Allergy Diagnostics Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1937
Allergy Diagnostics Market size is projected to experience significant growth from 2017 to 2024 due to increasing incidences of allergic conditions such as rhinitis or hay fever, asthma, atopic dermatitis or eczema, urticaria, sinusitis, conjunctivitis and angioedema. According to CDC, more than 50 million individuals are diagnosed with allergies in the U.S. resulting it to the sixth leading cause of chronic ailments in the country. Rising burden of diseases fuels the demand for introduction of technologically advanced products such as assay kits, instruments, and automated systems for rapid detection of allergies boosting the business growth over the forecast timeframe.
Rapid urbanization and industrialization, adoption of western lifestyles has led to increase in environmental pollution further fueling the demand for allergy diagnostics market. Based on the estimates, around inhaled allergies affected 20 million Americans such as hay fever boosting the overall market in the future.
Genetic factors or heredity for development of allergies among children along with the rising healthcare expenditure globally are driving the allergy diagnostics market growth. Excessive costs associated with the diagnostics techniques leading to lower adoption rates coupled with the stringent regulatory policies will hamper the business growth. Moreover, lack of awareness about disease conditions in the emerging countries act as another limiting factor.
The consumables segment monopolized the industry in 2016 and shall witness remunerative growth over the forecast period owing to the mounting use of reagents such as allergen extracts, antibodies, patches and strips forming an intrinsic part of diagnostic tests. Presence of major players such as Thermo Fischer Scientific and Siemens Healthcare; and development of consumables for rapid and accurate diagnosis will fuel business growth over the coming few years.
Inhaled allergens market dominated the overall industry owing to the alarming pollution levels coupled with the increasing prevalence of diseases such as asthma, hay fever, sinusitis fueling the demand for testing and detection in individuals. In vivo test segment shall dominate the industry due to the increased use of skin prick test. The benefits offered by this test includes sensitivity, cost-efficiency and wide applications in detecting food and specific IgE allergy testing leading to increased adoption by healthcare professionals.
Diagnostic laboratories segment is leading the overall allergy diagnostics market and is expected to show a similar trend in the future. Heightened incidences of diseases leading to increasing demand for diagnosis coupled with rising healthcare expenditure will drive the segment growth over the coming years.
North America commanded the industry in 2016 pertaining to escalating prevalence rates of asthma and hay fever in the U.S. Furthermore, well-established healthcare infrastructure, presence of major industry players developing advanced screening techniques along with increasing healthcare spending augments the business growth.
Europe will also hold momentous market share and show a lucrative growth rate over the forecast period followed by Asia Pacific. Growing incidences of asthma, rise in number of allergens due to alarming pollution levels along with awareness campaigns will drive the overall industry. For instance, in April 2016, the European Academy of Allergy and Clinical Immunology (EAACI) organized an exhibition “Test Your Allergies 2016” in order to detect, create awareness among people and enhance collaborations with the patients in the region.
Some of the major industry players include Thermo Fisher Scientific, Danaher, Omega Diagnostics, bioMerieux, Stallergenes Greer, Siemens Healthcare, Hitachi Chemical Diagnostics, Hob Biotech Group, Lincoln Diagnostics and Hycor Biomedical. The industry players focus on innovative product launch to expand their business portfolio as main strategies. In July 2015, Thermo Fischer Scientific introduced advanced solutions and kits such as ImmunoCAP allergen components for cashew nut, hazelnut and walnut which enables to detect patients with allergies to food products and allows efficient clinical testing with accurate results.
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