The increasing prevalence of allergic diseases is a significant driver of the market.
For instance, according to the Asthma and Allergy Foundation of America (AAFA), nearly 25 million Americans suffer from asthma.
Allergic conditions are disorders of the immune system in which the body reacts abnormally to harmless substances known as allergens. These conditions can affect different parts of the body and manifest in various forms, depending on the type of allergen and the individual's sensitivity.
As the incidence of allergies rises globally, there is a growing demand for effective treatments to alleviate symptoms and improve patients' quality of life. This trend is fueling the expansion of the market, as these therapies offer targeted treatment that can significantly reduce disease progression.
Additionally, ongoing research and development efforts to enhance the efficacy and safety of allergy immunotherapy further bolster market growth, meeting the increasing therapeutic needs of a larger patient population.
Authors:
Mariam Faizullabhoy, Gauri Wani
Frequently Asked Questions (FAQ) :
Global allergy immunotherapy industry was valued at USD 1.9 billion in 2023 and is anticipated to register 8.5% CAGR between 2024 and 2032 due to rising healthcare expenditure and consumer awareness regarding the availability of advanced treatments.
The hospital pharmacy segment in the market is anticipated to reach USD 2.1 billion by 2032 due to its key role in managing specialized medications, facilitating clinical trials, and coordinating with allergists for optimal treatment.
North America allergy immunotherapy market accounted for USD 780.5 million in 2023, attributed to the high prevalence of allergy conditions, high patient awareness and favorable reimbursement policies.