The Food Allergy Market amounted to USD 34.83 billion in 2021, and it is projected to increase at a compound annual growth rate (CAGR) of 5.60 percent from 2022 to 2029 to reach USD 53.85 billion. The market report includes the exhaustive expert research, patient epidemiology, pipeline analysis, price analysis, and regulatory framework of the Data Bridge Market Research team.
The most in-depth market segmentation, systematic analysis of the top competitors, consumer and supply chain dynamics trends, and insights into new regional markets are some of the main characteristics of the winning Food Allergy Market Study Report. In this market analysis, the key competitors’ and leading firms’ marketing strategies are emphasised.
Understanding the most significant driving and constraint factors in the sector, as well as how they affect the global market, is made easier by the study. It provides values and variations for CAGR (compound annual growth rate) for the selected anticipated time. The facts and insights provided by a major Food Allergy Market study have the ability to have a big influence on the client’s business.
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Food Allergy Market Dynamics
Drivers
High prevalence in children
The rising prevalence of food allergies in children is estimated to enhance the market’s growth. Children, particularly toddlers and newborns, are more prone to food allergies. Children’s digestive systems mature as they become older, and their bodies are less prone to absorb food or food components that cause allergies.
Milk, soy, wheat, and egg allergies are usually outgrown in youngsters. Allergies to nuts and shellfish, in particular, are more likely to be lifelong. Peanut allergy among children has increased by 21% since 2010, according to a study released by the American College of Allergy, Asthma, and Immunology (ACAAI) in 2017. According to the research, around 2.5 percent of children in the United States are allergic to peanuts.
Increasing investment for healthcare infrastructure
Another significant factor influencing the growth rate of food allergy market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.
Growing number of geriatric population
The surging geriatric population is estimated to enhance the market’s expansion during the forecast period of 2022-2029. According to the World Health Organization (WHO), the worldwide geriatric population, estimated to be over 524 million in 2010, is expected to increase to nearly 2 billion by 2050. Due to their compromised immune systems, geriatrics are more susceptible to get Food allergy, further estimated to enhance the market’s growth rate.
Furthermore, rising initiatives by public and private organizations to spread awareness will expand the food allergy market. Additionally, changing lifestyle of people and rising level of disposable income will result in the expansion of Food allergy market.
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COVID-19 Impact on Food Allergy Market
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. COVID-19, a new coronavirus, was identified as the causal agent in the pneumonia cases. This virus spread quickly over the world, killing a large number of people. COVID-19 was labelled a global pandemic by the World Health Organization (WHO) in March 2020, and rigorous measures to prevent the disease’s spread were recommended.
Global Food Allergy Market Scope
Food Source
Dairy Products
Poultry Product
Peanuts
Shellfish
Others
Symptoms
Anaphylaxis
Atopic Dermatitis
Others
Diagnosis
Skin-Prick Tests
Blood Test
Elimination Diet
Oral Food Challenge
Others
Treatment
Epinephrine
Oral Immunotherapy
Antihistamines
Others
End-Users
Hospitals
Specialty Clinics
Homecare
Others
Distribution Channel
Hospital Pharmacy
Retail Pharmacy
Online Pharmacy
Others
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