The opportunity presented by the global market was pegged at US$1.3 bn in 2015 and is projected to be worth US$3.8 bn by 2024, expanding at a strong CAGR of 12.8% therein.
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Diagnostic Laboratories Leading End Users of Allergy Diagnostics
The consumables segment accounted for the major share in the allergy diagnostics market. The segment is projected to present a 50.1% share by 2024, registering the highest CAGR of 13.6% during the forecast period.
The instruments segment, on the other hand, is projected to witness sluggish growth through 2024.
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Based on test, in vivo tests led the market while in vitro tests present the most attractive growth opportunities. Diagnostic laboratories are the leading end users of allergy diagnostics and are also likely to exhibit the strongest growth during the course of the forecast period.
Taking the lead from a geographical standpoint, North America is forecast to account for 39.9% of the global allergy diagnostics market by 2024. On the other hand, Asia Pacific will register the most promising CAGR of 13.6% during the forecast period.
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Growing Prevalence of Allergy Diseases in the Western World
Apart from the growing prevalence of allergies across the globe, the allergy diagnostics market is fueled by a number of genetic, geographical, social, and economic factors.
A theory key to the development of the allergy diagnostics market is the “hygiene hypothesis”. This hypothesis states that the lack of early exposure to infectious agents and microorganisms increases the susceptibility of a person to allergies, by restricting the early development of the immune system.
According to the theory, the urban and western lifestyle, with its limited exposure to infectious agents in childhood, is highly responsible for the increased prevalence of allergies in countries in the West. Supporting this theory are statistics revealed by the Global Burden of Asthma.
In 2013, figures showed that the U.S., Australia, New Zealand, and the U.K. had a 20 times higher prevalence of allergies than other countries.
This, in turn, has been driving the demand for allergy diagnostics in these countries.
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An alarming rise in pollution levels, genetic factors responsible for the proneness to allergies, the availability of advanced technologies for allergy diagnostics, and increased healthcare expenditure worldwide are also contributing toward the growth of the allergy diagnostics market.
The global allergy diagnostics market is immensely consolidated, with the top five players accounting for around 73.0% in 2015. Thermo Fisher Scientific Inc., Quest Diagnostics, Inc., BioMerieux, Omega Diagnostics Group Plc., and Stallergenes Greer dominated the global market that year.
Transparency Market Research notes that the market for allergy diagnostics displays intense rivalry among existing players owing to the presence of several large global players and a few local companies.
Collaborations with leading firms to enter new markets has been noted to be a successful growth strategy adopted by dominant players. A case in point would be Quest Diagnostics.
Given the role of genetics in developing allergies, the company collaborated with AncestryDNA in August 2016 to help meet the rapidly growing consumer demand for genetic tests. This collaboration is likely to allow Quest Diagnostics to expand its product portfolio in the in-vitro testing segment.
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