[170 Pages Report] According to the ESOMAR certified Future Market Insights (FMI) research report, the demand for allergy diagnostics has increased significantly due to the rising incidence of allergic asthma and food allergies globally. According to the study, the world allergy diagnostics market is expected to grow at around 11.6% CAGR throughout the forecast period from 2021 to 2031.
According to the report, the rising incidence of drug allergies, particularly penicillin and morphine, has fueled the demand for allergy diagnostics across the world.
The report also states that increasing air pollution and lack of food and drug allergy awareness in emerging and poor countries are encouraging market players to develop cost-effective allergy diagnostic kits.
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According to a report published by the World Health Organization, approximately 262 million people worldwide are affected by asthma, of which 461,000 die from it.
The growing demand for effective treatment and treatment of the causes of asthma will contribute to the overall expansion of the allergy diagnostics market.
The allergy diagnostics market has been growing slowly during the COVID-19 pandemic. Indeed, the pandemic has led to the suspension of immunological care and diverted the healthcare professional to the treatment of COVID patients.
For patients with severe asthma or another allergic reaction, virtual care and limited visitation methods have been used to restrict human contact and stop transmission of the virus.
The introduction of cost-effective food sensitivity and home allergy diagnostics will drive the market growth in the coming years. Such applications will reduce the burden on hospitals and laboratories, resulting in reduced medical and allergy diagnostic costs.
Going forward, the market is expected to witness significant growth as the majority of diagnostic labs and hospitals are turning to automated allergy diagnostics for its high efficiency. Canada and the United States are likely to offer very opportunistic prospects, contributing to the overall expansion of the market.
“Rising cases of food allergies along with growing incidence of asthma in children will propel the demand for allergy diagnostics over the forecast period», Explains the IMF analyst.
The allergy diagnostics market is a highly competitive market owing to the presence of global players in the market. Market players are using several marketing techniques to extend their global reach.
The allergy diagnostics market players are focusing on using organic and inorganic strategies to expand their global presence.
Inorganic strategies include strategic merger and acquisition and alliance formation with regional distributors to strengthen their supply chain channels.
They also emphasize faster product approvals, product development and patents.
Major Players operating in the Allergy Diagnostics Market are:
- Hitachi Chemical Co.Ltd
- Thermo Fisher Scientific Inc.
- Siemens Healthineers
- Danaher Corporation
- HOB Biotech Group Co
- Hycor Biomedical Inc.
- Stallergenes Greer
- R-Biopharm AG
- Lincoln Diagnostics Inc.
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Key Findings from the IMF Allergy Diagnostics Market Research
- The United States is expected to dominate the allergy diagnostics market owing to the increasing incidence of skin allergies, especially eczema and skin inflammation, as well as the high rate of allergic rhinitis (hay fever) in the American black population.
- The presence of advanced healthcare infrastructure, favorable government and insurance policies, and increased per capita income are the major drivers of the allergy diagnostics market in Canada.
- The UK will provide lucrative opportunities due to the growing awareness of asthma and other allergic reactions such as atopic eczema and hay fever. The high prevalence of allergies will fuel the demand for allergy diagnostics in the country.
- Rising per capita income and increasing public and private funding for asthma awareness will drive the sales of allergy diagnostics market in China.
- India has a low per capita income and the presence of a below average healthcare system. The high prevalence of stigmatic myths and beliefs regarding asthma is one of the major factors limiting the growth of the market.
More insights into the Global Allergy Diagnostics Market
In its latest report, FMI offers an unbiased analysis of the global allergy diagnostics market, providing historical data for the period 2017-2022 and forecast statistics for the period 2021-2031. In order to understand the global market potential, growth, and scope, the market is segmented on the basis of Product Type (Fungal Allergy Diagnostics and Neutral Lactase Enzymes), by Allergen Type (Inhalant Allergens, Food Allergens, and Drug Allergens ), type of test (in vivo allergy testing and in vitro allergy testing) and end user (diagnostic laboratories, hospitals and academic research institutes) in North America, Latin America, Europe, East Asia East, South Asia, the Middle East and Africa.
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.