Allergy Diagnostics Market will hit at a CAGR of 10% by 2017 to 2022
Posted by Pradnya on April 26th, 2018
The global market for allergy diagnostics has been forecast to account for over US$ 4,000 Mn revenues by 2022-end, according to a latest research by Future Market Insights (FMI). The report further projects the market to exhibit an impressive CAGR of nearly 10% through 2022.
Urban & Western Lifestyles Leading toward Susceptibility to Allergic Disorders
A key theory gaining popularity in the global allergy diagnostics market is “hygiene hypothesis”. According to the hypothesis, absence of exposure to microorganisms & infectious agents in early childhood is likely to increase proneness of individuals to allergies, refraining the essential development of their immune system. The urban and western lifestyles of people have made them more susceptible to allergic diseases, as they have limited exposure to infectious agents during their childhood. Genetic factors and surging pollution levels are some major factors adding to the prevalence of allergic disorders. Introduction of advanced technologies and rapid growth in healthcare expenditure will play a major role in reducing impact of aforementioned factors. However, stricter government policies and regulations associated with drugs and therapies, and huge capital investment required for development of these drugs will remain as challenges for organisations operating in the market.
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Leading Market Players focusing on Revolutionizing Healthcare Sector
Several governments around the world are supporting development of vaccines and therapies associated with allergic diseases through investments in research and development activities related to allergy diagnostics. In addition, leading market players are focusing on revolutionizing and optimization of healthcare sector. A key strategy adopted by these players is collaboration with predominant organizations. For example – in 2016, Quest Diagnostics collaborated with AncestryDNA, in a bid to cater soaring demand from consumers for genetic tests, given the genetics’ role in development of allergies. The surge in incidences of allergies such as asthma, allergic rhinitis, sinusitis, and food allergy, are driving demand for their diagnostics over the recent past. According to WHO, number of patients with asthma is likely to surpass 400 Mn by 2025-end. Moreover, statistics offered by American Academy of Allergy, Asthma, & Immunology depict around 15% of population worldwide to be suffering from allergic rhinitis worldwide annually.
Key Research Findings from FMI’s Report on Global Allergy Diagnostics Market
Diagnostic laboratories will remain sought-after among patients for allergy diagnostics, with revenues projected to account for over 40% revenue share of the market in 2017. However, diagnostic laboratories will observe a decline in their market share between 2017 and 2022.
The allergy diagnostics market in Asia-Pacific excluding Japan (APEJ) is projected to expand at a relatively higher CAGR through 2022. This can be mainly attributed to a relatively higher prevalence of allergic disorders, especially in growing older population in the region, along with rising disposable income, and surging developments in healthcare infrastructures. In addition the market in Japan is estimated to create an absolute $ opportunity of approximately US$ 150 Mn between 2017 and 2022.
Based on allergen type, revenues from diagnosis of allergies caused by food allergens are estimated to reach nearly US$ 1,300 Mn by 2022-end.
On the basis of test type, in-vivo tests are expected to remain comparative less lucrative than in-vitro test for allergy diagnostics throughout the forecast period.
Based on Product type, sales of consumables and instruments are projected to register the fastest expansion in the market through 2022. In terms of revenues, instruments are estimated to account for a comparatively larger market share than consumables over the forecast period. In contrast, services will account for the lowest share of the market, in terms of revenues, through 2022.
FMI’s report has offered a list of key players that are actively operating in the allergy diagnostics market, which include Thermo Fisher Scientific, Inc., Siemens Healthcare, Danaher Corporation, Hitachi Chemical Co., Ltd., HOB Biotech Group Co, Biomérieux SA, Stallergenes Greer, R-Biopharm AG, Hycor Biomedical Inc., and Lincoln Diagnostics, Inc.
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Joined: February 3rd, 2017
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