Allergy Diagnostics Market to Attain a Value of US$ 1.4 Bn by 2024
Posted: May 09, 2019
sing instances of ailments resulting from allergies is the primary driver of the global Allergy Diagnostic market. The surging pollution across world on account of changing demographics and increased carbon di oxide emission are the key factors fueling the growth of the gobal allergy diagnostics market. The rising cases of allergies worldwide has warrant demand for better allergy diagnostic procedures. In addition this, the technological developments and innovations in allergy treatment equipment are predicted to ensure a rapid development of the overall market in coming year.
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As per a Transparency Market Research report, the global allergy diagnostics is expected to rise at a healthy CAGR of 12.80 percent during the forcast period 2016 to 2024. The market is projected to reach a value of US$3.8 bn by 2024-end.
Increase Demand for In-vivo Tests Propels Global Allergy Diagnostics Market
On the basis of products, the global allergy diagnostics market is segmented into assay kits, instruments and consumables. All the three segments are contributing to the growth of the market whereas consumables accounts maximum share as compared to rest two. And it is likely to hold its position in coming year as well. This is mainly because of the low cost of the product and high production volumes. On the basis of allergen, the global allergy diagnostics market is segmented into inhaled allergens, drug allergens, food allergens, and others. Among them, the inhaled allergens is projected to lead the segments owing to less efficient measures to prevent inhaled allergens. Based on tests, the allergy diagnostics market is segmented into In-vivo tests and In-vitro tests. Among both of them, in-vivo tests is likely to lead the segment because of their affordability, hassle-free procedures, and high degree of efficiency. In the near future too, the segment is expected to maintain its dominance. Based on end users, the market is segmented as hospitals, diagnostic laboratories, academic research institutes, and others.
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North America leads the Global Allergy Diagnostics Market
Based on geography, the global allergy diagnostics market is segments into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among them, North America is supposed to the lead the global market. This is mainly due to the factors like superior healthcare infrastructure and high awaness of the people regarding the allergy treatment in the region. And the presence of countries like U.S. and Canada fueled growth in the region. In future also, North America is expected to hold its position in the global market owing to high investment on cutting-edge research and development to come up with better methods.
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The global allergy market depicts a fragmented competitive landscape owing to the presence of numerous players in the market. The key players of the market have adopted innovative strategies like mergers, partnerships, and acquisitions to enhance their market presence and strengthen their market hold. Some of the leading players engaged in the allergy diagnostics market across the globe are Omega Diagnostics Group Plc., Quest Diagnostics Inc., Stallergenes Greer, BioMerieux and Thermo Fisher Scientific Inc..
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