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.
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.
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Key Takeaways from the report:
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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)
Food Allergy Diagnostics & Therapeutics Allergen Source Outlook (Revenue, USD Million, 2015 – 2026)
Food Allergy Diagnostics & Therapeutics End-use Outlook (Revenue, USD Million, 2015 – 2026)
Food Allergy Diagnostics & Therapeutics Regional Outlook (Revenue, USD Million, 2015 – 2026)
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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.
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