Effective Diagnostic Tests to Fuel Latex Allergy Market
The global Latex Allergy Market Share can reach a significant valuation by 2022, showcasing a stellar CAGR from 2016 to 2022 (forecast period), as per a new report by Market Research Future (MRFR). Latex allergy is caused by people exposed to latex or caused by products manufactured from natural rubber. The exposure causes antigens inside a person’s body to turn hostile against its immune system leading to skin rashes, hives, itchy hands, etc.
The latex allergy market size can expand over the forecast period owing to increasing prevalence of allergies. Rise of diseases such as anaphylaxis, rhinitis, asthma, and others can also act as a driving factor of the market. Technological advances in allergy medications which can alleviate symptoms or provide instant relief can boost market demand in the coming years. Increasing demand for advanced diagnostics and therapeutics can bolster market growth over the forecast period. Developments of low protein latex gloves which can cause minimal reactions are expected to gain traction.
Companies are developing rapid dissolvable solutions to provide instant relief to patients afflicted by latex. For instance, ALK-Abelló partnered with Catalent to produce allergen immunotherapies. The medication was supported by the proprietary Fast Dissolve Technology of the latter which can deliver and distribute drugs rapidly in the system. The patients reported a significant improvement in their health after intake of the medication. Demand for self-care and home healthcare is expected to support the use of these medications.
Competitive Landscape
Notable players in the latex allergy market include Aterica, Sanofi S.A., Dey Labs, BioPharma Inc., Johnson & Johnson, 3M, Merck, Alcon Inc., Array, Allerayde UK Ltd., Allergy Hero, Boehringer-Ingelheim, GlaxoSmithKline, Novartis AG, Rocky Mountain Diagnostics, AstraZeneca, and Nektar Therapeutics. Acquisitions and partnerships are strategies employed by these players to sustain their market standing.
Segmentation
The latex allergy market is segmented by type of exposure, diagnosis type, reaction type, type of treatment, and region. By type of exposure, the market is segmented into latex gloves, food containing latex substances, and others.
By diagnosis type, the market is segmented into allergy and skin tests. The allergy tests segment can generate significant revenue owing to these tests providing accurate and rapid diagnosis of these tests. Allergy tests are mostly conducted with the help of blood tests. The skin tests segment may witness a decline in demand owing to lack of regulatory agency approved tests.
By reaction type, it is segmented into anaphylaxis, asthma, irritant contact dermatitis, systemic reaction, allergic contact dermatitis, and rhinitis. Anaphylaxis and rhinitis segments are anticipated to induce significant market demand over the forecast period..
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By type of treatment, it is segmented into asthma medication, epinephrine injection, allergy medications: inhaler/albuterol, antihistamine, and corticosteroids. Epinephrine injection and corticosteroid segments are likely to generate significant revenue for the market owing to the efficacy of their treatment.
Regional Analysis
Geographically, the market spans Americas, Middle East & Africa, Asia Pacific (APAC), and Europe. The Americas is expected to lead the global market in terms of value and volume owing to prevalence of allergies and patients prone to these allergies in North America. To cater to the demands of allergy-prone patients, the U.S. Food and Drug Administration (FDA) is approving self-injectable drugs to control allergic reactions in children and adults. For instance, Kaléo, Inc., a U.S. pharmaceutical company, recently received approval for its epinephrine injection for allergic reactions including anaphylaxis in 2017.
Europe is the second-largest market after Americas owing to presence of reputed pharmaceutical manufacturers and a large patient base. The ban of powdered latex gloves can act as a catalyst for market demand. Campaigns created for awareness of utilizing synthetic gloves can protect healthcare workers from skin rashes caused by latex.
The APAC market is touted to grow the fastest owing to a large patient pool, presence of various pharmacies, and a large market for allergic solutions. Changing lifestyle and dietary habits of patients can contribute to latex allergies and induce demand for rapid solutions.