The global food allergy diagnostics & therapeutics market size is expected to reach USD 4.71 billion by 2026, according to a new report by Radiant Insights, 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.; bioMerieux SA; Omega Diagnostics Group PLC; and HYCOR Biomedical
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Table of Contents
Chapter 1 Methodology and Scope1.1 Market Segmentation & Scope1.2 Market Definition1.3 Information Procurement1.3.1 Purchased database1.3.2 GVR’s internal database1.3.3 Secondary sources & third-party perspectives1.3.4 Primary research1.4 Information Analysis1.4.1 Data analysis models1.5 Market Formulation & Data Visualization1.6 Data Validation & Publishing
Chapter 2 Executive Summary2.1 Market Outlook2.2 Segment Outlook2.3 Competitive Insights
Chapter 3 Market Variables, Trends & Scope3.1 Market Lineage Outlook3.1.1 Parent market outlook3.1.2 Related/ancillary market outlook3.2 Penetration & Growth Prospect Mapping3.3 Regulatory Framework3.3.1 Reimbursement framework3.3.2 Standards & compliances3.4 Market Dynamics3.4.1 Market driver analysis3.4.2 Market restraint analysis3.4.3 Industry opportunity3.4.4 Industry challenges3.5 Food Allergy Diagnostics & Therapeutics Market Analysis Tools3.5.1 Industry Analysis – Porter’s3.5.1.1 Supplier power3.5.1.2 Buyer power3.5.1.3 Substitution threat3.5.1.4 Threat from new entrant3.5.1.5 Competitive rivalry3.5.2 PESTEL Analysis3.5.2.1 Political landscape3.5.2.2 Environmental landscape3.5.2.3 Social landscape3.5.2.4 Technology landscape3.5.2.5 Legal landscape3.5.3 Major deals & strategic alliances analysis3.5.4 Market entry strategies
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