The allergy treatment market was valued at USD 17,439 million in 2020, and it is expected to reach USD 24,329. 11 million by 2026, registering a CAGR of 6. 48% during the forecast period. With the onset of the COVID-19 pandemic, a large section of people globally was struggling with chronic respiratory issues, such as respiratory allergies, including allergic rhinitis and sinusitis.
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Allergy Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177358/?utm_source=GNW
For instance, in a survey conducted by the Asthma and Allergy Foundation of America in June 2020, 2,695 people were made to participate, out of which 57% had asthma, 51% had a family member with asthma, 63% had allergies, and 66% had a family member with allergies. The impact of COVID-19 is considered positive on the market.
The increasing burden of various types of allergies, growing investment by the manufacturers on the development of novel allergic treatments, and rising importance for self-medication are the major factors propelling the growth of the market. A 2020 report by the Food Allergy Research & Education estimates that 32 million US residents have food allergies, including 5.6 million children under age 18. About 40% of children with food allergies are allergic to more than one food.
As per the data published by the American College of Allergy, Asthma & Immunology, allergies are the sixth leading cause of chronic illness in the United States, with an annual cost of more than USD 18 billion and more than 50 million Americans suffer from allergies each year. Food allergies among both children and adults are increasing in all parts of the world. Thus, this surge in the burden of allergic diseases is expected to increase the demand for allergy treatment. Moreover, the increasing focus on research and development to develop novel products to cater to high unmet medical needs present currently in the market serves to be the high impact driver for the growth of the market. For instance, in April 2020, Menlo Therapeutics Inc. reported positive results from its two ongoing Phase-III clinical trials evaluating the safety and efficacy of once-daily oral serlopitant for the treatment of Pruritus, a type of skin allergy.
The trend of self-medication has been increasingly adopted by the population in both developed and developing countries. Thus, the increase in over-the-counter (OTC) drugs has been seen over the past decade. These OTC drugs are cheaper and more accessible to many patients, which directly increases the procurement of these drugs. All these factors are expected to propel the market growth in the forecasted period. However, a rise in preference towards low-cost biosimilar and low awareness regarding allergy immunotherapy can hamper the market growth.
Key Market Trends
Subcutaneous Immunotherapy (SCIT) is Expected to Register a High Growth Rate During the Forecast Period
Subcutaneous immunotherapy (SCIT) is the most effective and widely used allergy immunotherapy. So far, SCIT is the only treatment that alters the immune systems and brings systemic relief. SCIT helps to prevent the further development of new allergies and asthma.
The innovative launch of immunotherapy products and rising approval are the major factors boosting the growth of the market. For instance, recently, in October 2019, ALK-Abelló AS secured an amended regulatory approval in Germany for its SCIT product, Alutard SQ, sold in Germany, under the brand name ALK-depot SQ, for allowing a shorter up-dosing for the product.
Also, in 2018, Stallergenes Greer received United States Food and Drug Administration (FDA) approval for the extended indication of the Oralair, an allergy immunotherapy sublingual tablet, for the treatment of grass pollen-induced allergic rhinitis in children aged 5 to 9-year-old. Moreover, immunotherapy attracted various government initiatives. For instance, in January 2018, the Ministry and the Japanese Society of Allergology opened a dedicated website about allergies in order to create awareness about the allergy and various immunotherapy. Thus, the rising burden of allergies, coupled with the growing adoption of immunotherapy among the population, is expected to drive market growth.
North America is Expected to Dominate the Allergy Treatment Market
North America is expected to dominate the market, accounting for the highest share, and it is anticipated to maintain this trend throughout the forecast period. According to an article published in JAMA Network Open Journal, an estimated 10.8% were food allergic in the survey, whereas nearly 19% of adults believed that they were food allergic. Nearly half of food-allergic adults had at least one adult-onset food allergy, and 38% reported at least one food allergy-related emergency department visit in their lifetime. According to the Asthma and Allergy Foundation of America, peanut causes the highest number of food allergies (1.6 million children in 2018, as per Food Allergy Research and Education). Sesame was the ninth-most common food allergy in the United States, as per the American Academy of Allergy Asthma and Immunology. This prevalence is very high, and it is anticipated to increase in the future further.
Apart from the United States, the government of Canada is also focusing on providing Canadians with the information they require to make healthy and safe food choices. The CFIA (Canadian Food Inspection Agency) and Health Canada work jointly with provincial, municipal, and territorial partners and industries to reach this goal.
Moreover, in the United States, numerous drugs are under development, primarily to treat various types of allergies. Market players are focusing on the development and launch of new products. In March 2019, Aimmune Therapeutics Inc.’s Biologics License Application (BLA) for AR101 was accepted for review by the US Food and Drug Administration (FDA). The focus on R&D, primarily for the introduction of better products, is anticipated to drive the US allergy treatment market’s growth during the forecast period.
The majority of the allergy treatment products are manufactured by the global key players. The market leaders, with more funds for research and better distribution systems, established their position in the market. Moreover, Asia-Pacific is witnessing an emergence of some small players due to the rise of awareness, which helped the market growth .
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