Global Allergy Diagnostics and Therapeutics Market Research and Analysis, 2015-2022
Posted: Jul 26, 2018
The Global Allergy Diagnostics market is anticipated to grow with a CAGR 12.3% during the forecasted period 2017-2022. Increasing prevalence of the allergic diseases across the globe is one of the key factors that are augmenting the growth of the market. Additionally, increasing environmental pollution, rising health care expenditure, increasing demand of IVD test for treatment of allergic diseases and development of advanced diagnosis product are boosting the allergy diagnostics and therapeutics market across the globe.
Allergic rhinitis affects around 15-30% of the population across the globe. Allergic diseases are estimated to be the 6th leading cause of chronic diseases in the US. An estimated 50 million people in America suffer from the allergies every year. Increasing environmental pollution is also one of the major factors driving the growth of the market. According to WHO, approximately 90% of the cities in emerging economies and more than 55% of cities in developed countries fail to comply with WHO air quality guidelines. Increasing healthcare expenditure across the globe is also one of the major factors driving the growth of the global allergy diagnostics and therapeutics market.
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However, there are certain factors that are affecting the growth of the market which includes stringent government regulations on the use of medical devices, lack of awareness, and high cost of treatment are the major factors that are hindering the growth of the market. Except these petty challenges global allergy diagnostics and therapeutic market is yet to explore its full potential across the globe. Increasing demand from the emerging economies such as India and China are developing numerous expansion opportunities for the growth of the market.
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The global allergy diagnosis and therapeutics market is analyzed on the basis of the geographically region that are contributing significantly towards the growth of the market. Market on the basis of the geography is bifurcated into North America, Europe, Asia Pacific and Rest of the World. North America is estimated to be the leading region in the global allergy diagnosis and therapeutics market owing to increasing prevalence of allergic diseases in the region. Allergies affect about 50 million people in the Unites States every year. Asia Pacific is estimated to be the fastest growing region during the forecast period due to rising allergy patients and favorable government policies. Increasing pharmaceuticals market in Asia and increasing demand from developing countries such as India and China are driving the growth of the market.
The global allergy diagnosis and therapeutics market revolves around the market of multinational players. However, some regional players also contributed significantly towards the growth of the market. Key players of the market are Biomérieux, Danaher Corporation, Hitachi Chemical Diagnostics, Inc., Siemens AG, Thermo Fisher Scientific, Inc, Hob Biotech Group, Hycor Biomedical, Lincoln Diagnostics, Inc, Omega Diagnostics Group PLC and so on. In order to sustain in the market, these players adopt different strategies such as merger acquisitions, product launch and so on. For example, In 2016, Thermofisher Scientific acquired Field Electrone & Ion(FEI)company in $4.2 billion deal.
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