Allergy Diagnostics Market is anticipated to grow at around 11.6% CAGR throughout the forecast period from 2021 to 2031
According to ESOMAR-certified Future Market Insights’ (FMI’s) research report, the demand for allergy diagnostics has been increasing significantly due to rising incidence of allergic asthma and food allergies across the globe. As per the study, the global allergy diagnostics market is anticipated to grow at around 11.6% CAGR throughout the forecast period from 2021 to 2031.
According to the report, growing incidence of drug allergies especially from penicillin and morphine has fueled the demand for allergy diagnostics across the globe.
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The report also states that increasing air pollution and lack of awareness regarding food and drug allergy in emerging and poor countries are encouraging market players towards developing cost effective allergy diagnostics kits.
According to a report published by the World Health Organization, globally around 262 million people are impacted by asthma out of which 461,000 die from asthma.
Rising demand for effective treatment and addressing causes of asthma will aid the overall expansion of the allergy diagnostics market.
Allergy diagnostics market experienced sluggish growth during the COVID-19 pandemic. This is because the pandemic led to suspension of immunological care and diverted the healthcare professional towards treating COVID patients.
In case of patients with severe asthma or other allergic reaction, virtual care and limited visiting methods were employed to restrict the human contact and stop the virus transmission.
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Introduction of cost effective at-home food sensitivity and allergy diagnostic will boost the market growth in upcoming years. Such applications will reduce the burden on hospital and laboratories culminating to reduced allergy diagnostic and medical cost.
In the future, the market is anticipated to grow significantly, as majority of diagnostic laboratories and hospitals are inclining towards automated allergy diagnostics for its high effectiveness. Canada and U.S are likely to yield highly opportunistic prospects, contributing towards the overall expansion of the market.
Key Takeaways from FMI’s Allergy Diagnostics Market Study
- The U.S is expected to dominate allergy diagnostics market on the back of rising incidence of skin allergies especially eczema and skin inflammation along with high rate of allergic rhinitis (hay fever) in black American population.
- Presence of advance healthcare infrastructure, favorable government and insurance policies, and increased per capita income are key allergy diagnostics market drivers in Canada.
- The U.K. will offer lucrative opportunities owing to increasing awareness regarding asthma and other allergic reactions like atopic eczema and hay fever. High prevalence of allergies will fuel the demand of allergy diagnostics in the country.
- Increasing per capita income and increasing government and private funding towards spreading asthma awareness will boost the allergy diagnostics market sales in China.
- India has low per capita income and presence of sub-par healthcare system. High prevalence of myths and stigmatic beliefs regarding asthma is one of the main factors limiting the market growth.
Allergy diagnostics market is highly competitive market owing to presence of global market players. Market players are employing multiple marketing techniques to expand their global outreach.
Allergy diagnostics market players are focusing towards employing organic and inorganic strategies to expand their global foothold.
Inorganic strategies include strategic merger and acquisition and forming an alliance with regional distributors to strengthen their supply chain channels.
They are also emphasizing towards faster product approvals, product development and patenting.
Prominent players operating in the allergy diagnostics market are:
- Hitachi Chemical Co. Ltd
- Thermo Fisher Scientific Inc.
- Siemens Healthineers
- Danaher Corporation
- HOB Biotech Group Co
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