The global allergy immunotherapies market size is poised to grow by USD 626.77 million during 2020-2024, progressing at a CAGR of about 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Allergy Immunotherapies Market 2020-2024 (Graphic: Business Wire).
The increasing prevalence of allergies is driving the need for allergy immunotherapies. Allergies are regarded as one of the most common ailments, affecting more than 500 million people around the world. The rising incidence of allergy is triggered by factors such as the growing pollution and increased consumption of tobacco products like cigarettes. Moreover, a large portion of people are affected multiple times due to the non-remissive nature of the allergy. The huge unmet need for allergy treatment globally has led to various vendors conducting research on novel therapies, resulting in advances in the field of immunology therapeutics for allergies.
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The major allergy immunotherapies market growth came from SCIT segment. It was the largest product segment of the allergy immunotherapies market in 2019, mainly because of the high efficiency for the treatment of various respiratory allergies. Additionally, SCITs are administered in simple and standardized doses, and they result in long-lasting symptom relief. Thus, contributing to the growth of the market in focus.
Europe had the largest allergy immunotherapies market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The high prevalence of allergies will significantly influence allergy immunotherapies market growth in this region.
The global allergy immunotherapies market is concentrated. Aimmune Therapeutics Inc., ALK-Abelló AS, Allergy Therapeutics Plc, ASIT Biotech SA, DBV Technologies SA, HAL Allergy BV, Jubilant Life Sciences Ltd., Laboratorios LETI SLU, Merck KGaA, and Stallergenes Greer Plc. are some of the major market participants. To help clients improve their market position, this allergy immunotherapies market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global allergy immunotherapies market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/allergy-immunotherapies-market-industry-analysis
Presence of a Strong Pipeline for Allergy Immunotherapy and the Estimated New Approvals will be a Key Market Trend
The strong efficacy and relatively higher safety of allergy immunotherapies combined with a strong prevalence of various allergies create an attractive opportunity for the market players. Hence, several pharmaceutical and biotechnology