Allergy Diagnostics Market is anticipated to grow at a double digit CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Allergy Diagnostic Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global allergy diagnostic market is estimated to be over US$ 3 bn in 2018. It is anticipated to grow at a double digit CAGR from 2019 to 2030.
The continual growth of the allergy diagnostics market can be attributed to several factors which have led to wide scale adoption of these products which are extensively used to improve health of patients. Moreover, the growing demand for allergy diagnostics across the globe is anticipated to further contribute to the substantial growth of this market between 2019 and 2030. The market is driven by high incidence of allergic diseases and increasing pollution in environment. However, the high price of the allergy diagnostics instruments can restrain the growth of overall market.
High Incidence and Prevalence of Allergic Diseases
Allergy is a widespread disease which tends to deteriorate with time. At present, over 20% of the total population experiences the ill effects of respiratory allergies. According to American Academy of Allergy, Asthma & Immunology, adverse drug reactions may affect up to 10% of the world’s population and affect up to 20% of all hospitalized patients over the world. Drugs are responsible for up to 20% of fatalities due to anaphylaxis. Therefore, the use of health services has increased due to increasing prevalence of allergic diseases. Thus, increasing incidence and prevalence of allergic diseases is anticipated to positively contribute to the growth of the global allergy diagnostics market.
Increasing Pollution Levels in the Environment
Air pollution is responsible for adverse health effects, mainly respiratory diseases. Diseases such as allergic rhinitis, eczema, asthma and epigenetic regulation arise due to the unfavorable effects of air pollutants. Environmental pollutants such as carcinogens, cause an increase in life environment diseases such as allergies. For instance, the environmental chemicals called Quinones which are present in Diesel Exhaust Particles (DEP) also show an adverse effect in relation to allergic inflammation. Moreover, the exposure to the small nanoparticles in the air tends to exacerbate allergic inflammations. These factors are anticipated to present a lucrative growth opportunity for the global allergy diagnostics market in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Allergy Diagnostics Market by Product & Services (Assay Kits, Consumables, Instruments and Services), Allergen Type (Drug Allergens, Inhaled Allergens and Food Allergens), Test (In Vivo Test, In Vitro Test), End Users (Academic Research Institutes, Diagnostic Laboratories and Hospitals) - Global Analysis & Forecast 2019-2030 . in detail along with the table of contents: https://www.marketindustryreports.com/allergy-diagnostics-market/72
High Price of Allergy Diagnostics Instruments
There are various tests that are carried out to determine the type of allergy and this helps in how a patient can be treated to get rid of these allergies. Skin testing is commonly used to test a plethora of allergic conditions. Furthermore, the treatment cost of allergy diagnosed patient goes out-of-pocket expense as it includes allergy diagnostic kits, medication and immunotherapy. Therefore, high cost of the allergic treatment can hamper the growth of allergy diagnostics market.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR with the growth centered at India, Japan and China during the forecast period. Increasing population, continuously growing economy and increasing awareness is expected to aid the growth of allergy diagnostics market in this region. Additionally, this region is expected to show the fastest growth due to increasing pollution in the environment. Some of the important factors for pushing market growth in Asia Pacific market are improvement of research infrastructure and increase in the government investment in biotechnological, pharmaceutical and biomedical industries.
Major Players in the Allergy Diagnostics Market
The prominent players in the allergy diagnostics market are Thermo Fisher Scientific Inc., Omega Diagnostics Group PLC, Hitachi Chemical Co., Ltd., R-Biopharm AG, Stallergenes Greer, Siemens AG, Danaher Corporation, Biomérieux SA, Hycor Biomedical, Inc., Lincoln Diagnostics, Inc. among others.
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