Increasing Demand for Assay Kits Spurring Growth in the Allergy Diagnostics Market: Future Market Insights

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DUBAI, U.A.E, June 30, 2021 /PRNewswire/ -- The global allergy diagnostics market is likely to exhibit a steady growth, which is attributable to the rising prevalence of asthma and various allergies related to food and drugs. As per a study by FMI, the market for allergy diagnostics is set to grow at a CAGR of around 11.6% during the forecast period from 2021 to 2031.

The primary factor driving the growth of the market is the rising incidence of allergies and asthma. According to a study by the Asthma and Allergy Foundation of America, allergies are the sixth major cause of chronic illness, affecting more than 50 million people every year in the U.S.

Also, around 6.1 million children and 20.4 million adults are suffering from asthma in the country. With surging incidence of asthma and allergies, the need for effective diagnostics becomes indispensable, creating growth opportunities for the allergy diagnostics market.

North America is dominating the global allergy diagnostics market. Owing to the increase in the number of well-equipped diagnostics centers and high awareness regarding various ailments, the market in the region is bolstering.

"Leading players are emphasizing on developing fully automated immunoassay systems to improve the efficiency and reduce the testing time. Besides this, some of them are introducing self-diagnostics kits, to ease the application for allergy diagnostic among home users," says the FMI analyst. 

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Key Takeaways

• Diagnostic laboratories have emerged as dominant end user due to the rising prevalence of allergies across the globe.
• The U.S. and Canada are leading the North America market for allergy diagnostics owing to the high prevalence of asthma in the countries.
• The U.K. is exhibiting a steady growth favored by the presence of developed medical infrastructure and high consumer spending on healthcare.
• Driven by the increasing incidence of allergies, India is likely to emerge as a lucrative market for allergy diagnostics market.
• Based on allergen type, food allergy diagnostics account for the largest revenue share, attributed to high prevalence of allergies due to shellfish, peanuts, and dairy products.

Key Drivers

• Increasing prevalence of allergies and asthma will fuel the demand for the allergy diagnostics market.
• Growing adoption of automation in diagnostic will drive the growth of the market.
• With the emergence of self-diagnostics kits, the market for allergy diagnostics is expected to bolster.
• Rapid diagnosis and allergy molecule detection is spurring the demand for allergy diagnostics devices.

Key Restraints

• High cost of installation is hampering the demand for the allergy diagnostics market.
• Lack of expertise in providing proper diagnosis is a factor restraining the market growth.
• Stringent regulatory guidelines are posing a challenge for the growth of the market.

Discover more about the allergy diagnostics market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/checkout/4959

Competitive Landscape

Market players operating in the allergy diagnostics market are focusing on receiving product approvals and are engaging in merger and acquisition to expand their reach. For instance,

• Thermo Fisher scientific Inc. acquired Alfa Aesar, a company based in the U.S., in 2017 to expand their reach in chemical industry.
• In 2019, Hitachi Chemical Diagnostics, announced that the company have received approval from FDA for its new product named OPTIGEN AP 3600.

 Some of the leading players operating in the market are profiled by FMI 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.

More Insights on FMI's Allergy Diagnostics Market

The latest market study on global allergy diagnostics market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of following criteria:

By Product Type

• Fungal Allergy Diagnostic
• Neutral Lactase Enzymes

By Allergen Type

• Inhaled Allergens
• Food Allergens
• Drug Allergens
• Other Allergens

By Test Type

• In-vivo allergy tests
• In-vitro allergy tests

By End User

• Diagnostic Laboratories
• Hospitals
• Academic Research Institutes
• Other End Users

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa

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SOURCE Future Market Insights