An impulsive reaction of the human body to any food element
consumed is called a food allergy, which can depict varying
symptoms, depending on an individual's physical health. Digestive
problems or swollen airways are some of the common symptoms that a
patient's body reflects due to the consumption of even slightly
allergic food.
WILMINGTON, Del., July 15,
2024 /PRNewswire/ -- The projected size of the global
food allergy market is likely to reach USD 69.4 billion by 2034. The last
recorded valuation of the industry was USD 36.9 billion in 2023. Owing to a moderate
advancement at a CAGR of 5.9%, the ecosystem is set to
create prospects for leading organizations in the industry.
The growing cases of food intolerance are likely to surge the
demand for proper treatments to cure allergies and other disorders.
This rising demand is likely to spur opportunities for key players
in the industry, fueling the growth of the said sector.
A spike in cases of people suffering from asthma is driving the
demand for anti-allergy treatments. Albeit the effect of food
color, food particles, and chemicals are not found to create any
favorable effect for asthma, food allergy is found to be an
important side-effect of the same. Such an allergy can further lead
to the disease.
Due to the growing prevalence of asthma cases, the demand for
treatments to cure allergy, and thereby asthma, is increasing,
driving the competitive space. Depending on the severity of food
allergies, treatment and medicines are to be determined. To cater
to varying allergy symptoms, a suitable course of action can be
decided, which creates lucrative prospects for leading
manufacturers in the industry.
A significant rise in food allergy cases among children can be
witnessed. This rise in pediatric diseases drives the demand for
pediatric treatments, which creates a niche in the industry. This
factor elevates the demand for the industry.
With the progress in the technological infrastructure, the
augmentation of key medicines, treatments, and therapies becomes
possible. The formulation of tablets, syrups, and other medications
can be innovated, expanding new openings in the industry.
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The growing investments in the healthcare sector by key
players as well as the government are spurring multiple prospects
for key players in the food allergy market. Due to such increasing
opportunities, key players can expand in the said sector, availing
more choices for consumers.
The growing consumer awareness regarding food allergies and
their symptoms of the same is driving more people to seek medical
assistance. As a result, this is another key driver for the
industry.
Key Findings from the Market Report
- The vast competitive space is segmented based on different
criteria. The foremost parameter is the differentiation based on
food source. As dairy product consumption is the highest, the
probability of food allergy through such products is high.
- Based on the test method, the blood test segment is expected to
gain the highest momentum. A patient's inclination toward frequent
check-ups is the main driver.
- Based on the type of treatment, the epinephrine segment will
gain more popularity due to the ability of the treatment to
regulate blood pressure.
- In the case of distribution, hospital pharmacies are expected
to use the highest number of food antiallergy drugs due to better
consumer reach.
Food Allergy Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 36.9 Bn
|
Forecast (Value) in
2034
|
US$ 69.4 Bn
|
Growth Rate
(CAGR)
|
5.9 %
|
No. of
Pages
|
157
Pages
|
Segments
covered
|
By Food Source, By
Application, By Treatment Type, By Distribution Channel, By
Region
|
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Regional Profile
- With the growing technological infrastructure in North America, alterations in product
formulations are spurring. This drives opportunities for key
players in the region.
- The growing healthcare infrastructure in Europe is responsible for the progress of the
industry in the region.
- The rising population and augmented food industry in
Asia-Pacific are creating
prospects for the food allergy market in the region, and thus, the
region is likely to lead the global landscape.
Competitive Landscape
The vast competitive space is explored by key competitors using
strategies like product innovation, product launches, and many
more.
- Pfizer Inc. is a key player that offers aminophylline,
adalimumab-afzb, and quinapril HCI.
- GSK plc operates in different areas, including vaccines,
specialty medicines, and general medicines.
- Novartis AG manufactures products like Adakveo, Afinitor
Disperz, and Afinitor Disperz.
Key Developments in the Food Allergy
Market
- In December 2023, Pfizer Inc.
acquired Seagen, which helped the business gain a better space in
the industry.
- In June 2024, GSK plc acquired
Elsie Biotechnologies, thereby accelerating the oligonucleotide
platform and pipeline medicines.
Key Players
- Akorn Operating Company LLC
- Pfizer Inc.
- GSK plc
- Novartis AG
- Mylan N.V.
- Teva Pharmaceutical Industries Ltd.
- Sanofi S.A.
- Boehringer Ingelheim
- AstraZeneca plc
- Bayer AG
- Merck & Co. Inc.
- F. Hoffmann-La Roche Ltd.
Market Segmentation
Food Source
- Dairy Products
- Poultry Products
- Tree Nuts
- Peanuts
- Shellfish
- Wheat
- Others (Soy, etc.)
Diagnosis
- Skin-prick Tests
- Blood Test
- Elimination Diet
- Others (Oral Food Challenge, etc.)
Treatment Type
- Epinephrine
- Antihistamines
- Oral Immunotherapy
- Others (Adrenaline, etc.)
Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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