Food Allergy Treatment Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Food Allergy Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The food allergy treatment market size has grown rapidly in recent years. It will grow from $6.08 billion in 2023 to $6.82 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to the increasing prevalence of food allergies, rising regulatory approvals, development of emergency treatments, and greater investment in modern technologies.

The food allergy treatment market size is expected to see rapid growth in the next few years. It will grow to $10.84 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to the growing geriatric population, increasing diagnosis of food allergies, rising healthcare spending, increase in asthma incidences, and rising prevalence of food allergies. Major trends in the forecast period include a high degree of innovation and technological advancements, improvement in medical technology and diagnostic techniques, increasing utilization of mobile apps and telemedicine services, an increase in the number of research and development activities, and surging drug approvals and launches.

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Market Drivers and Trends:

The increasing food adulteration is expected to propel the growth of the food allergy treatment market going forward. Food adulteration refers to the practice of intentionally altering food products by adding inferior, harmful, or unauthorized substances, or by removing valuable ingredients, to increase quantity or enhance appearance, often at the expense of quality and safety. Food adulteration is increasing due to factors such as economic gain, supply chain complexity, lack of regulation, technological advances, demand for convenience, globalization, environmental factors, consumer awareness, profit margins, and weak enforcement of regulations. Food adulteration is growing primarily due to the increasing demand for cheaper products, which incentivizes producers to cut costs and maximize profits through unethical practices. Food adulteration can increase the risk of allergic reactions by introducing allergens into food products or by compromising the safety and integrity of the food supply. For instance, in November 2022, Europol, a Netherlands-based government agency, reported that as part of Operation OPSON XI, coordinated by Europol, authorities in 26 countries seized nearly 27,000 tons of counterfeit food and 15 million liters of alcoholic beverages between December 2021 and May 2022. Therefore, the increasing food adulteration is driving the growth of the food allergy treatment market.

Major companies operating in the food allergy treatment market are developing innovative therapies, such as monoclonal antibodies, to address the underlying mechanisms of food allergies and provide more effective treatments for patients. Monoclonal antibodies represent a promising approach for treating food allergies by targeting specific components of the immune system involved in allergic reactions, providing more effective and targeted treatments for patients. For instance, in February 2024, Novartis AG, a Switzerland-based pharmaceutical company, received FDA approval for Xolair (omalizumab) to reduce IgE-mediated food allergies. It is a humanized monoclonal antibody, administered subcutaneously, that works by inhibiting the binding of IgE antibodies, thereby decreasing the release of chemicals responsible for allergy symptoms. The FDA approval is based on positive data from the Phase III OUtMATCH study, which showed that a significantly higher proportion of food allergy patients as young as 1 year treated with Xolair could tolerate small amounts of peanut, milk, egg, and cashews without an allergic reaction compared to placebo.

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Major Key Players of the Market:

Pfizer Inc., F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Bayer AG, Sanofi S.A., AstraZeneca PLC, Novartis AG, Amgen Inc., Regeneron Pharmaceuticals Inc., Parexel International (MA) Corporation, Nestle Health Science, ALK-Abelló A/S, Stallergenes Greer, Kaleo Inc., HAL Allergy B.V., Vedanta Biosciences Inc., Aimmune Therapeutics, AnaptysBio Inc., Immunomic Therapeutics Inc., Alladapt Immunotherapeutics Inc., Aravax, Prota Therapeutics Pty Ltd., DBV Technologies, Adamis Pharmaceuticals Corporation

Food Allergy Treatment Market 2024 Key Insights:

• The food allergy treatment market size is expected to see rapid growth in the next few years. It will grow to $10.84 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Impact Of Food Adulteration On The Food Allergy Treatment Market
• Advancements In Food Allergy Treatment
• North America was the largest region in the food allergy treatment market in 2023

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