New York, USA, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global allergy diagnostic market is projected to gather a revenue of $10,472.92 million by 2028 and grow at a stable CAGR of 11.50% over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The growing levels of environmental pollutions that can cause serious chronic respiratory diseases along with strategic alliances among key market players are some prime factors predicted to drive the growth of the global allergy diagnostic market during the analysis timeframe. Moreover, the strong relationship between the air pollution and asthma, allergic rhinitis, and other disorders is also estimated to boost the market growth by 2028.
Opportunities: Increasing R&D activities by researchers and scientists and growing technological developments for improved use of allergy diagnostics using smartphones are some factors anticipated to create abundant growth opportunities for the global allergy diagnostic market during the forecast period. Moreover, the incorporation of mHealth in allergy diagnostics for better communication between patients and allergists with the help of video calls, texting, motion sensors, etc. is also expected to augment the market development by 2028.
Restraints: High cost of allergy diagnostic is the major impeding factor for the market growth.
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Covid-19 Impact on the Market
The covid-19 pandemic wreaked havoc for most industries including the global allergy diagnostic market mainly due to government-imposed strict lockdowns and the fear of spreading the corona virus. This led to avoidance of the diagnostic procedures in case of any allergies and forced healthcare professionals and doctors to temporarily prefer the use of telemedicine for asthma and rhinitis. In addition, many doctors faced problems in treating patients who had chronic diseases and therefore, had to postpone several appointments. These factors are predicted to hinder the market growth during the catastrophic stress.
Segments of the Market
The report has fragmented the allergy diagnostic market into a few segments based on product/service, allergen, end-user, and regional analysis.
Product/Service: Consumables Sub-segment to be Highly Dominant
The consumables sub-segment is projected to hold a dominant market share and garner a revenue of $5,473.57 million during the analysis years due to increasing number of allergies among people that require quick diagnosis. In addition, the continuous strategic alliances among key market players to diagnose allergic patients efficiently is yet another factor estimated to bolster the sub-segment’s growth by 2028.
Allergen: Food Allergen Sub-segment to Have Significant Growth Rate
The food allergen sub-segment of the global allergy diagnostic market is anticipated to have a significant growth rate and register a revenue of $3,216.35 million during the 2021-2028 forecast years. This immense growth rate is mainly attributed to the rising food allergies among people in most countries and the initiative of food allergen testing in APAC centers by prominent suppliers of diagnostic solutions.
End-user: Diagnostic Laboratories Sub-segment to be Highly Progressive
The diagnostic laboratories sub-segment is expected to have the fastest growth rate and generate a revenue of $5,194.98 million by 2028 due to increasing trends of diagnostic laboratories. In addition, patients’ growing demand for proper diagnosis to treat allergies is yet another factor predicted to bolster the sub-segment’s growth during the forecast period.
Region: Market in the Asia-Pacific Region to Have the Fastest Growth Rate
The allergy diagnostic market in the Asia-Pacific region is projected to have the fastest growth rate of 12.90% CAGR during the analysis timeframe due to increasing environmental pollutions that causes allergic diseases like asthma, skin allergy or dermatitis, rhinitis, etc. Moreover, the prevalence of allergic rhinitis and its risk on adolescents and young children is also estimated to propel the market growth in the Asia-Pacific region by 2028.
Significant Market Players
Some significant players of the allergy diagnostic market include
- Omega Diagnostics Group PLC
- Danaher
- Eurofins Scientific
- BioMerieux
- Siemens
- Thermo Fisher
- Stallergenes Greer
- NEOGEN Corporation
- Hitachi Chemicals
- Perkin Elmer
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in July 2022, Apollo Health Group, Asia-‘s leading integrated healthcare services provider, announced its partnership with 1health.io, an industry-leading cloud platform for clinical testing, to boost its specialized high-performance NGS tests like pharmacogenetics screenings (PGx) and hereditary cancer genetic screening (CGx) to the emerged clinical market. Buy the Full Report Here!
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Allergy Diagnostic Market:
- Fundamental Reasons How Allergy Diagnostics Can Save Your Life
- Collaborations Like That of Perkin-Elmer and Everly Inc. to Create Vital Opportunities for the Growth of the Global Allergy Diagnostic Treatment Market
