The allergy diagnostics market is on the cusp of substantial growth, with sales projected to reach approximately USD 6220 million in 2024. Demonstrating a robust compound annual growth rate (CAGR) of 7.7%, the market is expected to attain a remarkable valuation of USD 13060.1 million by 2034.
This impressive expansion is driven by several key factors. The rising prevalence of allergies worldwide, coupled with significant technological advancements in diagnostic methods, is fueling market growth. Additionally, increasing patient awareness about allergies and their impacts is propelling the demand for reliable and accurate diagnostic solutions.
Allergies have emerged as a major global health concern, affecting millions and placing considerable strain on healthcare systems. As a result, the need for effective allergy diagnostics has never been more critical. The market’s growth underscores the vital role of advanced diagnostic tools in managing and mitigating the impact of allergies on individuals and healthcare infrastructures.
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The study also asserts that growing air pollution and a lack of awareness regarding food and medication allergies in emerging and impoverished countries are pushing industry players to produce cheaply priced allergy diagnostic kits. According to a World Health Organization report, 461,000 people worldwide die from asthma-related causes each year, while over 262 million people suffer from asthma.
The market for allergy diagnostics will rise overall because of the necessity for effective treatment and treating the underlying causes of asthma. During COVID-19, the market for allergy diagnostics expanded moderately. This is the outcome of medical practitioners treating COVID patients instead of immunological therapy due to the epidemic.
Virtual care and restricted visitation approaches were used in cases of patients with severe asthma or other allergic reactions in order to limit human contact and prevent the spread of viruses.
The development of affordable at-home diagnostic tools for food sensitivities and allergies is expected to accelerate market expansion in the years to come. These applications will lighten the workload for hospitals and labs, which will lower the expense of allergy diagnostics and treatment. Given that automated allergy diagnostics is becoming more and more popular in diagnostic laboratories and hospitals due to its high efficacy, it is projected that the market will expand rapidly in the next years. The United States and Canada are anticipated to produce extremely promising chances that would aid in the market’s overall growth.
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“Surge in food allergies cases along with increasing incidence of asthma in children will catapult the demand of allergy diagnostics during the forecast period,” says the FMI analyst.
Competitive Landscape
Allergy diagnostics market is highly competitive market owing to presence of global market players. Market players are employing multiple marketing techniques to expand their global outreach.
Allergy diagnostics market players are focusing towards employing organic and inorganic strategies to expand their global foothold.
Inorganic strategies include strategic merger and acquisition and forming an alliance with regional distributors to strengthen their supply chain channels.
They are also emphasizing towards faster product approvals, product development and patenting.
Prominent players operating in the allergy diagnostics market are:
- Hitachi Chemical Co. Ltd
- Thermo Fisher Scientific Inc.
- Siemens Healthineers
- Danaher Corporation
- HOB Biotech Group Co
- bioMérieux
- Hycor Biomedical Inc.
- Stallergenes Greer
- R-Biopharm AG
- Lincoln Diagnostics Inc.
Key Segments of Allergy Diagnostic Market Report:
By Product Type:
The market is bifurcated into fungal allergy diagnostic, and neutral lactase enzymes.
By Allergen Type:
Key allergen type present in the industry include inhaled allergens, food allergens, drug allergens, and other allergens.
By Test Type:
The report consists of key test types like in-vivo allergy tests and in-vitro allergy tests.
By End User:
Key end users present in the industry include diagnostic laboratories, hospitals, academic research institutes, and other end users.
By Region:
Analysis of the market has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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