Allergy Diagnostics Market (2017-2021) Progresssive Revenue Is Expected To Be US$ 11,058.2 Mn

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%. The first five-year cumulative revenue (2017–2021) is projected to be US$ 11,058.2 Mn, which is expected to increase rather significantly over the latter part of the five-year forecast period.

Allergy occurs when a person's immune system reacts to substances in the environment that are harmless for most people. Allergy refers to the damaged or hypersensitive immune responses towards substances that either enter or come in contact with the human body, such as food, pollen, dust or fur, and pet dander. Although allergies can develop at any age, the risk of developing allergies is genetic in nature. Some of the most common allergic conditions include hay fever, allergic eyes, asthma, and allergic shock.

According to research and development, ‘hygiene hypothesis' is a major factor driving growth of the global allergy diagnostics market. This hypothesis states that individuals who lack early childhood exposure to infectious agents, parasites, or allergens may be more susceptible to allergies and associated diseases, due to restricted early development of the immune system. Alarming rise in environmental pollution levels, prevalence of allergic conditions, increasing global aging population, changing lifestyle and related disorders, changing food habits, and longer pollen seasons due to climatic changes are some other major factors fueling growth of the global allergy diagnostics market. However, high investment cost for R&D and stringent government regulations are factors impacting market growth.

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.

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Global Allergy Diagnostic Market: Segmental Snapshot

The market report has been segmented on the basis of product type, allergen type, end user, and region. The product type segments include assay kit, instruments, services. Allergen type segments include inhaled allergen, food allergen, drug allergen, and others. End-use type segment includes hospitals, laboratories, academics, and others. The regions and countries covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Rest of the World.

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.

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.

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.

By region:

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.

Increasing mergers, acquisitions, and collaborations among leading market players in various region in order to enhance product portfolio and to develop more accurate allergy diagnostic kits expected to support growth of the target market. For instance, in October 2013, Quest Diagnostics Inc., a leading global provider of diagnostic information services, acquired ConVerge Diagnostic Services, LLC.

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Global Allergy Diagnostic Market: Competitive Analysis

The research report on the global allergy diagnostic market includes detailed competitive analysis on major companies such as Hitachi Chemical Diagnostics Inc., HOB Biotech Group Suzhou Co. Ltd., HUCOR Biomedical LLC, Quest Diagnostics Inc., Stallergenes Greer, BioMerieux SA, Omega Diagnostics Group PLC., Siemens AG, Lincoln Diagnostics, Inc., and Thermo Fisher Scientific Inc.