Global Allergy Diagnostics Market to Reach $5.9 Billion by 2024
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Allergy Diagnostics - Global Market Trajectory & Analytics." The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 14672
Companies: 67 - Players covered include Alk-Abello A/S; Allergy Therapeutics PLC; Angsana Molecular & Diagnostics Laboratory Pte. Ltd.; Astra Biotech Gmbh; biomerieux SA; Danaher Corporation; Demeditec Diagnostics GmbH; EUROIMMUN AG; GA Generic Assays GmbH; Hitachi Chemical Co., Ltd.; INDOOR Biotechnologies, Inc.; Lincoln Diagnostics, Inc.; Omega Diagnostics Group Plc; R-Biopharm Ag; Roxall Medizin GmbH; Stallergenes Greer; Siemens Healthineers; Tecan Trading AG; Theradiag; Thermo Fisher Scientific Inc. and Others.
Coverage: All major geographies and key segments
Segments: Allergens (Inhaled Allergens, Food Allergens, Drug Allergens, Other Allergens); End-Use (Hospital, Diagnostic Laboratory), Other End-Uses); Product (Assay Kits, Instruments, Services)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Allergy Diagnostics Market to Reach $5.9 Billion by 2024
Allergy is fast gaining the status of a common health problem for people across the world, affecting overall well-being in both developed and developing countries. Most allergy patients are teenagers who are suffering primarily from airway allergies such as allergic rhinitis. The number of people suffering from airway allergies is expected to only increase in the coming years, as growing urbanization, and lifestyle and dietary changes become more prevalent than ever. Although the symptoms and signs of allergy differ with the age of the patient, it affects people of all age groups across all parts of the world. Though efforts are being undertaken to increase awareness about allergy and related symptoms, and effective measures and programs are being implemented to fight off allergies, its incidence and prevalence continues to grow in several countries. Major barriers include growing global population, lack of general public awareness about allergies, continued migration of the rural population to urban land, and growing interest in maintaining excessively hygienic conditions, among others.
Amid the COVID-19 crisis, the global market for Allergy Diagnostics is projected to reach US$5.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 10.1% over the analysis period. The United States represents the largest regional market for Allergy Diagnostics, accounting for an estimated 34.3% share of the global total. The market is projected to reach US$2.1 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 15.0% over the analysis period. The rapidly increasing incidence of allergy coupled with changing dietary habits is playing a pivotal role in bolstering the allergy diagnostics market. The market growth is also augmented by increasing level of environmental pollution and the resulting increase in the number of individuals suffering from allergic conditions. Changing lifestyles and dietary patterns coupled with rapid urbanization and increasing level of outdoor and indoor pollution are likely to increase the incidence of allergic conditions. The market growth is estimated to be also propelled by strong demand for in-vitro diagnostic blood tests. In addition, growing awareness about allergic conditions across emerging economies is expected to provide lucrative growth opportunities to market participants.
Based on product type, assay kits segment is forecast to dominate global allergy diagnostics market, followed by instruments and services segment during the analysis period. Assay kits are anticipated to witness high demand fueled by key factors such as rising preference for assay kits by medical practitioners in allergy testing, high prevalence of allergic diseases, and increasing test volumes. The high product availability and need for repeat purchase in allergy testing is also expected to drive high consumption of assay kits in the coming years. The increasing burden of chronic diseases spurs demand for technologically advanced products, including assay kits, instruments, and other automated systems that facilitate rapid detection of allergies. The efficacy and accuracy of test results using assay kits is a major factor boosting its adoption in diagnostic tests. The surge in the number of patients suffering from allergies is anticipated to drive heightened demand for rapid and more advanced allergy diagnostics solutions. To meet such requirement, ready-to-use allergy diagnostic kits have been introduced in the market. These diagnostic kits can be used for on-site testing. Such tests deliver fast and reliable results which aids in early diagnosis and treatment of allergies.
Against the backdrop of growing demand for superior performance and increasing competition, clinical laboratories are adopting automation solutions to process higher-complexity assays and reduce turnaround time (TAT). This in turn boosts market prospects for assay kits. As TAT is a key indicator used for assessing laboratory performance, fully automated immunoassay systems witness increasing adoption to improve TAT and reduce labour costs. Innovations in the immunoassay space include the development of next-generation immunoassay technology that leverages data-driven machine learning to facilitate more accurate diagnosis and treatment of patients with food allergies. More
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