Allergy Diagnostics Market : Competitive Dynamics & Global Outlook 2024
The global allergy diagnostics market is poised to witness healthy growth during the next few years, driven primarily by the rising instances of allergies around the world and significant growth in diagnostic and treatment options for the same. The opportunity presented by the global market was pegged at US$1.3 bn in 2015 and is projected to be worth US$3.8 bn by 2024, expanding at a strong CAGR of 12.8% therein.
The market is characterized by extensive research efforts and technological advancements and manufacturers have been focused on conducting R&D activities to develop more effective diagnostic techniques, optimized allergens, and automated systems.
Allergy Diagnostics Market: Scope and Methodology
Allergy diagnostics includes products and tests that are used to determine the presence of allergens such as grass, weed, peanuts, milk, or drugs etc. in the samples by determining the presence of antibodies developed by the immune system. The report on global allergy diagnostics market, analyzes the current and future prospects of the market. The report consists of an executive summary that provides information about the products, its segments and sub-segments, market opportunity analysis, along with a market snapshot and comparative analysis by geography, in terms of revenue %, for 2015.
A detailed overview of market dynamics, including the drivers, restraints, and opportunities of the allergy diagnostics market, along with porter’s analysis, and value chain analysis, of the global market, has been provided in this report. Market revenue analysis for all the above mentioned segments, and their sub segments has been provided for the forecast period of 2016-2024, considering 2015 as the base year, and 2014 as the historical year, along with compound annual growth rate (CAGR %), for the forecast period of 2016-2024. Market share estimations were based on in-depth analysis and study of products, and their features, prices etc.
This report provides in-depth analysis of the allergy diagnostics market. The stakeholders for this report include companies involved in the manufacturing of products for allergy diagnosis. For providing a snapshot of this market to the stakeholders, executive summary section is included in this report, which summarizes the market size, trends and competition in different regions. Market share analysis among the market players is analyzed to signify percentage share of the major players operating in the allergy diagnostics market. Furthermore, the report incorporates market attractiveness analysis by geography that depicts the most attractive and significant region in the global market in 2015.
The research methodology is a combination of primary and secondary research. Primary research includes information collected via e-mails, and telephonic interviews of Key Opinion Leaders (KOL), and forms the bulk of our research. Secondary research includes information collected from various sources, by study of company websites, annual reports, stock analysis presentations, press releases, and various national and international databases.
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Alarming Levels of Asthma and Inhaled Allergies Driving North America and Europe Market
North America led the global allergy diagnostics market with a share of more than 40% in 2015. According to the American Academy of Allergy Asthma and Immunology (AAAAI), approximately 26 million people in the U.S. suffered from allergic rhinitis in 2015, while around 15 million suffered from food allergies the same year. The lack of exposure to allergens in the early ages owing to increased hygiene levels in developed countries has led to the rising prevalence of inhaled allergies in the country. In addition to this, longer and stronger pollen seasons, technological advances in the field of allergy diagnostics, high per capita healthcare expenditure, and the increasing demand for better healthcare facilities are expected to drive the allergy diagnostics market in North America.
Europe is also a prominent market for allergy diagnostics in terms of revenue. According to the Allergy Organization of U.K., an estimated 150 million people in Europe suffered from allergies in 2015, of which, around 17 mn were diagnosed with food allergies. In the U.K. alone, approximately 5.4 million people were suffering from asthma in 2015. This growing prevalence of various types of allergies is expected to boost the demand for allergy diagnostics in the region.
The market in Asia Pacific is likely to expand at a phenomenal CAGR during the course of the forecast period. According to the Indian Council of Medical Research (IMCR), in 2014, around 17 million people in India suffered from asthma. Food allergies are the most prevalent form of allergies in Asia Pacific. According to the World Bank, around 84 million people in Asia Pacific suffered from food allergies in 2011. This will provide the allergy diagnostics market significant impetus during the forecast period.
Key players in the allergy diagnostics market include Thermo Fischer Scientific, Inc., Quest Diagnostics, Inc., BioMerieux SA, Stallergenes Greer, Omega Diagnostics Group Plc, Siemens Healthineers, and HAL Allergy Group.
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