The Allergy Immunotherapies Market is being driven by Increasing prevalence of allergies
The Allergy Immunotherapies Market is expected to grow at a CAGR of 9.62% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1189 million. The allergy immunotherapies market confronts a major hurdle due to the ambiguous etiology and predictable outcomes of various allergy conditions. This ambiguity hinders accurate diagnosis, with current methods relying on blood tests, skin tests, and patch tests. The dearth of efficient diagnostic techniques has instigated numerous companies to invest in research and development of innovative therapies to diagnose diverse allergies. Recent advancements have led to an increase in the early diagnosis of allergies, thereby enhancing treatment efficacy. For instance, Siemens Healthcare's IMMULITE 2000 XPi Immunoassay system is utilized for diagnosing various medical conditions, including allergies, anemia, autoimmune disorders, bone metabolism, diabetes, inflammation, oncology indications, reproductive endocrinology, and thyroid disorders.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.62% |
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Market growth 2024-2028 |
USD 1189 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
8.55 |
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Key countries |
Germany, France, US, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Allergy Immunotherapies Market encompasses a range of treatments for allergy illnesses, including those caused by pollen and other environmental triggers that affect the respiratory system. Allergy medicines have become increasingly important in the healthcare system due to the high prevalence of allergies and allergic reactions, exacerbated by factors like air pollution. Immunology and biotechnology have played a significant role in the development of personalized medicine for allergies, with biologics targeting the immune system to treat conditions like asthma and cancer. Key players in the market include Aimmune Therapeutics with their peanut allergy treatment, Palforzia, and Stallergenes Greer, offering allergy shots and SLIT (Sublingual Immunotherapy) for various allergens. SCIT (Subcutaneous Immunotherapy) is another common form of allergy immunotherapy. The market is witnessing growth in emerging economies due to increasing awareness and healthcare professionals' recommendations. However, challenges remain, including the high cost of these treatments and the need for consistent patient compliance.
The Allergy Immunotherapies Market falls under the broader Pharmaceuticals sector, encompassing entities involved in Research and Development (R&D) and manufacturing of various drug classes, including generics, non-generics, and veterinary drugs. According to Technavio's market analysis, the global Pharmaceuticals industry is measured by the consolidated revenue generated by providers of medical equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Key growth drivers for this market include the increasing aging population, with predictions suggesting that by 2050, approximately one-quarter of the US population and by 2030 in Europe, will be aged sixty and above. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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