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Global Allergy Diagnostics Market (2024 to 2033) - Industry Trends, Share, Size, Growth, Opportunity and Forecast
Allergy Diagnostics Global Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Allergy Diagnostics industry. This report on Allergy Diagnostics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The allergy diagnostics market size has grown rapidly in recent years. It will grow from $5.77 billion in 2023 to $6.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to rise in prevalence of allergies, investments in research and development of allergy diagnostics, changing dietary habits and environmental factors, government initiatives, rise in demand for personalized medicine.
The allergy diagnostics market size is expected to see rapid growth in the next few years. It will grow to $10.4 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to economic growth, expanding healthcare infrastructure, expansion of the aging population, greater emphasis on early diagnosis and prevention. Major trends in the forecast period include molecular allergy diagnostics, customized allergen profiles, allergy testing kits for home use, integration of artificial intelligence (AI), telemedicine and remote allergy consultations.
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Key Market Players:
BioMerieux SA, Danaher Corporation, HOB Biotech Group Corp. Ltd., HYCOR Biomedical, Lincoln Diagnostics Inc., Omega Diagnostics Group PLC., Siemens Healthineers AG, Thermo Fisher Scientific Inc., PerkinElmer Inc.
Market Drivers:
According to the Allergy Diagnostics Market Report 2023 by The Business Research Company, Major companies operating in the allergy diagnostics market are innovating new technologies, such as an AI-powered allergy component testing platform, to increase their profitability in the market. An AI-powered allergy component testing platform is a technologically advanced system that employs artificial intelligence (AI) to analyze and interpret allergy testing results. For instance, in May 2023, Metropolis, an India-based pathology lab and diagnostic center, launched a platform for testing allergy components powered by artificial intelligence (AI) that can recognize 127 respiratory allergens, 10 contact allergens, and 158 food allergens. The testing platform offers immense knowledge into determining and optimizing the course of treatment for an individual's allergy condition and helps clinicians make smart clinical decisions by utilizing component-resolved diagnostics (CRD) and artificial intelligence (AI).
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Market segments for Allergy Diagnostics include:
1) By Test Type: In-vivo Allergy Tests, In-vitro Allergy Tests
2) By Allergen: Inhaled Allergens, Food Allergens, Drug Allergens
3) By Products: Consumables, Instruments, Luminometers
4) By End User: Diagnostics Laboratories, Hospital-based Laboratories, Academic and Research Institutes
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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