Business,Media,News Food Allergy Market Expected to Reach USD 4.71 Billion by 2026

Food Allergy Market Expected to Reach USD 4.71 Billion by 2026

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.

Key suggestions from the report:

  • Therapeutics segment dominated the market in 2018 due to growing demand for antihistamines and epinephrine auto-injector
  • Diagnostic segment includes instruments, consumables, and services, wherein consumables accounted for the largest share in 2018
  • The most common tests used to diagnose food allergies are skin prick tests and blood tests
  • Peanut allergen source segment is anticipated to register lucrative growth over the forecast period, owing to novel product launches coupled with rising incidence of peanut allergies worldwide.
  • Hospitals & clinics dominated the food allergy diagnostics & therapeutics market in 2018 owing to increase in number of hospitalizations due to severe allergic conditions
  • Europe held the largest share in 2018 owing to increase in prevalence as well as awareness about various symptoms of food allergic reactions in this region
  • Asia Pacific is anticipated to exhibit significant growth during the forecast period due to rising disposable income and incidence of shellfish allergy
  • Some of the key companies are Allergy Therapeutics; Cambridge Allergy Ltd; Astellas Pharma, Inc.; Immunomic Therapeutics, Inc.; bioMérieux SA; Omega Diagnostics Group PLC; and HYCOR Biomedical

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