The Future of Food Allergy Diagnostics & Therapeutics….. COVID-19 & Its Impact….
Posted by mrudulaGVR on May 13th, 2020
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.
Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.
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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Further key findings from the study suggest:
The global food allergy diagnostics & therapeutics market size was valued at USD 2.69 billion in 2018 and is expected to grow at a lucrative CAGR of 7.4% over the forecast period. Rising prevalence of food allergy is anticipated to drive the market. Symptoms associated with allergic response could range from itchiness, swelling of tongue, or hives to low blood pressure, diarrhea, or vomiting.
According to World Allergy Organization, prevalence of food allergies is increasing globally. Some of the most common allergens are eggs, milk, wheat, fish, and tree nuts. Moreover, fish allergies are more prevalent in Asia than in western countries. In addition, rising awareness about food allergy and high unmet medical needs coupled with introduction of novel products in the market are some of the other factors expected to contribute to the growth in the near future.
According to American Academy of Pediatrics, 5.6 million children in the U.S. have food allergies, out of which around 40% have more than one allergy. It affects around 6% to 8% of children below 3 years of age and around 3% of the adult population. Increasing incidence of allergic conditions among both pediatric and adult population drives the demand for cost-effective and advanced therapeutics.
In addition, technological advancements and increase in number of R&D initiatives being undertaken for development of drugs with higher efficacy are some of the drivers of this market. With introduction of epinephrine auto-injector, treatment for peanut allergy or allergy to bee sting can be easily provided. However, the cost of EpiPen is USD 630, which makes it unaffordable for people in low-income countries.
Symptoms of food allergy vary from person to person and might not result in the same symptoms in different individuals. Food allergic reactions affect respiratory tract, skin, cardiovascular system, and gastrointestinal tract. In order to gain knowledge about the severity of the allergies, proper counselling about the life-threatening risk factors of anaphylaxis should be undertaken.
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)
o Tests Type
o In Vivo/Skin
oSkin Prick Test
o In Vitro
o Epinephrine Auto-injector
Food Allergy Diagnostics & Therapeutics Allergen Source Outlook (Revenue, USD Million, 2015 - 2026)
Food Allergy Diagnostics & Therapeutics End-use Outlook (Revenue, USD Million, 2015 - 2026)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Also See: Food Allergy, Allergy Diagnostics, Therapeutics Market, View Research, Therapeutics, Research, Market
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