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Allergy Diagnostics Market Anticipate To Hit Double Digit CAGR Of 12% By 2026

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The global allergy diagnostics market was valued at US$ 1,732.6 Mn in 2017, and is expected to register a CAGR of over 12%.

Allergy is commonly considered as abnormal immune response of body against foreign particles. There are various types of allergy such as drug allergy, food allergy, contact dermatitis, latex allergy, seasonal allergy, animal allergy etc. Effective treatment of allergy includes identification and avoiding allergy that trigger symptoms using various medical therapies and medications.

Global Allergy Diagnostics Market Dynamics:
Rising incidence of the allergic conditions globally is a major factor driving growth of the global allergy diagnostics market. Food related allergy has increased across the globe in recent years, due to increasing use of chemicals in food production, the majority of food allergies are triggered by presence of certain chemicals in food. Furthermore, prevalence of food allergy is increasing among the children, due to weak immunity power of their body. According to Centers for Disease Control and Prevention (CDC), in 2015, prevalence of food allergy in children increased by 50% between 1997 and 2012 globally.

However, false positive results during diagnosis is a primary factor expected to hamper growth of the global allergy diagnostics market. In addition, less awareness about available medical therapies for allergy diagnosis among individual in the rural area of emerging economies and stringent regulations by regulatory authorities for allergy diagnostic kits and medications, which are other factors expected to hamper growth of the target market, but to a certain extent.

Market analysis by product type:

On the basis of product type segmentation, assay kits segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Also, assay kits witness highest CAGR of over 13%, owing to high preference for assay kits in allergy testing by medical practitioners and high product availability across the globe.

Market analysis by allergen type:

Among all the allergen type, inhaled allergen segment is expected to register highest revenue as well as CAGR of over 12%, as it is a most common type of allergy causes due to immediate hypersensitivity reaction.

Increasing environmental pollution around the globe is also a major factor supporting growth of inhaled allergen type segment market.

Market analysis by end user:

Among all the end user, laboratories segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Also, laboratories witness highest CAGR of over 12% during the forecast period 2017-2026.

Increasing number of laboratories and rising patient pool are major factors fueling growth of the laboratory segment market. Also, hospital segment is expected to register second highest revenue growth in the forecast period, owing to rapid hospital infrastructure development in emerging countries.

Market analysis by region:

North America market is expected to dominate the global allergy diagnostics market, and it accounts for largest market revenue over US$ 600 million in 2017 as compared to that of markets in other regions, owing to presence of leading manufacturers and high market penetration in the region. Also, Asia Pacific market is expected to register highest CAGR than that of other regions, owing to development in healthcare sector and increasing prevalence of allergy in countries in the region. Other growth supporting factors includes, increasing awareness about the availability of allergy diagnostic test among the individuals, social awareness initiatives for example, in India, IIA (Indian Academy of Allergy) have been initiating many programs to spread awareness, educate, and update about allergy among population. In 2017, IIA conducted awareness seminars in various cities of India during the World Allergy Week from 2nd April, 2017 to 8th April, 2017.

In 2017, Europe accounted for the second largest revenue share contribution to the global target market, owing to increasing prevalence of chronic allergy in countries in the region. According to study published by The European Academy of Allergy and Clinical Immunology (EAACI), in 2015 about 150 million individuals in Europe suffered from chronic allergic diseases. Also, it is estimated that more than 50% of the total European population may suffer from some type of allergy before the year 2025, this in turn expected to boost growth of the Europe allergy diagnostics market.

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Market Key Players:

Hitachi Chemical Diagnostics Inc., HOB Biotech Group Suzhou Co. Ltd., HYCOR Biomedical LLC, Quest Diagnostics Inc., Stallergenes Greer, BioMarieux SA, Omega Diagnostics Group PLC, Siemens AG, Lincoln Diagnostics, Inc., THERMO FISHER SCIENTIFIC INC.