care.

The Asia Pacific region is poised to be the fastest growing market for allergy treatment during the forecast period. Factors such as rising incomes, growing health awareness and expansion of medical services in developing Asian countries will boost the APAC allergy treatment market. Other emerging markets like Latin America and Middle East & Africa also offer promising expansion opportunities.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it