Allergy Diagnostics Market to Witness Exponential Growth by 2024
At the forefront of driving growth in the global Allergy Diagnostics Market is obviously the increasing instances of ailments resulting from allergies. This, in turn, is a result of the surging pollution worldwide. The rising cases of allergies worldwide has warranted the need for better diagnostics procedures leveraging latest technologies.
Hampering the market, on the other hand, is the lack of knowledge about the various diagnostic procedures in inhabitants of developing and underdeveloped nations. Nevertheless, the market for allergic diagnostics is expected to grow at a healthy clip in the next couple of years because of the increasing initiatives by government and non-governmental organizations to generate awareness about the diagnosis and treatment of such conditions, and also because of the supportive reimbursement policies.
A recent report on the market for allergic diagnostics published by Transparency Market Research finds that it would rise at a solid 12.80% CAGR during 2016 and 2024. At this rate, the market’s projected worth would become US$3.8 bn by 2024-end, predicts the report.
Some of the key products in the market for allergic diagnostics are consumables, assay kits, and instruments. Among those, the segment of consumables far surpasses the other two vis-à-vis market share – at present it holds about half the share. Going forward too, it is expected to retain its leading position mainly because of high production volumes and the resulting lower costs.
Depending upon the type of allergens, the market is segmented into food allergens, inhaled allergens, drug allergens, and others. Of those, the inhaled allergens serve to generate maximum demand for allergic diagnostics.
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The two prominent tests in the market for allergic diagnostics are in-vitro tests and in-vivo tests. Between them, the in-vivo tests is seeing greater traction 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.
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the regions across which the market for allergic diagnostics is spread. Of them, North America leads the way owing to the superior healthcare infrastructure and high medical spends of people in the region, particularly in the U.S. and Canada. In addition, the increasing occurrence of allergies, high degree of awareness about them, and the effective medical reimbursement policies too have helped the market in the region. In the years ahead, the market in North America is expected to further grow its leading share owing to the thrust on cutting-edge research and development to come up with better methods.
Europe is another prominent region propelled by the increased spending capacity of people in the region along with the state-of-the-art healthcare facilities, supportive reimbursement policies, and continued research and development in the domain of medicine and treatments.
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Some of the leading players operating in the highly consolidated market for allergic diagnostics include Stallergenes Greer, Omega Diagnostics Group Plc., Thermo Fisher Scientific Inc., Quest Diagnostics Inc., and BioMerieux.