The global food allergy market size is anticipated to register a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the alarming increase in the various food allergies along with other sensitivities found across the globe.
Any abnormal response which are caused by the reactions of specific food products which includes peanuts, tree nuts, soy, & other products to certain individuals can be identified as a food allergy. The symptoms of these allergic responses varies such as tongue swelling, hives varying from low to high blood sugar, vomiting, diarrhea, and simple itchiness. Food allergies vary not only from person to person, but also from environment to environment. In Asia, there is a higher number of fish allergies when compared to that of western countries and the largest number of people have peanut allergies live in North America.
According to the World Health Organization or the WHO, along with the Centers for Disease Control and Prevention or the CDC, in 2019, there has been an estimate of over 3 million people in North America alone are suffering from chronic food allergies which is 2% of the entire adult population and 8% of the children population. The American College of Allergy, Asthma, and Immunology or the ACAAI reported that the children suffering food allergies have been rising at more than 20% since 2017 and is now rising at 25% as per the 2020 census. The COVID-19 pandemic has hindered the growth of global food allergy market initially. However, scientists & researchers, upon further research, reported & identified that the coronavirus has numerous viral genes that can accelerate the present illness of the hosts. This guided the clinics, healthcare laboratories, and hospitals to aim on the development of food allergy diagnosis for the treatment and prevention of these kinds of allergies and this led to its market growth in the later stages of this pandemic.
Market Trends, Drivers, Restraints, and Opportunities
- Increase in spending and investing by the companies towards food allergy diagnosis is the primary reason for the projection of boosting the market growth during the forecast period, 2021-2028.
- Rapid growth of the biopharmaceutical companies and thereby that industry can become a major factor in the boosting of the global food allergy market during the forecast period.
- High prices for the development of food allergy diagnosis equipment and high cost of services from the company’s perspective is anticipated to hinder the global market growth.
- Food allergy treatment has no framework to work upon and can vary within individual to individual. Each patient has to be treated specifically and the treatment historically has very low success rates compared to other medications & therapies available in hospitals. This can hamper the Food Allergy market growth.
- R&D investment and technological advancement are expected to offer significant opportunities for the market players. Researchers and scientists have found new variants of oral immunotherapy in late 2020 during the COVID pandemic to not only prevent the coronavirus gene to impact the allergy, but to defect the allergy in itself.
Scope of the Report
The report on the global food allergy market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Food Allergy Market Size - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Treatments (Antihistamines Treatment, Adrenaline Treatment, Oral Immunotherapy, and Others) and End-Users (Hospitals, Clinics, and Ambulatory Surgery Centers)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players Covered in the Report
Allergy Therapeutics; Matrixx Initiatives Inc.; Astellas Pharma Inc.; Immunomic Therapeutics Inc.; Prota Therapeutics; Aimmune Therapeutics; Aravax; Cambridge Allergy Ltd; and Others
Global Food Allergy Market Segment Insights
Oral Immunotherapy segment is projected to represent a large market share
Based on treatments, the global food allergy market is divided into antihistamines treatment, adrenaline treatment, oral immunotherapy, and others. The oral immunotherapy segment is expected to constitute the major share in 2019 and is anticipated to grow with a significant CAGR during the forecast period, 2021-2028. The major reason attributing to this market growth is the promising pipeline along with the latest novel products approval that stems from oral immunotherapy.
Hospitals segment is estimated to register a huge market share
On the basis of end-users, the global food allergy market is segmented into hospitals, clinics, and ambulatory surgery centers. The hospitals segment is expected to constitute the major share of the market in 2019 and is anticipated to grow with a significant CAGR during the forecast period, 2021-2028. This is attributed to the increasing government initiatives that leads toward creating awareness regarding food allergies, its diagnosis, and how it can be prevented.
North America is anticipated to dominate the market
On the basis of regions, the global food allergy market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to constitute a major share in 2020. This regional market growth can be attributed to the growing research & development expenditure along with the rising in adoption of the latest technology. The demand of food allergy treatment is increasing rapidly in this region due to the presence of the major market players in the food allergy market, an advantage other regions do not have. The cost of expenditure is significantly lower in North America than that of other economies. However, the market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, 2021-2028, as they have prioritized the cost-efficiency perspective of food allergy treatments combined with their growing population.
Segments Covered in the Report
The global food allergy market size has been segmented in terms of
- Antihistamines Treatment
- Adrenaline Treatment
- Oral Immunotherapy
- Ambulatory Surgery Centers
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Allergy Therapeutics
- Matrixx Initiatives Inc.
- Astellas Pharma Inc.
- Immunomic Therapeutics Inc.
- Prota Therapeutics
- Aimmune Therapeutics
- Aravax; Cambridge Allergy Ltd
Major players competing in the global food allergy market are Allergy Therapeutics; Matrixx Initiatives Inc.; Astellas Pharma Inc.; Immunomic Therapeutics Inc.; Prota Therapeutics; Aimmune Therapeutics; Aravax; Cambridge Allergy Ltd; and others. These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. In September 2017, Immunomic Therapeutics Inc along with Aimmune Therapeutics received the United States Food and Drug Administration approval for the peanut allergy drugs which are ITI-1000 and the AT101, respectively. These drugs have now been modified and improved upon with the new variants called the ITI-3000 and AT301 with final diagnostics being held in November 2020.