Allergy Treatment Market Estimated to Grow at CAGR of 6.9% by 2028
Allergy treatment market identifies essential drivers, challenges, opportunities and restraints in the market.
NEW YORK, UNITED STATES, March 6, 2023 /EINPresswire.com/ -- The Insight Partners Latest Research on "Allergy Treatment Market Forecast to 2028" Includes COVID-19 Impact and Global Analysis By Allergy Type (Eye Allergies, Rhinitis, Asthma, Skin Allergies, Food Allergies, and Other Allergies) and Treatment (Anti-Allergy Drugs and Immunotherapies)
“Allergy Treatment Market is expected to reach at US$ 35,812.33 million by 2028 from US$ 21,160.92 million in 2020; it is estimated to grow at a CAGR of 6.9% from 20210 to 2028. The report highlights the trends prevailing in the global allergy treatment market along with the market drivers and deterrents. Increasing adoption of immunotherapy in allergy treatments and developments in food allergy treatments are the key factor fueling the market growth.
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The allergy treatment market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the allergy treatment market are present globally and have wide distribution and sales network through partnerships or authorized dealers.
The most notable market participants are Johnson and Johnson Services, Inc.; Sanofi; AbbVie Inc. (Allergan plc); Pfizer Inc.; LETIPharma; ALK-Abelló A/S; Allergy Therapeutics; Stallergenes Greer; GlaxoSmithKline plc, and Dermapharm Holding occupying a considerable share of the market owing to their offerings to the market.
Market leaders are involved in extensive research for the development of new allergy treatment with better efficiency and treatment outcomes. For instance, in September 2020, Biotechnology company Allergy Therapeutics announced investment in virus-like particle (VLP) technology for applications beyond the allergy immunotherapy field. It has entered into an exclusive license agreement with Saiba and DeepVax to use their patented VLP technology platform, to develop and commercialize vaccines targeting solid cancer tumors, atopic dermatitis, asthma, and psoriasis.
Many well-known as well as small local companies are present in the market to provide diversified products to its customers. The larger firms are adopting the strategy of acquiring small firms to enhance its product portfolio and expand its footprint in different geographies. Additionally various companies are also undergoing other strategic alliances such as collaborations and others to garner their significance and remain competitive in the market.
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Few on the important key developments from the industry are mentioned below:
2020: GSK Consumer Healthcare launched Otrivin Breathe clean, a saline wash with the moisturizing benefit of natural glycerin. The daily usage of the nasal spray washes out the allergens, pollutants, and debris that are trapped in the nasal passage, helping in the removal of allergy symptoms and thus maintaining nasal hygiene
2019: Speciality allergy-focussed pharmaceutical company Allergy Therapeutics announced that an ex-vivo biomarker study of blood samples from peanut allergy patients had started at Imperial College London. The study aimed to evaluate its novel virus-like particle (VLP) based peanut allergy vaccine candidate, to confirm its hypoallergenic potential and its potent immune response
2019: ALK has announced a partnership with China’s Rellergen Biotech Inc., which grants ALK exclusive promotional rights to market Rellergen’s Bio-IC microfluidic allergen diagnosis technology to more than 190 hospitals across China
Covid-19 Analysis:
COVID-19 pandemic is estimated to have a significant positive impact on the allergy treatment market. Majority of the pharmaceutical companies across the world are engaged in the development of vaccines for COVID-19. Moreover, allergy and asthma exacerbations are frequently triggered by viral infections, including coronaviruses. Thus, telehealth can be central in delivering allergy/immunology services within a risk-stratified context of the SARS-CoV-2 pandemic which is anticipated to have a positive impact on the other segments of the market in the coming months. However, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
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