The global food allergy market is anticipated to witness noteworthy growth over the forecast period owing to an alarming rise in the number of food allergies and sensitivities around the globe. Food allergy is an abnormal response caused by food products such as tree nuts, peanut, soy. The symptoms of allergic response could range from simple itchiness, tongue swelling, or hives to low blood pressure, diarrhea or vomiting. According to the World Allergy Organization, the prevalence of food allergies is growing worldwide and the most common food allergens are egg, milk, wheat, fish, and tree nut. Moreover, fish allergies are more commonly found in Asia in comparison to the western countries. In addition, rising awareness about food allergy, the high unmet needs coupled with novel product introduction in the market are some of the other factors contributing to growth of the market in near future.
The global food allergy market is segmented on the basis of allergen source, treatment, end-use, and geography. The allergen source segment includes gluten, peanut, mustard, milk, egg, fish, and others. The peanut allergen source segment is anticipated to register the highest growth rate during the forecast period owing to novel product launch coupled with rising incidences of peanut allergies worldwide. According to a study published by the American College of Allergy, Asthma, and Immunology (ACAAI) in 2017 stated that peanut allergy in children increased 21% since 2010. The data further stated that approximately 2.5% of children in the U.S. are allergic to peanut.
In terms of treatment, the food allergy market is sub-segmented into antihistamines treatment, adrenaline treatment, oral immunotherapy, and others. Promising pipeline and recent product approvals are anticipated to lead the growth of oral immunotherapy segment during the forecast period. The end-use segment of the market is further classified into hospitals, clinics, and Ambulatory Surgery Centers, among which, the hospitals segment is anticipated to hold a major share of the market over the forecast period owing to rising government initiatives towards creating awareness about food allergies.
Geographically, the global food allergy market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the market in 2017. The dominance is attributed to a large patient base, high awareness about food allergies and treatment coupled with availability of new and advanced treatment options for people with food allergies. In terms of revenue, growth of North America is expected to be followed by Europe. Rising R&D activities in the industry, availability of funds for research, and large patient population will fuel growth of the Europe market. According to the Food Standard Agency, in 2016, an estimated 2 million people were suffering from food allergies, accounting for 8% of children and 2% of adult population. Asia Pacific is estimated to register lucrative growth opportunities for the key players in the market due to high unmet needs and the presence of emerging economies such as China and India.
The prominent players in the market are Allergy Therapeutics, Matrixx Initiatives, Inc., Astellas Pharma, Inc., Immunomic Therapeutics, Inc., Prota Therapeutics, Aimmune Therapeutics, Aravax, Cambridge Allergy Ltd, and others. Rising R&D investment by players operating in the market fueled the product pipeline. Thus, upcoming launches will further grow the market in near future. Moreover, in September 2017, Aimmune Therapeutics received US FDA approval for its AR101 peanut allergy will boost growth of the market in near future.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
"The quality of research they have done for us has been excellent."