Global Allergy Diagnostic Market Expected to Garner $16,714.2 Million by 2031, Growing at 13.2% CAGR from 2022-2031 [250-Pages] | Report by Research Dive
The allergy diagnostic market is expected to grow by 2031 due to increasing global environmental pollution. In vivo sub-segment is predicted to be the most lucrative. The market in North America is expected to be the most profitable.
NEW YORK, Feb. 17, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Allergy Diagnostic Market by Test Type (In Vivo and In Vitro), Product/Service (Consumables, Instruments, and Services), Allergen (Inhaled Allergens, Food Allergens, Drug Allergens, and Other Allergens), End User (Diagnostic Laboratories, Hospital-based Laboratories, Academic Research Institutes, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031".
As per the report, the global allergy diagnostic market is predicted to grow at a stable CAGR of 13.2% in the 2022-2031 timeframe, thereby garnering $16,714.2 million by 2031.
Dynamics of the Market
Drivers: Over the years, there has been a steady increase in the levels of environmental pollution across the world, which is expected to help the allergy diagnostic market expand in the forecast years. Moreover, increasing prevalence of allergy disorders among urban populations is predicted to boost the market in the forecast period.
Opportunities: The growing trend of mHealth in allergy diagnostics is predicted to offer huge growth opportunities to the market in the forecast period. Along with this, the rise in incidences of asthma in metropolitan cities is expected to augment the growth rate of the market in the analysis years.
Restraints: High cost of allergy diagnostic, however, may dampen the growth rate of the allergy diagnostic market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The allergy diagnostic market, too, faced a negative impact of the pandemic. The pandemic period saw an overall decline in the number of allergy diagnostic tests being conducted due to fear of infection. Also, there was an increase in the use of telemedicine to treat asthma and rhinitis which further led to a decline in the growth rate of the market during the pandemic period.
Segments of the Market
The report has divided the allergy diagnostic market into different segments based on test type, product service, allergen, end user, and region.
- By test type, the in vivo sub-segment is anticipated to be highly dominant and generate revenue of $8,474.9 million in the forecast period. The growing adoption of in vivo tests such as skin prick tests is expected to help this sub-segment grow in the forecast period.
- By product service, the consumables sub-segment is anticipated to have a significant market share in the forecast period and garner a revenue of $8,658.1 million by 2031. Increasing strategic collaborations by prominent organizations are expected to push this sub-segment forward in the forecast period.
- By allergen, the food allergen sub-segment is anticipated to have the fastest growth rate in the forecast period and surpass $5,040.3 million by 2031. The rise in food allergies across the globe, especially in developed and developing countries is anticipated to boost the growth of this sub-segment in the forecast period.
- By end user, the diagnostic laboratories sub-segment is anticipated to be the most lucrative in the forecast period and register a revenue of $8,199.8 million by 2031. Increased awareness and desire for proper diagnosis among patients has led to a rise in demand for diagnostic laboratories which is expected to help this sub-segment grow at a stunning rate in the forecast period.
- By regional analysis, the allergy diagnostic market in North America region is expected to be the most profitable by 2031 and grow with a CAGR of 12.6%. The growth of the market in this region is mainly attributed to improved medical insurance policies, an increased number of people with allergies, enhanced healthcare infrastructure, and advanced diagnostic technologies across the region.
Significant Market Players
The significant market players of the allergy diagnostic market are
- Thermo Fisher Scientific
- BIOMÉRIEUX
- Eurofins Scientific
- PerkinElmer Inc.
- Omega Diagnostics Group PLC
- Stallergenes Greer
- Danaher
- Siemens
- Neogen Corporation
- Hitachi Chemicals
These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.
In January 2022, LifeMD, a leading patient telehealth company, announced the acquisition of Cleared, an operator of an online allergy clinic. This acquisition is predicted to offer huge growth and expansion opportunities to the acquiring company, i.e., LifeMD in the near future.
The Research Dive report also summarizes many crucial aspects of the allergy diagnostic market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
Granular Research on Specific Regions or Segments of Allergy Diagnostic Market & Avail 10%OFF
More about Allergy Diagnostic Market:
- Fundamental Reasons How Allergy Diagnostics Can Save Your Life
- What is Allergy Diagnostics and What are Different Types of Allergies?
- Allergy Diagnostic Market to Observe Significant Growth by 2031 Due to Product Launches and Company Acquisitions by Market Players, such as NEOGEN Corporation, PerkinElmer, and Others
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