Luton, Bedfordshire, United Kingdom, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Allergy Diagnostic Market.
The global allergy diagnostics market size was valued at USD 5.1 billion in 2022 and is projected to reach USD 12.81 billion by 2029, growing at a CAGR 12.2%.
The global allergy diagnostic industry is witnessing a massive growth mainly due to increasing air pollution that can cause chronic respiratory diseases, thereby driving the market growth. Also, WHO (World Health Organization) revealed that approximately 80% of the people live in urban areas, therefore they are highly affected by air quality, mostly in low-income countries. Moreover, there are many studies that revealed the relationship between the air pollution and allergic rhinitis, asthma, and other disorders that are leading to the overall growth of allergy diagnostics.
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Recent Developments:
- In July 2022, Apollo Health Group, Asia-‘s leading integrated healthcare services provider, announced its partnership with 1health.io, an industry-leading cloud platform for clinical testing, to boost its specialized high-performance NGS tests like pharmacogenetics screenings (PGx) and hereditary cancer genetic screening (CGx) to the emerged clinical market.
- In 2021, Hitachi Chemical Diagnostic, Inc, has been given a new name Minaris Medical America, Inc. by merging the medical business group companies under the name of Minari's Medical. Hitachi aimed to reinforce its presence globally and enhance business operations in the in-vitro diagnostics field.
- In 2021, PerkinElmer Inc. pass in an agreement with Immunodiagnostic Systems Holdings PLC to acquire the latter. The acquisition will allow PerkinElmer Inc. to strengthen its position in Immunodiagnostic (IDS) market. The IDS would be integrated under EUROIMMUN Medizinische LABORDIAGNOSTIKA AG, which is a company providing allergy solutions and products.
Premium costs associated with allergy diagnostic instruments will hamper the market growth due to low demand.
There are currently just a few Health tools for diagnosing allergic rhinitis (AR) that have been published in peer-reviewed publications, which limits the use of Health for the diagnosis of rhinitis. A new breed of point-of-care devices is produced by recent advancements in integrated biosensors, wireless communication, and power harvesting techniques. However, AR is a very widespread illness. Peak nasal inspiratory flow metres and intranasal biosensors are only two examples of diagnostic tools that can be connected to smartphones. Large hospitals and diagnostic laboratories have a larger share in this market as they have good capital budgets to afford high-volume systems. However, most small laboratories, physicians’ clinics, and independent practitioners have budget constraints owing to which they generally cannot afford large or very large systems. Thus, high fixed-cost requirements are expected to limit the growth of the allergy diagnostics market.
North America Dominates the Market and Expects to do Same Over the Forecast Period.
North America is expected to dominate the allergy diagnostics market owing to the factors such as the increasing incidence and prevalence of allergic diseases and related conditions, environmental pollution, rising healthcare spending, and growing company activities. The COVID-19 outbreak in the North American region had a significant impact on allergist practices, including the diagnosis of allergy diseases and adaptation to state-wide restrictions on non-essential medical visits and testing as well as the reduction of the risk of disease transmission to healthcare professionals, employees, and patients. The market is also growing as a result of the presence of leading manufacturers and suppliers of cutting-edge allergy diagnostic tests. As the number of fatalities linked to pharmaceutical allergies rises, so will the demand for rapid and reliable allergy diagnosis. The high frequency of allergic rhinitis (hay fever) and the prevalence of skin allergies in black Americans, notably eczema and skin inflammation, will propel the expansion of the allergy diagnostic market in the United States.
Allergy Diagnostic Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 5.1 billion in 2022 |
| Revenue forecast in 2029 | USD 12.81 billion by 2029 |
| Growth rate | CAGR of 12.2% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Thermo Fisher Scientific, PerkinElmer Inc., Danaher, Hitachi Chemicals, BIOMÉRIEUX, Omega Diagnostics Group PLC, Siemens, Eurofins Scientific, Stallergenes Greer, and Neogen Corporation. |
| Key Market Opportunities | The increasing environmental pollution globally and the increasing access to healthcare insurance are further estimated to enhance the growth of the Allergy Diagnostics Market. |
| Key Market Drivers | The utilization of mHealth in allergy diagnosis is the major factor driving the growth of the market during the forecast period. |
| Customization scope | The development of advanced technology indicates the great opportunity for growth of the Allergy Diagnostics Market by introducing various types of blood tests in order to reduce further health issues. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
List of Prominent Players in the Allergy Diagnostics Market:
The Allergy Diagnostic market key players include Thermo Fisher Scientific, PerkinElmer Inc., Danaher, Hitachi Chemicals, BIOMÉRIEUX, Omega Diagnostics Group PLC, Siemens, Eurofins Scientific, Stallergenes Greer, and Neogen Corporation.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
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Key Market Segments: Allergy Diagnostic Market
Allergy Diagnostic Market by Allergen, 2023-2029, (USD Million), (Thousand Unit)
- Food Allergens
- Inhaled Allergens
- Drug Allergens
- Other Allergens
Allergy Diagnostic Market by Test Type, 2023-2029, (USD Million), (Thousand Unit)
- In Vivo
- In Vitro
Allergy Diagnostic Market by Product and Service, 2023-2029, (USD Million), (Thousand Unit)
- Consumables
- Instruments
- Services
Allergy Diagnostic Market by End User Industry, 2023-2029, (USD Million), (Thousand Unit)
- Diagnostic Laboratories
- Hospital-Based Laboratories,
- Research Institutes
- Others
Allergy Diagnostics Market Dynamics
- Drivers
- Increased prevalence and heavy economic burden of allergic diseases
Because of the higher exposure to environmental pollutants in cities, the prevalence of allergy disorders among city dwellers is higher than among rural dwellers.
The growing levels of environmental pollutions that can cause serious chronic respiratory diseases along with strategic alliances among key market players are some prime factors predicted to drive the growth of the global allergy diagnostic market during the analysis timeframe.
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- Growing environmental pollution levels
The main risk factors for chronic respiratory disorders are exposure to indoor and outdoor air pollution, allergies, and occupational exposure.
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- Rise in the access to health insurance
Substantial hospitals and diagnostic laboratories have a larger proportion of this market since they can afford high-volume systems due to their large capital budgets.
The strong relationship between the air pollution and asthma, allergic rhinitis, and other disorders is also estimated to boost the market growth by 2029.
- Opportunities
- Use of mHealth in allergy diagnosis
The growing usage of mHealth in allergy diagnosis are further estimated to provide potential opportunities for the growth of the allergy diagnostics market in the coming years.
Increasing R&D activities by researchers and scientists and growing technological developments for improved use of allergy diagnostics using smartphones are some factors anticipated to create abundant growth opportunities for the global allergy diagnostic market during the forecast period.
The incorporation of mHealth in allergy diagnostics for better communication between patients and allergists with the help of video calls, texting, motion sensors, etc. is also expected to augment the market development by 2029.
- Restraints/Challenges
- High cost of allergy diagnostic is the major impeding factor for the market growth.
On the other hand, the increased costs regarding the allergy diagnostic instruments are further projected to impede the growth of the allergy diagnostics market in the targeted period. However, the dearth of allergists might further challenge the growth of the allergy diagnostics market in the near future.
Key Question Answered
- What is the current size of the allergy diagnostic market?
- What are the key factors influencing the growth of allergy diagnostic?
- What are the major applications for allergy diagnostic market?
- Who are the major key players in the allergy diagnostic market?
- Which region will provide more business opportunities for allergy diagnostic in future?
- Which segment holds the maximum share of the allergy diagnostic market?
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