The global allergy diagnostics market is anticipated to expand between 2023 and 2033 at a 7.7% CAGR. Currently, the two nations with the biggest markets for allergy diagnostics are the US and Canada. Over the duration of the evaluation period, growth was sustained by increased consumer healthcare spending, developed infrastructure availability, and allergies to foods and pharmaceuticals.
As allergic asthma and food allergies become more commonplace worldwide, there is a growing need for allergy diagnostics, according to a research report from Future Market Insights (FMI), an ESOMAR-certified company. The report projects that the global market for allergy diagnostics will expand at a compound annual growth rate (CAGR) of about 11.6% from 2021 to 2031.
The paper claims that the increased prevalence of medication allergies, particularly those caused by morphine and penicillin, has increased demand for allergy diagnostics worldwide.
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The research also claims that industry participants are being encouraged to create reasonably priced allergy detection kits by rising air pollution and a lack of knowledge about food and medicine allergies in developing and underdeveloped nations. A World Health Organization report states that asthma affects over 262 million people worldwide, and that asthma is the cause of 461,000 asthma-related deaths.
The need for efficient treatment and treating the underlying causes of asthma will contribute to the market’s overall growth for allergy diagnostics. The market for allergy diagnostics grew slowly during the COVID-19 epidemic. This is a result of the epidemic forcing medical professionals to treat COVID patients instead of immunological therapy.
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.
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Key Takeaways from FMI’s Allergy Diagnostics Market Study
- The U.S is expected to dominate allergy diagnostics market on the back of rising incidence of skin allergies especially eczema and skin inflammation along with high rate of allergic rhinitis (hay fever) in black American population.
- Presence of advance healthcare infrastructure, favorable government and insurance policies, and increased per capita income are key allergy diagnostics market drivers in Canada.
- The U.K. will offer lucrative opportunities owing to increasing awareness regarding asthma and other allergic reactions like atopic eczema and hay fever. High prevalence of allergies will fuel the demand of allergy diagnostics in the country.
- Increasing per capita income and increasing government and private funding towards spreading asthma awareness will boost the allergy diagnostics market sales in China.
- India has low per capita income and presence of sub-par healthcare system. High prevalence of myths and stigmatic beliefs regarding asthma is one of the main factors limiting the market growth.
More Insights on 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 of 2017-2022 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (fungal allergy diagnostic and neutral lactase enzymes), by allergen type (inhaled allergens, food allergens, and drug allergens), test type (in-vivo allergy tests and in-vitro allergy tests), and end user (diagnostic laboratories, hospitals, and academic research institutes) across North America, Latin America, Europe, East Asia, South Asia, and Middle East and Africa.
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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