The global food allergy diagnostics
& therapeutics market size is expected to reach USD 4.71 billion by 2026,
exhibiting a CAGR of 7.4%. The market is expected to grow in the coming years
owing to increasing incidence of food allergies coupled with rising demand for
products for management of these conditions.
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There are more than 160 foods that can
lead to allergic reactions; however, only 8 most common allergens have been
identified by the FDA. These include eggs, milk, peanuts, soy, tree nuts,
wheat, shellfish, and fish. Some of the other allergens are corn, meat,
gelatin, seeds, spices, and fruits & vegetables. Based on Food Allergy
Research and Education (FARE) 2016 data, around 15 million people in the U.S. have
food allergy. Ingestion of any of the common allergens might lead to
anaphylaxis, a life-threatening allergic reaction, which might further result
in anaphylactic shock. Every year, around 2,000 hospitalizations, 30,000
emergency room visits, and 150 deaths due to anaphylaxis are recorded in the
U.S.
However, administering epinephrine using
an auto-injector during the early stage of anaphylaxis might help avoid any
serious complications. Treatment for food allergy costs around USD 25 billion
annually in the U.S. Development of cost-effective in vitro diagnostic tests
for detection of allergy is expected to fuel the demand for diagnostic
products.
Further
key findings from the study suggest:
• Therapeutics segment dominated the
market in 2018 due to growing demand for antihistamines and epinephrine
auto-injector
• Diagnostic segment includes
instruments, consumables, and services, wherein consumables accounted for the
largest share in 2018
• The most common tests used to diagnose
food allergies are skin prick tests and blood tests
• Peanut allergen source segment is
anticipated to register lucrative growth over the forecast period, owing to
novel product launches coupled with rising incidence of peanut allergies
worldwide.
• Hospitals & clinics dominated the
food allergy diagnostics & therapeutics market in 2018 owing to increase in
number of hospitalizations due to severe allergic conditions
• Europe held the largest share in 2018
owing to increase in prevalence as well as awareness about various symptoms of
food allergic reactions in this region
• Asia Pacific is anticipated to exhibit
significant growth during the forecast period due to rising disposable income
and incidence of shellfish allergy
• Some of the key companies are Allergy
Therapeutics; Cambridge Allergy Ltd; Astellas Pharma, Inc.; Immunomic
Therapeutics, Inc.; bioMerieux SA; Omega Diagnostics Group PLC; and HYCOR
Biomedical
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Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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