Global Allergy Diagnostics and Therapeutics Market is expected to grow at a CAGR of 6.23% during the forecast period 2019-2026
A new research report published by Fior Markets with the title Allergy Diagnostics and Therapeutics Market by Products (Instruments, Consumables, Services), Allergen Type, Test Type, Drug Class, End-Users, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.
As per the report, the global allergy diagnostics and therapeutics market is expected to grow from USD 33.28 Billion in 2018 to USD 57.31 Billion by 2026 at a CAGR of 6.23% during the forecast period 2019-2026. Rising instances of allergy diseases, growing demand for IVD tests for allergy diagnosis, and evolution of technologically advanced allergy diagnostics products are the major factors contributing to the growth of the market.
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Prominent companies in the industry include bioMerieux, Thermo Fisher Scientific, Danaher Corporation, Omega Diagnostics, Hitachi Chemical Diagnostics, Stallergenes Greer, Siemens Healthcare, Lincoln Diagnostics, Hycor Biomedical, HOB Biotech Group and Alcon Laboratories. Leaders are providing better opportunities and are focusing on new product developments and venture capital investments to capture the market share. For example, in 2015, Thermo Fisher launched the Phadia 2500E Laboratory System that provides diagnostic solutions to treat allergy or autoimmune sensitivity. This development was aimed to maintain the competitive presence of the Thermo Fisher over other players.
An allergy is characterized as an extreme touchiness infection in the body immune system. It emerges when a person’s immune system responds to any innocuous substances known as allergens. Variables which cause sensitivity incorporate pet dander, dust, and residue bug discharge. The products segment is classified into instruments, consumables, and services. The consumables segment has dominated the market by holding the highest market share of 52.84% in 2018 as they are an indispensable element in allergy detection. The consumables is anticipated to dominate the market during the forecast period. The allergen type segment includes food, inhaled and drug. The inhaled segment valued around USD 17.97 billion in 2018. Rising instances of respiratory allergies and asthma are responsible for the dominance of inhaled allergen segment. It is due to the growing demand for allergy testing and introduction of specific allergen for the detection of allergy. The test type segment is divided into segments such as in vivo and in vitro. In vivo segment is anticipated to grow with the highest CAGR of 7.18% over the forecast period owing to related benefits such as ease of use, time efficiency, wider availability and sensitivity for clinically valid allergies. The growing use of vivo in the skin prick tests for detecting food allergy and increasing demand from the healthcare sector are supplementing the in vivo segment growth. The drug class segment includes antihistamines, corticosteroids, mast cell stabilizers, leukotriene inhibitors, nasal anticholinergics, decongestants, immunomodulators, auto-injectable epinephrine, and immunotherapy. The antihistamines segment dominated the market with the highest market share of 34.19% in 2018 due to associated benefits with its usage and wide applications in the treatment of allergy diseases. The end-users segment includes academic research institutes, hospitals, and diagnostic laboratories. The hospitals and diagnostic laboratories segment is anticipated to hold the highest share of 38.48% in 2026 due to the increasing use of immunoassay tests in allergy diagnosis coupled with improvements in screening techniques which would enable accurate disease diagnosis and stratification for appropriate treatment.
Rising instances of allergy diseases and growing demand for IVD tests for allergy diagnosis are major factors driving the market. In addition, evolution of technologically advanced allergy diagnostics products have also influenced the demand. However, low adoption and penetration in developing countries due to high cost of technology is the major challenge for the manufacturers which is restraining the growth of the market. Nevertheless, growing demand from emerging market is anticipated to drive allergy diagnostics and therapeutics market in forthcoming years. Severe government regulation, high capital requirements, and lack of awareness are the challenges for the allergy diagnostics and therapeutics market growth.
About the report:
The global allergy diagnostics and therapeutics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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