The allergy diagnosis is an important introductory step for effective allergy treatment. Current allergy tests are more convenient and accurate compared to the tests that were available before. With the help of a detailed medical history, allergy tests can identify specific triggers for an individual’s allergic reactions. This process is also required in drug development and the production process of allergy treatments.
How the Market Growth looks like and Industry Segmentation?
The Allergy Diagnostics Market is projected to reach USD 5.74 Billion, at a CAGR of 10.5%
Based on product & service, segmented into assay kits, instruments, and services. Assay kits form the largest and the fastest-growing segment in this market majorly due to the wide availability, large consumption, and the need for the repeat purchase of these kits in allergy testing. Although the cost of instruments is significantly higher than that of assay kits, they account for a lower share of the market owing to their long lifespan (the lifespan of a single instrument is 5 to 10 years) and the limited need for repeat installations. Also, there is a secondary market for used instruments, which are majorly procured by smaller healthcare organizations that cannot afford new instruments.
Based on the allergen, the allergy diagnostics market is segmented into inhaled allergens, food allergens, drug allergens, and other allergens. The inhaled allergens segment is expected to witness the highest growth during the forecast period owing to the increasing environmental pollution levels across the globe.
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What Drives the Allergy Diagnostics Market Growth?
- High Incidence and Large Economic Burden of Allergic Diseases
- Rising Environmental Pollution Levels
- Increasing Healthcare Expenditure
- Increasing Access for Allergy Diagnosis Medical Insurance in the US
Growth Opportunity: Growing adoption of automation for quicker turnaround times
Turnaround time (TAT) is an important factor in laboratory services and is often used as a key indicator of laboratory performance. Fully automated immunoassay systems are popular as they improve the TAT of laboratories and reduce labor costs. Semi-automated instruments are also preferred as they are less expensive; however, these systems increase the TAT. To meet the requirement of increased on-board testing capacity, advanced allergy diagnostic tests have been introduced in the market. Also, the market is witnessing greater adoption of automation for quicker TAT.
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The allergy diagnostics market is segmented into four major regions, namely, North America, Europe, Asia, and the Rest of the World. North America accounted for the largest share of this market owing to the high healthcare expenditure and the strong presence of key market players in the region. These factors, coupled with the rising prevalence of different types of allergies, have resulted in the wide availability and adoption of various allergy diagnostic products and services in the US and Canada.
The key players operating in the allergy diagnostics market include Thermo Fisher Scientific Inc. (US), Siemens AG (Germany), Danaher Corporation (US), Omega Diagnostics Group PLC (UK), Hitachi Chemical Co., Ltd. (Japan), bioMérieux SA (France), Stallergenes Greer (UK), HOB Biotech Group Suzhou Co., Ltd. (China), HYCOR Biomedical (US), Lincoln Diagnostics, Inc. (US), EUROIMMUN AG (Germany), INDOOR Biotechnologies, Inc. (US), DR. FOOKE – Achterrath Laboratorien GmbH (Germany)