The global allergy diagnostics and therapeutics market size was estimated at USD 58.31 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing incidences of allergic diseases, coupled with demand for advanced therapeutics, is expected to drive the market growth in the coming years. According to estimates published by the American Academy of Allergy Asthma & Immunology (AAAAI), allergic rhinitis affects approximately 10-30% of the global population, thereby impacting the adoption of allergy therapeutics globally.
Allergy Diagnostics And Therapeutics Market Report Highlights
- The consumables product segment held the largest share in the allergy diagnostics & therapeutics market in 2022. The advent of products that include the MeDALL allergen-chip, which is linked with increased sensitivity, precision, and faster detection, is anticipated to encourage market growth
- The drug allergies segment is expected to advance lucratively due to the increasing availability of treatment options and growing awareness about drug allergies among patients
- In vitro tests accounted for the highest share in 2022 due to an increase in the incidence of allergies such as asthma, rhinitis, & allergic conjunctivitis, and a rise in demand for allergy testing globally
- Epinephrine dominated the drug class segment in 2022. The introduction of cost-effective epinephrine autoinjectors by key companies is expected to significantly augment market growth
- North America dominated the allergy diagnostics & therapeutics market in 2022, due to an increase in understanding of the high potential associated with allergy drugs. This has driven U.S.-based firms to make considerable investments in the development of these drugs
- Asia Pacific is expected to witness considerable growth in the future owing to the rising incidences of asthma, chronic cough, and food allergies, among others, in the region
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The increasing integration of technologically advanced products, such as the use of artificial intelligence technology to advance treatment outcomes and manage diseases, helps practitioners in the decision-making process. Furthermore, the rising adoption of mHealth apps for diagnosing allergies such as rhinitis is expected to boost the market. For instance, the MASK-Air app is dedicated specifically to allergic rhinitis.
Monoclonal antibodies are anticipated to contribute to the development of new therapies that eradicate specific allergy concerns, owing to their higher efficacy, long-term tolerability, and safety. Hence, key companies are developing novel & effective biologic-based therapies designed with target-specific mechanisms directed toward selective targets, especially monoclonal antibodies. In addition, consistent product approvals of highly significant monoclonal antibodies for allergy disorders are anticipated to expand the scope for growth.
New therapies such as anti-immunoglobulin E (IgE) antibodies, cytokine modulators, and DNA vaccinations are being used to treat allergic disorders. Omalizumab is a recombinant humanized IgG1 monoclonal anti-IgE antibody, which is used for treating allergic chronic urticaria and asthma. In April 2021, Genentech (Roche Group) announced that its prefilled syringe for self-injection has received FDA approval for Xolair (omalizumab) in the U.S. for chronic idiopathic urticaria allergic asthma, and nasal polyps.
The allergy diagnostics & therapeutics market is moderately competitive, with a strong presence of notable companies such as Merck & Co., Inc, Thermo Fisher Scientific, Inc., Abbott, and Pfizer, Inc. These players are undertaking various initiatives to increase their capabilities, expand their product portfolios, and improve their competencies.
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We have segmented the global allergy diagnostics & therapeutics market report based on type, allergen type, test type, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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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.
