Allergy Diagnostics Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1937
Allergy Diagnostics Market size will emerge as one of the fastest growing verticals within the healthcare and medical devices domain and garner substantial revenue by 2027. The market is driven by the need for accurate technologies and solutions for the early detection and screening of various types of allergic conditions.
The burden of allergic diseases has increased tenfold across the world. In the U.S. alone, more than 50 million individuals are suffering from different types of allergies each year, according to the Asthma and Allergy Foundation of America (AAFA). The AAFA also reports that annual cost of allergies crosses US$18 billion. These factors highlight the importance of early detection of allergens for faster and more efficient treatment.
Market growth from hospital end-users will grow substantially during the forecast period due to increasing healthcare expenditure worldwide. The need to provide improved patient care through the use of latest technologies and devices is continuously driving new investments in healthcare systems. Improving healthcare infrastructure in developing countries will boost the access to allergy diagnostics solutions significantly.
From a geographical point of view, the market for allergy diagnostics in North America is slated to witness a positive growth trend through 2027. The regional expansion can be linked with the rising environmental pollution and the subsequent increase in various allergic diseases including asthma, rhinitis or hay fever, dermatitis or eczema, sinusitis, urticaria, angioedema, and conjunctivitis. According to AAFA, asthma affects more than 24 million Americans, including about 6 million children.
Siemens Healthcare, Danaher, Thermo Fisher Scientific, Hitachi Chemical Diagnostics, Omega Diagnostics, Hob Biotech Group, Stallergenes Greer, Lincoln Diagnostics, bioMerieux, and Hycor Biomedical are some of the major biotechnology companies providing allergy diagnostics solutions.
These market players are adopting various growth and expansion strategies to fuel their market presence and capitalize on the increasing demand for allergy diagnostics services. The strategies include partnerships, mergers, and acquisitions, among others like R&D activities and product innovation.
In May 2021, Thermo Fisher Scientific and healthcare firm Mayo Clinic had officially kicked off One Discovery Square, their new joint venture. The partnership is aimed at validating new diagnostic tests for managing a range of medical conditions in areas including allergies, oncology, autoimmune diseases, and others. Regulatory approvals play a critical role in bringing safe, reliable, efficient and novel allergy diagnostics solutions to the market. For instance, in July 2020, Thermo Fisher Scientific’s new read meat allergy test had gained the U.S. FDA clearance.
COVID-19 pandemic and its impact on allergy diagnostics market forecast
Numerous research studies have shown that the pandemic situation may make it difficult for healthcare providers to prioritize patients with allergic diseases since COVID-19 shares numerous symptoms in common with allergies, especially inhaled ones. On the other hand, this scenario may have caused doctors to prescribe more allergy medicines to people who are showing the symptoms.
Research trials have also shown that patients with asthma and other allergies are at a higher risk of viral infections such as COVID-19, which may potentially cause further complications. Owing to high risk, many healthcare providers have been recommending patients to minimize or avoid hospital and face-to-face visits. Teleconsultation and other telehealth services could be ideal during COVID-19 times for patients with allergies and can provide reliable patient care. With the gradually improving COVID-19 situation worldwide, the market is set to showcase positive growth over 2021-2027.
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