Allergy Diagnostics Market is Witnessed to Increase by CAGR of 12% by 2026
The global allergy diagnostics market was valued at US$ 1,732.6 Mn in 2017, and is expected to register a CAGR of over 12%. The report offers in-depth insights, revenue details, and other vital information regarding the global allergy diagnostics market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. Immune system response to particular substances present in the environment, which are known as allergens is called as allergy of that particular substance. There are various types of allergens present in environment, such as dust mites, pollen, insects, some medicines, some foods, and many more.
Rising incidence of the allergic conditions globally is a major factor driving growth of the global allergy diagnostics market. Food related allergy has increased across the globe in recent years, due to increasing use of chemicals in food production, the majority of food allergies are triggered by presence of certain chemicals in food. Furthermore, prevalence of food allergy is increasing among the children, due to weak immunity power of their body. According to Centers for Disease Control and Prevention (CDC), in 2015, prevalence of food allergy in children increased by 50% between 1997 and 2012 globally.
However, high cost associated research and development activity for development of new diagnostic test is hampering growth of the global allergy diagnostics market. Also, low awareness about allergy diagnostic test among the individual staying in rural area of developing countries such as India and China is limiting growth of the allergy diagnostics market in those countries.
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The global allergy diagnostics market report has been segmented on the basis of product type, allergen type, end user and region.
On the basis of product type segmentation, assay kits segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Also, assay kits witness highest CAGR of over 13%, owing to high preference for assay kits in allergy testing by medical practitioners and high product availability across the globe.
Among all the allergen type, inhaled allergen segment is expected to register highest revenue as well as CAGR of over 12%, as it is a most common type of allergy causes due to immediate hypersensitivity reaction. Increasing environmental pollution around the globe is also a major factor supporting growth of inhaled allergen type segment market.
Among all the end user, laboratories segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Also, laboratories witness highest CAGR of over 12% during the forecast period 2017–2026.
In 2017, Europe accounted for the second largest revenue share contribution to the global target market, owing to increasing prevalence of chronic allergy in countries in the region. According to study published by The European Academy of Allergy and Clinical Immunology (EAACI), in 2015 about 150 million individuals in Europe suffered from chronic allergic diseases. Also, it is estimated that more than 50% of the total European population may suffer from some type of allergy before the year 2025, this in turn expected to boost growth of the Europe allergy diagnostics market.
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Increasing mergers, acquisitions, and collaborations among leading market players in various region in order to enhance product portfolio and to develop more accurate allergy diagnostic kits expected to support growth of the target market. For instance, in October 2013, Quest Diagnostics Inc., a leading global provider of diagnostic information services, acquired ConVerge Diagnostic Services, LLC.
Prominent players in the global allergy diagnostics market include Hitachi Chemical Diagnostics Inc., HOB Biotech Group Suzhou Co. Ltd., HYCOR Biomedical LLC, Quest Diagnostics Inc., Stallergenes Greer, BioMérieux SA, Omega Diagnostics Group PLC., Siemens AG, Lincoln Diagnostics, Inc., and Thermo Fisher Scientific Inc.
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