Global Allergy and Immunology Market Booming: Growing at a CAGR of 11.2% in the Forecast Period
Published | 02 September 2021
The global allergy and immunology market is gaining traction due to a number of factors including a growing number of allergies, including food allergies, pollen allergies, and pet allergies. Moreover, research and development activities for investigating the causes and treatments of allergies is also favoring the market growth...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global allergy and immunology market was worth USD 2.1 billion in 2020. The market is estimated to grow at a CAGR of 11.2%, earning revenue of around USD 4.5 billion by the end of 2027. The global allergy and immunology market is growing at a rapid rate due to the increasing prevalence of allergies, such as food allergies, pollen allergies, pet allergies, etc., as well as growing research activities. The healthcare system is burdened with complex allergy problems, which drives R&D for the development of new medicines. However, the lack of awareness regarding allergy and immunology may act as a barrier to market growth.
Increasing Prevalence of Autoimmune Diseases is Boosting the Global Allergy & Immunology Market
It has been estimated that around 4% of the world’s population is affected by autoimmune diseases, among which type 1 diabetes, multiple sclerosis, lupus, etc., are very common. Scientists claim that with the growing prevalence of autoimmune diseases, the market for allergy and immunology will flourish in the near future. Additionally, with the increasing awareness regarding these conditions in developed and developing countries alike, along with increasing research efforts towards these health conditions, the global allergy & immunology market is projected to grow.
Availability of Wide Range of Allergy Treatment Drugs Is Driving the Growth of The Global Allergy & Immunology Market
The availability of a broad spectrum of allergy drugs is also influencing the growth of the global allergy & immunology market.The availability of various drugs such as monoclonal antibodies, fusion proteins, immunosuppressants, polyclonal antibodies, and others in pharmacies and online stores is influencing market growth significantly. Among these drugs, the demand for monoclonal antibodies is very prominent in the allergy & immunology market because of their high efficiency in the treatment of autoimmune diseases and other rare conditions.
Global Allergy & Immunology Market - By Distribution Channel
Based on distribution channels, the global allergy & immunology market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. Among these, the hospital pharmacy segment accounts for the largest market share because of the increasing patient pool approaching hospitals for the treatment of different types of allergies. Moreover, many allergy drugs and shots are available in hospital pharmacies upon prescription. However, online pharmacies are gaining traction, especially since the COVID-19 outbreak, as people nowadays prefer buying medications online rather than stepping outside of the home in order to adhere to social distancing. Pharmaceutical businesses make a variety of drugs available through online stores and websites, which can even be subscribed to.
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Global Allergy & Immunology Market - Regional Insights
Geographically, the global allergy & immunology market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, Europe accounts for the largest share in the market, followed by North America. The presence of a strong healthcare system and potentially high awareness regarding the presence of allergic treatments and immunology is propelling the growth of the allergy & immunology market in the European market. North America also covers a substantial market share and is expected to witness the highest CAGR because of the growing prevalence of food allergies and increasing research activities in immunology.
Impact of COVID-19 on Global Allergy & Immunology Market
One of the few markets that have been able to withstand the COVID-19 pandemic is the global allergy and immunology market. While the prevalence of allergic disorders increased during the quarantine period, the need for allergies treatment and drugs remained stable and even experienced a significant surge. Furthermore, pharmaceutical companies made their products and treatments available online and streamlined their distribution channels, making it easier for them to meet demand.
The leading market players in the global allergy & immunology market are ALK-Abello A/S, Teva Pharmaceutical Industries, AbbVie Inc., Stallergenes Greer PLC, Allergy Therapeutics, Sanofi SA, Anacor Pharmaceuticals Inc., Novartis International AG, AstraZeneca, Merck KGaA, F. Hoffmann-La Roche Ltd, Leti Pharma, Galderma SA, Johnson & Johnson, GlaxoSmithKline PLC, Circassia, DESENTUM OY, HAL Allergy B.V., Mylan N.V., and other prominent players.
The global allergy & immunology market is highly consolidated with the presence of several global as well as regional industry players. Research and development activities are heavily intensive in this market. The market players consistently focus on launching a variety of products that target relief for various types of allergies.Furthermore, the adoption of competitive strategies like partnerships, mergers, collaborations, mergers & acquisitionsis also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global allergy & immunology market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global allergy & immunology market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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