Global Allergy Diagnostics and Therapeutics Market is Expected to Witness Significant Growth by 2022: Hexa Research

Increase in demand for in-vitro blood tests is another factor which is expected to fuel the "allergy diagnostics and therapeutics market" growth by 2022. North America was the dominant market and this trend is expected to continue till 2022.

Felton, United States - August 23, 2016 /MarketersMedia/ —

The global allergy diagnostics and therapeutics market is expected to witness significant growth at a CAGR of over 12% over the forecast period. This growth can be attributed to the increase in the number of allergic disease cases coupled with the rising environmental pollution.

The growth of this market is fueled by the rise in the number of children below 14 years of age who are at greater risk of developing allergic diseases and disorders. The increase in demand for in-vitro blood tests is another factor which is expected to fuel market growth over the next eight years. Additionally, a large number of people are affected by inhaled allergies every year due to the increase in air pollution. This has therefore led to the increase in adoption of diagnostics on a global scale which is expected to have a positive impact on the industry over the forecast period.

Furthermore, various factors such as dietary habits, changing consumer lifestyle, and urbanization has led to heightened vulnerability towards allergic reactions and weakened immune systems and hence are expected to contribute to growing occurrences of allergic conditions. Moreover, with the advancement of technology and the introduction of advanced diagnostic products which offer highly accurate and sensitive results, the market is projected to grow exponentially over the next eight years. Indoor air pollution is also expected to majorly propel industry growth with the rapid rise in the number of smokers globally.

Allergic reactions are caused by immune system hypersensitivity disorder which is a result of certain substances that are existing in the environment. These are often referred to as allergens which include pet dander, dust mite’s excretion and pollen. Allergic reactions cause harmful effects on human health resulting in significant morbidity owing to pulmonary, dermatologic and otolaryngologic disorders. All these factors are ultimately expected to have a positive impact on the industry over the next eight years.

This market incorporates a significant opportunity for manufacturers of allergy diagnostic equipment to invest in research and development activities so as to develop and introduce new products with high efficiency at a low cost. There also exist a large number of opportunities to innovate in the field of integrating automation along with allergy diagnostic equipment.
The global allergy diagnostics and therapeutics market can be segmented based on product, allergen type, end-use, test, and drug class. Based on product, the market is segmented into consumables, instruments, and services. The product segment can be further subdivided into luminometers, immunoassay analyzers, and other diagnostic equipment. Here, immunoassay analyzers are expected to have the highest market share in the next eight years due to its increasing popularity among emerging countries.

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Based on allergen type the market is divided into inhaled allergens, food allergens and drug allergens. Of these, inhaled allergens accounted for the largest market share over the past few years owing to rising occurrence of air pollution globally. Subsequently, based on end use, the market is segmented into hospitals, academic research institutes and diagnostic laboratories. Furthermore, segmentation based on test includes in-vivo and in-vitro tests. Based on drug class the market is segmented into antihistamines, mast cell stabilizers, nasal anticholinergics, immunomodulators, immunotherapy, corticosteroids, leukotriene inhibitors, decongestants and auto-injectable epinephrine.

In terms of revenue, North America was the dominant market over the past few years and this trend is expected to continue over the next eight years owing to the increasing cases of allergic respiratory disorders and the rising awareness regarding allergy diagnostics coupled with the increasing acceptance of in-vitro blood tests in the region. Additionally, Europe is projected to display positive growth over the next eight years owing to the developed and mature pharmaceutical industry and rising demand for therapeutics. Growing geriatric population coupled with rising occurrences of allergic conditions rare key factors that are expected to have a positive impact on the industry over the forecast period.

Furthermore, Asia Pacific is estimated to be the fastest growing regional market over the next eight years due to the existence of numerous un-met consumer needs coupled with the fast-developing healthcare infrastructure and rising demand for minimally invasive diagnostic tools by the user.

The allergy diagnostics and therapeutics market is considerably fragmented with a large number of companies vying for a larger share of the market. Some of the key players include Thermo Fisher Scientific, Hitachi Chemical Diagnostics, Siemens Healthcare, Hycor Biomedical, Alcon Laboratories, bioMerieux, Danaher Corporation, Stallergenes Greer, Omega Diagnostics, Lincoln Diagnostics and HOB Biotech Group among others.

Various market segments are projected to experience lucrative growth mainly due to the increasing use of automation in this industry. For instance, Thermo Fisher launched Phadia 2500E Laboratory System in July 2015, which offers highly efficient diagnostic solutions with the aim of gaining a competitive advantage over other market players. Moreover, prominent players are now beginning to concentrate on providing accurate result oriented devices and allergy specific solutions in order to take advantage of un-met consumer needs. These factors are expected to have a positive impact on the industry over the forecast period.

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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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