Global Food Allergy Industry is growing at a rapid pace; mainly due to the increasing prevalence of allergies for various types of food. The increasing number of patient pool suffering from food allergy has spurred the growth of the market. Besides, factors such as the spreading awareness towards the availability of treatments, technological advancement, and the rapid adoption of these procedures to treat food allergies are escalating the market on the global heights.
Acknowledging the exponential growth, the market perceives currently and the potential of the market to grow in the upcoming years; Market Research Future (MRFR), in its recently published study report asserts that the global food allergy treatment market will accrue further exponentially by 2023, registering a CAGR of approximately 6.6 % throughout the forecast period (2017 – 2023).
Additional factors substantiating the market growth include the growing research & development activities led by substantial investments, clinical trials, and new approvals for the treatment procedures. Companies are collaborating with hospitals and independent research centers to develop new treatments which is another major growth driving factor.
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The rapid adoption of food allergy treatments by medical professionals as well as patients, advancements in medical science, increasing knowledge of benefits of the procedures, and increasing success rate are some of the major driving forces behind the market growth.
The market for food allergy in emerging markets of Asia is flourishing, and the demand for various food allergy treatments is expected to rise in the recent future. Technological advancement is also playing an important role in this market by providing effective diagnostic and treatment options that are leading to the high success rate of food allergy treatments. Changing healthcare practices and increasing healthcare expenditure are creating a path for the growth of this market.
Global Food Allergy Market - Segments
The MRFR analysis is segmented into six key dynamics for the convenience of understanding;
By Allergen Source: Vegetable Allergens, Animal Allergens, and Pseudo Allergens among others.
By Food Tested: Infant Food, Processed Food, Dairy Products & Alternatives, and Seafood & Meat Products among others.
By Tests: Skin Prick Test, Blood Test, and Oral Food Challenge among others.
By Products/Technology: Test Kits, ELISA Systems, Allergen Assays, PCR (Polymerase Chain Reaction), and Allergen Assays among others.
By End-users: Hospitals, Clinics, and Diagnostic Centers among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
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Global Food Allergy Market - Regional Analysis
The North American region is the dominating market for food allergy, accounting for a significant market share. The rise in the prevalence of various types of food allergies drives the regional market. Moreover, factors substantiating the growth of the regional market include the presence of a well-developed healthcare sector and huge healthcare expenditures. Furthermore, the presence of key players such as Thermo Fisher Scientific Inc., and Microbac Laboratories Inc., among others influences the regional market growth positively.
The European region stands the second position in terms of the market size, growing at a considerable CAGR. Well penetrated healthcare sector coupled with the resurging economy in the region is expected to foster the market growth in the region.
Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance is expected to drive the food allergy market in the in the Asia Pacific region.
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