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Allergy Diagnostics Market on Track for Strong Growth, Estimated to Grow at 13.5% CAGR Through 2029
Allergy Diagnostics Market
What Is the Expected CAGR for the Allergy Diagnostics Market Through 2025?
Over the past few years, the size of the allergy diagnostics market has witnessed rapid expansion. It is expected to increase from $6.32 billion in 2024 to $7.05 billion in 2025, representing a compound annual growth rate (CAGR) of 11.6%. Factors such as the rising prevalence of allergies, the influx of investments into research and development for allergy diagnostics, shifts in dietary habits and environmental elements, government strategies, and the growing demand for customized medicine have all contributed to the growth noticed in the historical period.
What's the Projected Size of the Global Allergy Diagnostics Market by 2029?
The market size of allergy diagnostics is predicted to have a significant surge in the forthcoming years. It is set to reach $11.71 billion in 2029, with a compound annual growth rate (CAGR) of 13.5%. Factors propelling this projection include economic development, the broadening of the healthcare infrastructure, an aging population, and an increased focus on prevention and early detection. Notable trends in the forecast period encompass molecular allergy diagnostics, personalized allergen profiles, home-use allergy testing kits, and the incorporation of artificial intelligence (AI), telemedicine, and virtual allergy consultations.
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Top Growth Drivers in the Allergy Diagnostics Industry: What's Accelerating the Market?
The allergy diagnostics market will be driven by the surge in the frequency of allergic ailments. This upswing is largely due to heightened environmental pollution caused by vehicular emissions and various industries. An unusual immune system reaction to an allergen is what constitutes an allergic reaction. Numerous types of allergies exist, including severe allergic reaction or anaphylaxis, allergic rhinitis or hay fever, food allergies, skin allergies, and allergic asthmatics. The most effective way to treat these disorders is to avoid contact with the allergens. Hence, precise allergy detection is vital for successful treatment of allergies. For example, research by the American College of Allergy, Asthma, and Immunology (ACAAI) shows that asthma and allergies were quite prevalent in the US across all age groups. Asthma afflicted 24 million U.S. citizens, including over 6 million kids. Allergies were the 6th main cause of sickness and had an extra cost approximately $18 million. Over 50 million Americans are affected by allergies annually. Therefore, the growing prevalence of allergic diseases will only serve to boost the allergy diagnostics market.
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What Trends Will Shape the Allergy Diagnostics Market Through 2029 and Beyond?
A recent trend in the allergy diagnostics market is the increase in collaborations and partnerships between companies, with the aim of innovating new testing methods or enhancing present ones. For example, in August 2022, a strategic alliance was announced between LifeMD, a US-based telehealth organization, and Allergenis, a US predictive data analytics company. LifeMD has announced this partnership through its fully-owned subsidiary, Cleared. The core objective of this partnership is to utilize Cleared's proficiency in allergy telehealth and Allergenis' peanut allergy diagnostic blood test for direct customer access.
What Are the Main Segments in the Allergy Diagnostics Market?
The allergy diagnostics market covered in this report is segmented -
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
Subsegments:
1) By In-vivo Allergy Tests: Skin Prick Tests, Intradermal Tests, Patch Tests, Oral Food Challenge Tests
2) By In-vitro Allergy Tests: Enzyme-Linked Immunosorbent Assay (ELISA), Radioallergosorbent Test (RAST), Component-Resolved Diagnostics (CRD), Basophil Activation Tests (BAT)
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Which Top Companies are Driving Growth in the Allergy Diagnostics Market?
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, 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
Which Regions Will Dominate the Allergy Diagnostics Market Through 2029?
North America was the largest region in the allergy diagnostics market in 2024. The regions covered in the allergy diagnostics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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