Allergy Diagnostics Market to be Worth US$3.8 Billion by 2024, Says TMR

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11 Jan, 2019, 09:30 GMT

ALBANY, New York, January 11, 2019 /PRNewswire/ --

As reported by TMR, the global allergy diagnostics market is likely to expand at a 12.80% CAGR over the forecast period 2016 to 2024. At this rate, the market is estimated to be worth US$3.8 bn by 2024. Among the product types, consumable are projected to gain prominence in the global allergy diagnostics market. Geography-wise, North America is anticipated to remain a lucrative regional market over the forecast period. This could be on account on the first-class healthcare infrastructure in the region.

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Surge in Incidence of Allergies to Spur Growth

Patients are required to be diagnosed with allergies such as hay fever accurately. Food allergies are also increasing. There are about 17 million EU citizens with food allergies, and in the last ten years hospital admissions for severe allergies and their reactions have increased seven times in children, according to the European Academy of Allergy and Clinical Immunology (EAACI). Anaphylaxis, nutritional allergies, forms of asthma, conjunctivitis, eczema, eosine and allergy to medicinal products and insects include allergy. The new diagnostic market is therefore expected to grow at a good pace with the increasing incidence of allergic diseases. Additionally, the emerging strategies for detection and control through new approaches for allergies are expected to drive the allergy diagnostics market in the coming years.

Spread of Awareness Regarding Allergens to Boost Opportunity

Governments worldwide are gradually encouraging the expansion of vaccines and new treatments for different allergic syndromes, thereby fueling the expansion of the market for allergy diagnostics. Governments also invest in research and development activities to expand high-tech diagnostic methods for allergic diseases. As governments take actions to improve health care facilities, the main contributors to the development of the health sector are major drug companies and medicines for allergic syndromes.

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The global allergy diagnostics market is expected to see high growth in the coming years, according to a report by Transparency Market Research (TMR). The market's competitive landscape comprises features consolidation at present, with a small number of vendors holding substantial shares in the global allergy diagnostics market. The market fosters moderate competition among the vendors.

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Market players are seen focusing on several organic and inorganic strategies in order to gain momentum in the global allergy diagnostics market. Among these, mergers and acquisitions, and partnerships are expected to be adopted gratuitously. Vendors are furthers seen focusing on adopting the latest technological innovations in their offering. Research and development of novel products is another area that players are focusing on in order to gain market shares.

Leading vendors operating in the global allergy diagnostics market include Omega Diagnostics Group Plc., Quest Diagnostics Inc., BioMerieux, Thermo Fisher Scientific Inc., and Stallergenes Greer.

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The study presented here is based on a report by Transparency Market Research (TMR) titled, "Allergy Diagnostics Market (Product - Assay Kits, Consumables, and Instruments; Allergen Type - Inhaled Allergens, Food Allergens, and Drug Allergens; Test Type - In-vivo and In-vitro tests; End Users - Hospitals, Diagnostic Laboratories, and Academic Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."

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