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Allergy Diagnostics Market Report 2024: Strategies And Recent Developments
Allergy Diagnostics Market
The Business Research Company offers in-depth market insights through Allergy Diagnostics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types of allergy diagnostics tests are in-vivo allergy tests and in-vitro allergy tests. In-vivo allergy tests are performed on the human body to identify the cause of the allergic reaction. In-vitro allergy tests are performed in laboratories using test tubes and Petri dishes to identify the allergy-causing substance. The main products in allergy diagnostics include consumables, instruments, and luminometers. By allergens, the allergy diagnostics market is segmented into inhaled allergens, food allergens, and drug allergens. Major end-users of allergy diagnostics include diagnostic laboratories, hospital-based laboratories, and academic and research institutes.
Major Driver - Surging Allergic Disease Cases Drive Growth In Allergy Diagnostics Market
The increased occurrences of allergic diseases will propel the growth of the allergy diagnostics market. The rise in allergy diseases has been attributed to increased environmental pollution from traffic and numerous industries. An allergic reaction is described as an abnormal immune system response to an allergen. Allergy diseases include anaphylaxis, allergic rhinitis (often referred to as 'hay fever'), food allergies, skin allergies, and allergic asthma. Avoiding the allergen is the most essential treatment for allergic disorders. As a result, proper allergy diagnosis is crucial for effective allergy treatment. For instance, according to the American College of Allergy, Asthma, and Immunology (ACAAI), asthma and allergic diseases were common in the US for all the age groups. Asthma affected 24 million people in the US which included more than 6 million children. Allergies were 6th leading cause of illness and costed around $18 million in excess. More than 50 million Americans suffered from allergies each year. Thus, the rise in the prevalence of allergic diseases will further support the growth of the allergic diagnostics market.
Competitive Landscape:
Major companies operating in the allergy diagnostics market include 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., R-Biopharm AG, Alcon Laboratories Inc., Abbott Laboratories, HollisterStier Allergy, NEOGEN Corporation, AESKU.GROUP GmbH, ACON Laboratories Inc., Erba Group, Astra Biotech GmbH, Stallergenes Greer, Hitachi Chemical Co. Ltd, Minaris Medical America Inc., Diagenics Limited, DST Diagnostische Systeme & Technologien GmbH, HAL Allergy Group, INDOOR Biotechnologies Inc., MacroArray Technologies LLC, Microtest Laboratories Inc., Phadia AB, Quest Diagnostics, Randox Laboratories Ltd., Symbiotix Biotherapies Inc., Eurofins Viracor Inc., VRL Laboratories
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Top Trend - Strategic Alliances Drive Advancements In Allergy Diagnostics
The rise in the number of collaborations and partnerships among companies operating in the allergy diagnostics industry to invent new testing methods or improve existing ones is a recent trend in the market. For instance, in August 2022, LifeMD, a US-based telehealth company announced strategic partnership between its wholly-owned subsidiary, Cleared and Allergenis, a US-based predictive data analytics company. The strategic partnership is aimed at leveraging Cleared's allergy telehealth expertise and allergenis' peanut allergy diagnostic blood test in the direct-to-customer channel.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Allergy Diagnostics Market Characteristics
3. Allergy Diagnostics Market Trends And Strategies
4. Allergy Diagnostics Market - Macro Economic Scenario
5. Allergy Diagnostics Market Size And Growth
…..
27. Allergy Diagnostics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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