Global Allergy Diagnostics Market Forecast to 2030
The Allergy Diagnostics Market report also includes an in-depth examination of the market's key competitors, as well as their development strategies and business expansion plans. The archive, in particular, encourages entrepreneurs to look for information about potential customers and where they can find them. The review, which includes only the best sellers, enables entrepreneurs to learn about their local market and find potential customers.
The global allergy diagnostics market size is expected to reach USD 12.45 Billion at a steady revenue CAGR of 11.1% in 2030, according to the latest analysis by Emergen Research. One of the primary driving factors leading to increased revenue growth of the market is a high prevalence of allergic diseases. According to estimates, allergic rhinitis, popularly known as hay fever, affects 7.8% of individuals in the U.S. It is estimated that 3.5-4% of the general population in the U.S. has Immunoglobin E (IgE)-mediated food allergy or sensitivity. Thus, rising prevalence of allergic diseases is leading to rising demand for allergy diagnostics. Advances in diagnostic technologies and algorithms assist clinicians in more correctly diagnosing allergies, allowing patients to obtain the appropriate medication. Furthermore, government measures are also contributing to revenue growth of the market.
One of the main things that could prevent the market from growing in terms of revenue is inadequate understanding and utilisation of allergy testing methods. For instance, even though the scientific understanding of allergic illnesses has advanced, every year, roughly half of all allergy patients seek diagnosis and treatment from alternative practitioners. Some people may be required to undergo experimental allergy testing or therapies. The adoption of traditional eastern healthcare ideas into western culture and reckless media attention to claims of novel allergy treatments both contribute to acceptance. These elements may therefore limit the market for allergy diagnostics' revenue growth.
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Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report:
Thermo Fisher Scientific Inc., Danaher, Minaris Medical America, Inc., Siemens Healthcare GmbH, Eurofins Scientific, EUROIMMUN Medizinische Labordiagnostika AG, BIOMÉRIEUX SA, Stallergenes Greer, Neogen Corporation, and Omega Diagnostics Group PLC
Market Dynamics:
The report offers insightful information about the market dynamics of the Allergy Diagnostics market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Allergy Diagnostics market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Allergy Diagnostics market.
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Some Key Highlights From the Report
- On 18 June 2021, the Medicines and Healthcare products Regulatory Agency (MHRA) licensed Reacta Biotech's manufacturing plant in Deeside, North Wales, to begin producing its unique peanut Oral food Challenge (OFC) under the current Good Manufacturing Practices (cGMP) standards.
- The food allergens segment is expected to register fastest revenue CAGR during the forecast period, which is attributed to rising prevalence of food allergies among individuals in both developing and developed countries and initiatives from key market players. For example, Eurofins Technologies, which is a manufacturer of laboratory test kits and systems, announced the launching of the new SENSIStrip Allergen product line on 14 December 2020, which quickly identifies allergens that must be labeled on packaged food items. The allergy diagnostics market is also supported by regulatory activities from international agencies such as the U.S. Food and Drug Administration (FDA). To protect individuals with food allergies and other food hypersensitivities, FDA enforces laws requiring firms to list ingredients on packaged foods and drinks. Some foods or substances that cause allergies or other hypersensitivity reactions are subject to more severe labeling rules. These factors are driving revenue growth of the segment.
- In vitro tests segment is expected to register a high CAGR during the forecast period as patients are not exposed to allergens, which eliminates the possibility of adverse responses during testing. The patient's use of antihistamines or other medicines causes no interference. Testing is not prohibited in the presence of broad dermatological sickness or dermographism. The standardization and quantification of test systems enable more robust comparisons in an individual across time and across testing sites. A single blood sample can be used to measure specific IgE to a wide range of allergens, and a more extensive test menu is available.
- The market in North America is expected to account for largest revenue share during the forecast period, which is attributed primarily to rising prevalence of allergic reactions, increasing regulatory approvals for current innovations, and favorable reimbursement policies. On 22 August 2022 for example, Thermo Fisher Scientific Inc. gained FDA clearance for the use of ImmunoCAP Specific IgE (sIgE) Allergen Components in vitro for wheat and sesame allergies. These new blood tests can assist specialists and other healthcare providers in identifying wheat and sesame allergies in those who are at risk of a severe allergic reaction. ImmunoCAP Specific IgE Allergen Components will be accessible shortly throughout the U.S.
Allergy Diagnostics Market Segmentation:
Market Overview:
The report bifurcates the Allergy Diagnostics market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Product Service Outlook (Revenue, USD Billion; 2019–2030)
- Consumables
- Instruments
- Immunoassay Analyzers
- ELISA Analyzers
- Luminometers
- Others
- Services
- Allergen Outlook (Revenue, USD Billion; 2019–2030)
- Inhaled Allergens
- Food Allergens
- Drug Allergens
- Others
- Test Type Outlook (Revenue, USD Billion; 2019–2030)
- In Vivo Tests
- Skin Prick Tests
- Patch Tests
- Others
- In Vitro Tests
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the Allergy Diagnostics Market report is an exhaustive database that will help readers formulate lucrative strategies. The Allergy Diagnostics Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Allergy Diagnostics market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Allergy Diagnostics with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
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