Food Allergy Market Trend 2018 to 2023 | Industry Analysis, Business Opportunity and Fast Forward Research
Food Allergy Market Research Report, by Allergen Source (Animal Allergens), Food Tested (Infant Food, Dairy Products), Tests (Skin Prick Test, Blood Test), Products/Technology (Elisa, PCR, Assays) and End-User (Hospitals) – Global Forecast Till 2023
pune, India – December 12, 2018 /MarketersMedia/ —
Market Overview:
The global food allergy market is growing at a rapid pace; mainly due to the increasing prevalence of allergies for various types of food. The increasing number of patient pool suffering from food allergy has spurred the growth of the market. Besides, factors such as the spreading awareness towards the availability of treatments, technological advancement, and the rapid adoption of these procedures to treat food allergies are escalating the market on the global heights.
Additional factors substantiating the market growth include the growing research & development activities led by substantial investments, clinical trials, and new approvals for the treatment procedures. Companies are collaborating with hospitals and independent research centres to develop new treatments which is another major growth driving factor. The rapid adoption of food allergy treatments by medical professionals as well as patients, advancements in medical science, increasing knowledge of benefits of the procedures, and increasing success rate are some of the major driving forces behind the market growth.
The market for food allergy in emerging markets of Asia is flourishing, and the demand for various food allergy treatments is expected to rise in the recent future. Technological advancement is also playing an important role in this market by providing effective diagnostic and treatment options that are leading to the high success rate of food allergy treatments. Changing healthcare practices and increasing healthcare expenditure are creating a path for the growth of this market.
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Competitive Analysis:
The market appears to be diversified and fiercely competitive with the presence of numerous well-established players having the international presence. These players are investing heavily for the global expansion. Strategic initiatives such as collaboration, acquisition, expansion, product launch, and partnership come forward as key trends among the market players.
The global food allergy market is driven by some of the leading players including Intertek Group plc (U.K.), SGS S.A. (Switzerland), TUV SUD PSB.PTE. Ltd. (Germany), Eurofins Scientific (Luxembourg), ALS Limited (Australia), Merieux Nutrisciences Corporation (U.S), Microbac Laboratories Inc (U.S.), AsureQuality Ltd (New Zealand), Symbio Laboratories (Australia), Thermo Fisher Scientific Inc. (U.S.), Romer Labs (Austria), and NEOGEN CORPORATION (U.S.).
Industry Advancements/Related News:
December 03, 2018 – AllerGenis, LLC. (the UK), a recently launched new food allergy diagnostics company published its study report in The Journal of Allergy and Clinical Immunology (JACI) that demonstrate company’s ability to predict, with significant accuracy, milk allergy patients’ outcomes before milk oral immunotherapy treatment (Milk-OIT) is administered.
Company’s novel milk allergy diagnostic assay was used during the study for the purpose of bringing innovative, precision diagnostic solutions to food allergy clinicians. This publication is part of the AllerGenis’ broader effort to create a food allergy diagnostics platform.
Market Segment:
The MRFR analysis is segmented into six key dynamics for the convenience of understanding;
By Allergen Source: Vegetable Allergens, Animal Allergens, and Pseudo Allergens among others.
By Food Tested: Infant Food, Processed Food, Dairy Products & Alternatives, and Seafood & Meat Products among others.
By Tests: Skin Prick Test, Blood Test, and Oral Food Challenge among others.
By Products/Technology: Test Kits, ELISA Systems, Allergen Assays, PCR (Polymerase Chain Reaction), and Allergen Assays among others.
By End-users: Hospitals, Clinics, and Diagnostic Centers among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
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Regional Analysis:
The North American region is the dominating market for food allergy, accounting for a significant market share. The rise in the prevalence of various types of food allergies drives the regional market. Moreover, factors substantiating the growth of the regional market include the presence of a well-developed healthcare sector and huge healthcare expenditures. Furthermore, the presence of key players such as Thermo Fisher Scientific Inc., and Microbac Laboratories Inc., among others influences the regional market growth positively.
The European region stands the second position in terms of the market size, growing at a considerable CAGR. Well penetrated healthcare sector coupled with the resurging economy in the region is expected to foster the market growth in the region.
Moreover, increasing funding and government support for the R&D activities along with the presence of enormous patient pool in the region drives the growth of the food allergy market in the region. The prevalence of food allergy in the region is quite high, each European suffers from at least one type of allergy. Due to high awareness regarding treatment of allergies the region is expected to post a phenomenal CAGR during the forecast period.
The Asia Pacific market for the food allergy treatments is expected to perceive a phenomenal growth, accounting for the fastest growing market, globally. The market growth will be led mainly by China and India, owing to the huge population and the fastest growing healthcare sector coupled with the large unmet clinical needs in these countries.
Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance is expected to drive the food allergy market in the in the Asia Pacific region.
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