A new report added to the repository of Market Research Reports Search Engine “Allergy Diagnostics Market: North America will Remain Largest Market for Allergy Diagnostics: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2022)” is a comprehensive repository of information, providing market share, size, and forecast.
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Allergy is basically referred to a hypersensitivity medical disorder related to the immune system, where the system reacts with foreign particles, also known as allergen. Various symptoms of allergy include hives, itchiness, red eyes, runny nose, eczema, and even, in severe cases, asthma attack. Allergy diagnostic services help in identifying types of allergies, and consequently determining treatment regimen with respect to specific allergic conditions.
Incidences of allergic diseases including sinusitis, food allergy, asthma, and allergic rhinitis, have surged significantly over the past few years. According to the WHO, over 300 Mn individuals worldwide suffered from asthma in 2013, and this number is estimated to exceed 400 Mn by 2025. In addition, according to the statistics rendered by American Academy of Allergy, Asthma & Immunology, almost 15% of the global population is affected by allergic rhinitis annually.
Increasing Government Support for Development of Allergy Diagnostics
Governments across the globe are increasingly supporting the development of novel therapies & vaccines for different types of allergic disorders. They are also investing in research and development activities pertaining to the development of advanced techniques for diagnostics of allergic diseases. With the governments taking several measures for improving healthcare facilities, major companies manufacturing drugs for allergic diseases are contributing to optimization and revolutionizing the healthcare industry. In addition, a key growth strategy adopted by major players in the global allergy diagnostics market is collaborations with leading companies for tapping into new markets. One such example is of Quest Diagnostics, which collaborated with AncestryDNA in 2016, to cater surging consumer demand for genetic tests, provided the genetics’ role in developing allergies.
“Hygiene Hypothesis” – A Key Theory for Development of Allergy Diagnostics
“Hygiene hypothesis” is a key theory related to the development of allergy diagnostics. The hypothesis emphasizes on lack of early exposure to microorganisms and infectious agents, which increases susceptibility of an individual to allergy, by restricting early development of his/her immune system. The theory also estimates that western and urban lifestyle are highly responsible for rising prevalence of allergies, as people here have limited exposure to infectious agents in their childhood. In addition, increasing pollution levels, and genetic factors are further responsible for rising prevalence of allergies, however a number of advanced technologies related to allergy diagnostics are being introduced, coupled with increased healthcare expenditure across the globe. Stringent government regulations & policies, and high investment capital needed for development of drugs are likely to remain key challenges for companies.
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Global Allergy Diagnostics Market Projected for a Staggering Expansion
A new report published by Future Market Insights (FMI) projects the market to ride on a staggering CAGR throughout the forecast period 2017 to 2022. Revenues from the market are estimated to exceed US$ 4,000 Mn by 2022-end.
In terms of revenues, North America will remain the largest market for allergy diagnostics, with revenues forecast to reach nearly US$ 1,500 Mn by 2022-end. Growth of the market in this region can be attributed to factors such as improved medical insurance policies, better government support, and higher healthcare expenditure in the region.
Assay kits are expected to remain preferred among products in the market, followed by instruments. However, sales of consumables are projected to exhibit a relatively higher CAGR through 2022.
Hospitals to be Fastest Growing End-users in the Market
Projected to account for approximately one-third share of the market in 2017, hospitals will continue to be the fastest growing end-users of allergy diagnostics products over the forecast period. In addition, hospitals are estimated to witness a rise in their market share between 2017 and 2022.
By allergen type, diagnosis of allergies caused by inhaled allergens are expected to account for the largest market share, in terms of revenues, over the forecast period. Increased pollution levels is a major factor increasing prevalence of allergies caused by inhaled allergens.
In-vitro test will remain the most lucrative test used for allergy diagnostics across the globe. Revenues from in-vitro test for allergy diagnostics are projected to increase at a double-digit CAGR through 2022.
Key players profiled by FMI in its report on the global allergy diagnostics market include Lincoln Diagnostics, Inc., Hycor Biomedical Inc., R-Biopharm AG, Stallergenes Greer, HOB Biotech Group Co, Biomérieux SA, Hitachi Chemical Co., Ltd., Siemens Healthcare, Danaher Corporation, and Thermo Fisher Scientific, Inc.
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