Latex allergy is caused by exposure to substances made of latex (natural rubber) which triggers a person’s immune system reaction. The symptoms of latex allergy market include itchy hands, skin rash, hives, and eczema (cracking of skin). Healthcare professionals suffer a greater risk of 8 to 17 percent risk, compared to the one percent for the general public underlining the importance of exposure as a prime driver of the market.
The latex allergy market insight is expanding as a result of more people using inferior latex goods and the tendency of rashes to cause additional illnesses like asthma, rhinitis, and anaphylaxis. The likelihood of latex allergy increases in the presence of specific illnesses such spina bifida. Patients with spina bifida have a prevalence of latex sensitivity that is 65% higher than the general population's rate of 1%.
Increasing standards and regulations for the latex business, the self-regulating nature of the rash after avoiding latex, the availability of homemade and alternative therapies, and others are some of the market restraints. The market displays a low value, high volume prospective. Another problem is price sensitivity since these markets react unreasonably to pricing. Additionally, the industry is fragmented, which has put pressure on prices for the established firms. The market has shrunk as a result of the development of production standards and latex allergen content detection tests like the IgE ELISA inhibition assay.
The global market for latex allergy is expected to reach US$ 2,837.7 million by the end of the forecasted period and this market is expected to grow at a CAGR of 7.4 %.
Key Players for Latex Allergy Market:
The latex allergy market players are: 3M, Alcon Inc., Allerayde UK Ltd, Allergy Hero, Array, BioPharma Inc, AstraZeneca, Aterica, Boehringer-Ingelheim, Dey Labs, GlaxoSmithKline, Johnson Johnson, Merck, Nektar Therapeutics, Novartis AG, Rocky Mountain Diagnostics, and Sanofi.
Segments of Latex Allergy Market
Latex allergy market trends has been segmented on the basis of type of exposure the market is segmented as latex gloves, food containing latex substances.
On the basis of diagnosis type the market is segmented as skin test and allergy test.
On the basis of reaction type the market is segmented as systemic reaction, Allergic contact dermatitis, Irritant Contact dermatitis, asthma, anaphylaxis, and Rhinitis.
On the basis of type of treatment, the market is segmented into Epinephrine injection, allergy medications albuterol, antihistamine, asthma medication, corticosteroids etc.
On the basis of type of occupational segmentation, the market is segmented into Agriculture, Chemical, Pharmaceutical and biotech, chemicals and others.
Contact dermatitis represent the largest market opportunity by volume. While asthma medication represent the largest market opportunity by value.
Regional Analysis of Latex Allergy Market:
Globally North America is the largest market for latex allergy. North America is led by the U.S. owing to greater penetration of healthcare. The reimbursement classification system allocates medical emergencies such as anaphylaxis and asthma greater reimbursement which is expected to benefit the market.
Europe is the second-largest market for latex allergy, which is led by Germany and France. Asia pacific region is expected to be fastest growing region in latex allergy Market. The latex allergy market is expected to take a turn towards the Asia Pacific region due to the large unmet need. India and China expected to lead the market due to large population size.
The market represents a clustered outlook with high market concentration in industrial areas especially related to chemicals, oil and natural gas, health care etc. due to greater propensity of exposure to latex. Thus the Middle East regions have a disproportionate share of the market and so has rubber producing regions of Indonesia, Brazil, and others. The rate of industrialization is an excellent parameter of the market as latex use is associated with industrialization. Thus the African continent is dominated by Nigeria, Egypt, and South Africa.
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