By GlobeNewswire – Press Releases
New York, United States , June 28, 2024 (GLOBE NEWSWIRE) — The Global Food Allergy Treatment Market Size is to Grow from USD 5.67 Billion in 2023 to USD 13.76 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.27% during the projected period.
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An allergic reaction to a food is the result of an immune system reaction that went improperly. The body displays mild to severe symptoms when allergies arise. The growing prevalence of allergy problems is expected to be the main factor driving market growth throughout the forecast period. For various types of allergies, there are many different drugs available. Allergies can be treated with medications like corticosteroids and adrenaline, or they can be prevented by avoiding the things that generate the allergy. Several innovative therapies have been created in addition to these traditional treatments, such as the use of highly purified allergen extracts and recombinant allergens, which support improved protection against allergies. Food allergies are becoming more and more well-known worldwide, and therefore, the market for these conditions is growing rapidly. The development of the food allergy industry will be supported through the opening up of new markets and more investment in modern technology. Recent years have seen significant advancements in knowledge of the immunological mechanisms behind allergic sickness and the identification of food allergens, which may provide a way for novel therapeutic approaches. However, technical challenges with protein identification, testing, and sampling were able to restrict the market. Food allergy testing is a challenging process with numerous technical challenges.
Browse key industry insights spread across 125 pages with 125 Market data tables and figures & charts from the report on the “Global Food Allergy Treatment Market Size, Share, and COVID-19 Impact Analysis, By Allergen Type (Dairy Products, Peanuts, Poultry Product, and Others), By Drug Type (Antihistamines, Decongestants, Corticosteroids, Mast Cell Stabilizers, Leukotriene Inhibitors, Nasal Anti-cholinergic, Immuno-modulators, Epinephrine, and Others), By Route of Administration (Parenteral, Oral, and Others), By End-User (Hospital Pharmacies, Retail Pharmacies, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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he peanuts segment dominates the market with the largest revenue share in the food allergy treatment market during the projected timeframe.
Based on the allergen type, the food allergy treatment market is divided into dairy products, peanuts, poultry product, and others. Among these, the peanuts segment dominates the market with the largest revenue share in the food allergy treatment market during the projected timeframe. Rising rates of peanut allergy worldwide and an increase in research and development for pharmaceuticals. The market is also anticipated to grow as a result of an increase in clinic visits from patients seeking treatment for their allergies and the growing usage of innovative biological agents to treat allergies.
The epinephrine segment is predicted to dominate the food allergy treatment market during the projected timeframe.
Based on the drug type, the food allergy treatment market is divided into antihistamines, decongestants, corticosteroids, mast cell stabilizers, leukotriene inhibitors, nasal anti-cholinergic, immuno-modulators, epinephrine, and others. Among these, the epinephrine segment is predicted to dominate the food allergy treatment market during the projected timeframe. In significant allergic responses, the FDA, CDC, and other organizations recommend epinephrine as the first line of therapy. Major players are expected to introduce affordable epinephrine auto-injectors that will rapidly speed up industry expansion.
The parenteral segment is anticipated to grow at the fastest CAGR growth in the food allergy treatment market during the projected timeframe.
Based on the route of administration, the food allergy treatment market is divided into parenteral, oral, and others. Among these, the parenteral segment is anticipated to grow at the fastest CAGR growth in the food allergy treatment market during the projected timeframe. Parenteral route positioning is ideal for maintaining area control. Epinephrine is the primary medication used to treat anaphylaxis, and the most effective way to administer it is intramuscularly (IM) into the inner thigh. Although it can be used, intravenous (IV) administration is often restricted to inpatient settings due to the requirement for close monitoring.
The hospital pharmacies segment accounted for the largest market share of the food allergy treatment market during the projected timeframe.
Based on the end-user, the food allergy treatment market is divided into hospital pharmacies, retail pharmacies, and others. Among these, the hospital pharmacies segment accounted for the largest market share of the food allergy treatment market during the projected timeframe. For many patients whose allergy conditions are getting worse, hospitals are their initial point of contact. Severe instances often require hospitalization and the administration of specialized drugs via intravenous (IV) under medical supervision.
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North America is expected to hold the largest share of the food allergy treatment market over the forecast period.
North America is expected to hold the largest share of the food allergy treatment market over the forecast period. Due in large part to its contribution to the consistently rising worldwide case count of food allergies, North America is the leader in this field. For example, the rise in food allergies in the area is driving up the need for medications and treatment approaches. Since essential medical facilities are available to identify the condition and provide life-saving treatment.
Asia Pacific is predicted to grow at the fastest pace in the food allergy treatment market during the projected timeframe. Due to the increasing number of manufacturers of generic medications in this region. The market will grow more quickly as a result of the region’s increased government awareness efforts and healthcare infrastructure development.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the food allergy treatment market include DBV Technologies, Vedanta Biosciences, Inc., Alladapt Immunotherapeutic, Inc., Cambridge Allergy Ltd., ALS Limited, Microbac Laboratories, Neogen Corporation, AstraZeneca, Cadila Pharmaceuticals, Mylan N.V., Aravax, Prota Therapeutics, Sanofi, Novartis International AG., and Others.
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Recent Developments
- In March 2024, Gold Standard Diagnostics Started the SENSIStrip Gluten PowerLine Lateral Flow Device, the initial product in their brand-new PowerLine test series for allergies. This device can identify gluten residues in food matrices, washing water, and swabs due to its highly sensitive monoclonal antibody-based detection technology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the food allergy treatment market based on the below-mentioned segments:
Global Food Allergy Treatment Market, By Allergen Type
- Dairy Products
- Peanuts
- Poultry Product
- Others
Global Food Allergy Treatment Market, By Drug Type
- Antihistamines
- Decongestants
- Corticosteroids
- Mast Cell Stabilizers
- Leukotriene Inhibitors
- Nasal Anti-cholinergic
- Immuno-modulators
- Epinephrine
- Immunotherapy
- Others
Global Food Allergy Treatment Market, By Route of Administration
Global Food Allergy Treatment Market, By End User
- Hospital Pharmacies
- Retail Pharmacies
- Others
Global Food Allergy Treatment Market, By Regional Analysis
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Source: GlobeNewswire – Press Releases