worldwide allergy diagnostics market is projected to surpass a valuation of USD 8.6 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
An allergy is a term for a condition involving the immune system’s response to foreign materials, known as allergens. Causes of allergy could vary depending on what a person eats, injects into the body, inhales into lungs, or touches. This reaction results in sneezing, itchy or red eyes, runny nose, coughing, and scratchy throat. In serious circumstances, a patient can experience asthma attacks, breathing trouble, rashes, low blood pressure, hives, and in some extreme cases even death. Currently, there is no treatment that can cure an allergy completely. However, via proper diagnosis and medication, the condition can be controlled.
As per the report, the rising prevalence of allergic diseases including allergic rhinitis, asthma, sinusitis, and food allergies is the primary factor driving the global allergy diagnostics market. Data by the World Health Organization 2013 suggests that nearly 300 Million people globally were affected by asthma due to allergy, and this figure is projected to cross 400 Million over the upcoming decade. Additionally, as per the statistics extracted by AAAAI, around 15% of the global population suffers from allergic rhinitis on an annual basis. Thus, the increasing instances of people suffering from allergy paired with the growing demand for proper diagnosis and treatment are predicted to boost the global allergy diagnostics market growth during the forecast timeline.
The product landscape of the global allergy diagnostics market is segmented into instruments, assay kits, and consumables, as per the report. In 2017, the consumables segment dominated the global industry since it is a vital component in allergy detection. The allergen spectrum of the market is categorized into the drug, food and inhaled segments. In 2017, the inhaled segment led the global allergy diagnostics market. The major factor contributing to the high market share was the growing demand for allergy diagnosis and the introduction of certain allergens that helps to detect allergies.
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In terms of tests, the global allergy diagnostics market is segmented into in vitro and in vivo. Owing to the benefits such as ease of use for clinically valid allergies, time efficiency, wider availability and sensitivity, the in vivo segment is estimated to dominate the global allergy diagnostics market. Meanwhile, in vitro test segment is projected to witness significant growth during the forecast period mostly due to the growing demand for lab automation and a decline in invasive diagnostic methods along with exceedingly sensitive & accurate results.
As per the report, the end-user landscape is bifurcated into hospitals and diagnostic labs. In 2017, the diagnostics labs dominated the global allergy diagnostics market. Massive progress in screening methods aiding accurate disease diagnosis suggesting proper treatment is expected to offer more growth opportunities for the expansion of this segment, cites the report.
The report also provides an in-depth analysis of the allergy diagnostics market drivers, restraints, and opportunities over the estimation period. A detailed analysis of the report in terms of allergens, products, end users, tests, and geography has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report under the heads of business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the global allergy diagnostics market encompasses major players like bioMerieux, Alcon Laboratories, Danaher Corporation, Thermo Fisher Scientific, Omega Diagnostics, Stallergenes Greer, Siemens Healthcare, Hitachi Chemical Diagnostics, Lincoln Diagnostics, HOB Biotech Group, and Hycor Biomedical among others. The key growth strategies observed in this business space include launching innovative treatments and teaming up with other market leaders to develop new drugs and to meet the rising patient needs and requirements, thereby augmenting the allergy diagnostics market growth during the foreseeable timeline.