The market for allergy diagnostics is projected to expand substantially at a CAGR of 12.8%, achieving US$3.8 bn by the end of 2024, which was estimated to be worth US$1.3 bn in 2015.
The global allergy diagnostics market appears to be consolidated. The leading companies discussed in the report include Quest Diagnostics, Inc., Omega Diagnostics Group Plc, Thermo Fischer Scientific, Inc., Siemens Healthineers, bioMérieux SA, HAL Allergy Group, and Stallergenes Greer.
Transparency Market Research (TMR) finds that the allergy diagnostics market is rife with heightened levels of competition among the companies, owing to the presence of local as well as international players. Dominant players have been adopting the fruitful strategy of collaborating with leading companies.
Low Cost of Consumables to Position them as Leading Product Segment
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Allergy diagnostic consumables was the leading product segment in 2015 and is expected to continue to hold its dominance in the market over the coming period. Reagents and pipettes are some examples of consumables that have grown popular on account of their lower costs and high volume.
The segment is expected to attain a 50.1% share by the end of 2024, with a remarkable CAGR of 13.6% between 2016 and 2024.
North America is expected to emerge as the dominant regional market for allergy diagnostics. However, Asia Pacific is projected to emerge as a rapidly growing market, with a remarkable CAGR of 13.6% between 2016 and 2024.
High Level of Pollution to Drive Growth
Lack of exposure to allergic elements in childhood and high levels of hygiene maintenance, particularly in the western countries, has contributed towards a rise in the demand for allergy diagnostics. Furthermore, factors such as longer duration of pollen seasons, climatic changes, high levels of air pollution on account of industrial and traffic smoke, increased tobacco smoking, and prevalence of other allergens in the environment are driving the market for allergy diagnostics.
Moreover, genetic factors, increased vulnerability to allergies, and rise in healthcare expenditure are also boosting market growth. High prevalence of asthma among global population is also responsible for the rising demand for allergy diagnostics.
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An important concept related to the expansion of the allergy diagnostics market is the “hygiene hypothesis”. This hypothesis proposes that little or no exposure to infectious agents during childhood makes a person more vulnerable to allergies, on account of early restriction on the development of the immune system.
This is more prevalent in western countries, where hygiene is given utmost importance. The U.S., New Zealand, the U.K., and Australia showed 20 times higher incidence of allergies as compared to other countries in 2013.
This tendency has been driving the growth of allergy diagnostics market in the west.
Regulatory Policies Will Pose a Major Threat to the Market
Strict regulatory policies, along with large investment costs, will pose as major challenges to the allergy diagnostics market. the highly consolidated nature of the market will obstruct growth of new entrants.
Currently, the leading market players are working on the reduction of costs in order to tap more profit. However, a rise in the types of allergies over the coming years will fuel the demand for allergy diagnostics.
Changing food habits among people worldwide, coupled with growing popularity of processed and packed foods, are expected to furnish significant opportunities, by the end of 2024.
The information presented in this review is based on a Transparency Market Research report, titled, “Allergy Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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