The global food allergy diagnostics & therapeutics market size is expected to reach USD 4.71 billion by 2026, according to a new report by Grand View Research, Inc., 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.
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.
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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.; bioMérieux SA; Omega Diagnostics Group PLC; and HYCOR Biomedical
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Grand View Research has segmented the food allergy diagnostics & therapeutics market on the basis of product type, allergen source, end use, and region:
Food Allergy Diagnostics & Therapeutics Product Type Outlook (Revenue, USD Million, 2015 - 2026)
• Diagnostic Products
o Instruments
o Consumables
o Services
o Tests Type
o In Vivo/Skin
o Skin Prick Test
o Patch Test
o In Vitro
• Therapeutic Treatment Type
o Antihistamines
o Epinephrine Auto-injector
Food Allergy Diagnostics & Therapeutics Allergen Source Outlook (Revenue, USD Million, 2015 - 2026)
• Eggs
• Milk
• Peanuts
• Fish
• Shellfish
• Tree Nuts
• Wheat
• Soy
• Others
Food Allergy Diagnostics & Therapeutics End-use Outlook (Revenue, USD Million, 2015 - 2026)
• Academic Research Institutes
• Hospitals & Clinics
• Diagnostics Laboratories
Food Allergy Diagnostics & Therapeutics Regional Outlook (Revenue, USD Million, 2015 - 2026)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Russia
• Asia Pacific
o Japan
o China
o India
o South Korea
o Australia
o Singapore
• Latin America
o Brazil
o Mexico
o Argentina
• MEA
o South Africa
o Saudi Arabia
o UAE
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.