The global allergy diagnostics market is on a path of substantial expansion, with sales projected to reach approximately USD 6,220 million in 2024. According to recent industry analysis, the market is expected to grow at a compound annual growth rate (CAGR) of 7.7% over the next decade.
By 2034, the adoption revenue of allergy diagnostics is anticipated to attain a remarkable valuation of USD 13,060.1 million. This impressive growth reflects the increasing prevalence of allergic conditions worldwide and the rising demand for accurate and efficient diagnostic solutions.
The robust growth trajectory of the allergy diagnostics market is driven by several factors, including heightened awareness of allergic diseases, advancements in diagnostic technologies, and an increased focus on personalized medicine. As healthcare providers and patients seek better diagnostic tools to manage and treat allergies, the demand for innovative allergy diagnostics continues to rise.
According to the study, there is an increasing need for allergy diagnostics worldwide because of the rise in medication allergies, particularly those caused by morphine and penicillin.
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The study also asserts that growing air pollution and a lack of awareness regarding food and medication allergies in emerging and impoverished countries are pushing industry players to produce cheaply priced allergy diagnostic kits. According to a World Health Organization report, 461,000 people worldwide die from asthma-related causes each year, while over 262 million people suffer from asthma.
The market for allergy diagnostics will rise overall because of the necessity for effective treatment and treating the underlying causes of asthma. During COVID-19, the market for allergy diagnostics expanded moderately. This is the outcome of medical practitioners treating COVID patients instead of immunological therapy due to the epidemic.
Virtual care and restricted visitation approaches were used in cases of patients with severe asthma or other allergic reactions in order to limit human contact and prevent the spread of viruses.
The development of affordable at-home diagnostic tools for food sensitivities and allergies is expected to accelerate market expansion in the years to come. These applications will lighten the workload for hospitals and labs, which will lower the expense of allergy diagnostics and treatment. Given that automated allergy diagnostics is becoming more and more popular in diagnostic laboratories and hospitals due to its high efficacy, it is projected that the market will expand rapidly in the next years. The United States and Canada are anticipated to produce extremely promising chances that would aid in the market’s overall growth.
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“Surge in food allergies cases along with increasing incidence of asthma in children will catapult the demand of allergy diagnostics during the forecast period,” says the FMI analyst.
Competitive Landscape
Allergy diagnostics market is highly competitive market owing to presence of global market players. Market players are employing multiple marketing techniques to expand their global outreach.
Allergy diagnostics market players are focusing towards employing organic and inorganic strategies to expand their global foothold.
Inorganic strategies include strategic merger and acquisition and forming an alliance with regional distributors to strengthen their supply chain channels.
They are also emphasizing towards faster product approvals, product development and patenting.
Prominent players operating in the allergy diagnostics market are:
- Hitachi Chemical Co. Ltd
- Thermo Fisher Scientific Inc.
- Siemens Healthineers
- Danaher Corporation
- HOB Biotech Group Co
- bioMérieux
- Hycor Biomedical Inc.
- Stallergenes Greer
- R-Biopharm AG
- Lincoln Diagnostics Inc.
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