Medical Health & Life Science Research News

Allergy diagnostics market is projected to hold a value of over USD 5.74 billion in 2022

Medical Market Research

The global allergy diagnostics market is expected to reach USD 5.74 Billion by 2022 from USD 3.49 Billion in 2017, at a CAGR of 10.5%.

A number of factors, such as the high incidence and large economic burden of allergic diseases, rising environmental pollution levels, increasing healthcare expenditure, and growing access to medical insurance in the US are expected to drive the growth of this market.

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The global allergy diagnostics market is segmented by product & service, test type, allergen, end user, and region. By product & service, the allergy diagnostics market is segmented into assay kits, instruments, and services.

The assay kits segment is expected to lead the global allergy diagnostics market in 2017. The widespread availability and large consumption of assay kits in allergy testing are expected to drive the growth of this segment in the coming years.

On the basis of test type, the market is classified in vivo tests and in vitro tests. In 2017, the in vivo tests segment is expected to account for the largest share of the allergy diagnostics market.

The growth of this segment is mainly driven by the increasing adoption of various in vivo tests such as skin prick tests. These tests are dependable, safe, convenient, and cost-effective as compared to the in vitro tests.

Based on allergen, the allergy diagnostics market is segmented into inhaled allergens, food allergens, drug allergens, and other allergens. In 2017, the inhaled allergens segment is expected to account for the largest share of the allergy diagnostics market.

Increasing environmental pollution is one of the major factors driving the growth of this segment.

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On the basis of end users, the market is segmented into diagnostic laboratories, hospital-based laboratories, academic and research institutes, and other end users. In 2017, the diagnostics laboratories segment is estimated to account for the largest share and is projected to grow at the highest rate during the forecast period.

Rising investments, growing research activities, and increasing adoption of allergy diagnosis through medical insurance in the US are major factors fuelling the market growth in this end-user segment.

The global allergy diagnostics systems market is dominated by North America, followed by Europe. North America will continue to dominate the global allergy diagnostics market during the forecast period.

However, Asia is expected to witness the highest CAGR, with the growth in this market centered at Japan, China, and India. Improving life sciences research infrastructure in emerging economies and growing government investment in biomedical, pharmaceutical, and biotechnology industries are some factors propelling market growth in the Asian region

The worldwide economic downturn and pricing limitations are expected to restrain the market growth to a certain extent.

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Major industry players launched innovative products in the recent past and have plans to launch new products and expand across geographies via partnerships and acquisitions in the future. Danaher Corporation (US), Thermo Fisher Scientific Inc.

(US), and Siemens AG (Germany) have been identified as the top players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products.

Further, these leaders have products for all end users in this segment, strong geographical presence, and more importantly focus on continuous product innovations.

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