CHICAGO, April 22, 2024 /PRNewswire/ -- Allergy Diagnostics Market [https://www.marketsandmarkets.com/Market-Reports/allergy-diagnostics-market-232871701.html?utm_source=Prnewswire&utm_medium=referral&utm_campaign=paidpr] in terms of revenue was estimated to be worth $5.3 billion in 2024 and is poised to reach $9.8 billion by 2029, growing at a CAGR of 11.0% from 2024 to 2029 according to a new report by MarketsandMarkets(TM).
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The growth of this market is majorly driven by rise in initiatives and investments for allergy research, growth in home care allergy test kits, and establishment of new facilities by hospitals and clinics.
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Browse in-depth TOC on "Allergy Diagnostics Market"
248 - Tables
57 - Figures
307 - Pages
Allergy Diagnostics Market Scope:
Report Coverage Details Market Revenue in 2024 $5.3 billion Estimated Value by 2029 $9.8 billion Growth Rate Poised to grow at a CAGR of 11.0% Market Size Available for 2022-2029 Forecast Period 2024-2029 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Product & Service, Test Type, Allergen, and End User Geographies Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa Report Highlights Updated financial information /product portfolio of players Key Market Opportunities Integration of AI in allergy diagnosis Key Market Drivers High incidence and heavy economic burden of allergic diseases
The consumables segment is expected to account for the largest share in 2023.
The Allergy Diagnostics market, by product & service, has been segmented into consumables, instruments, and services. The consumables segment accounted for the largest share of the Allergy Diagnostics market in 2023. This segment is also anticipated to experience significant growth over the projected period. The increasing demand for rapid diagnosis of allergic patients which is driven by increasing number of allergic cases can be attributed for the larger share of this segment during the forecast period.
In Vivo test segment held the largest market share in the Allergy Diagnostics market.
Based on the test type, the Allergy Diagnostics market is segmented into in vivo tests and in vitro tests. In 2023, the in vivo tests segment accounted for the largest share of the Allergy Diagnostics market. The growth of this segment is mainly driven by the growing adoption of various in vivo tests, such as skin prick tests which is considered as the first line of diagnosis for allergy and favorable government support and guidelines.
Inhaled allergy segment held the largest market share in the Allergy Diagnostics market.
Based on the allergen, the Allergy Diagnostics market is segmented into inhaled allergens, food allergens, drug allergens, and other allergens. In 2023, the inhaled allergens segment accounted for the largest share of the Allergy Diagnostics market due to the rising environmental pollution, rising home dust & mites coupled with other factors such as pollen, fungus, mold, and dust, and switching lifestyles, including rise in indoor activities and exposure to indoor allergen.
North America dominates the global Allergy Diagnostics market
Based on the region, the Allergy Diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America market is driven by availability of technologically advanced products and growing research on allergy by companies and government. The Asia Pacific segment is projected to register the highest CAGR during the forecast period. Developing healthcare infrastructure, lifestyle changes and climatic conditions, increased ozone and industrial pollution levels, and the rising demand for quality medical care are some of the major factors driving the growth of this regional market.
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Allergy Diagnostics Market Dynamics:
Drivers:
1. High incidence and heavy economic burden of allergic diseases
Restraints:
1. High pricing of allergy diagnostic instruments
Opportunities:
1. Integration of AI in allergy diagnosis
Challenge:
1. Shortage of allergists
Key Market Players of Allergy Diagnostics Industry:
Major players in Allergy Diagnostics market include Thermo Fisher Scientific Inc., (US), Siemens Healthineers AG (Germany), Danaher (US), and Canon, Inc. (Japan), Minaris Medical America, Inc. (US).
Breakdown of supply-side primary interviews by company type, designation, and region:
-- By Company Type: Tier 1 (20%), Tier 2 (45%), and Tier 3 (35%)
-- By Designation: C-level (30%), Director-level (20%), and Others (50%)
-- By Region: North America (36%), Asia- Pacific (27%), Europe (25%), and
Latin America- (7%) and MEA-(5%)
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Recent Developments of Allergy Diagnostics Industry:
-- In 2023, Canon has completed share transfer procedures with Resonac
Corporation. This share transfer is intended to be used to purchase the
Resonac subsidiaries Minaris Medical Co., Ltd. and Minaris Medical
America, Inc. (collectively, "Minaris Medical"). After this share
acquisition is finished, Minaris Medical--which runs companies that deal
with automated analytical tools and in vitro diagnostic reagents--will
be consolidated under Canon Medical.
-- In 2023, Romer Labs Division Holding GmbH (Austria) acquired CPAK INTER
Co., Ltd. (Thailand), a long-time distributor of Romer Labs solutions
based in Bangkok. With the acquisition, Romer Labs has achieved yet
another significant milestone in the quickly expanding Asian food safety
industry.
-- In 2022, The US Food & Drug Administration (FDA) has cleared ImmunoCAP
Specific IgE (sIgE) Allergen Components for use in in vitro diagnostic
testing for wheat and sesame allergies, according to a statement from
Thermo Fisher Scientific, Inc. (US).
Allergy Diagnostics Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Allergy Diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
-- Analysis of key drivers (global rise in prevalence and heavy economic
burden of allergic illnesses, growing environmental pollution, and
insurance coverage), restraints (high costs of analyzers and access is
limited to healthcare services), opportunities (use of mHealth and
integration of AI in allergy diagnosis), and challenges (a few number of
allergists and challenges during diagnosis of allergy) influencing the
growth of the Allergy Diagnostics market
-- Product Development/Innovation: Detailed insights on upcoming
technologies, research & development activities, and new product &
service launches in the Allergy Diagnostics market.
-- Market Development: Comprehensive information about lucrative markets -
the report analyses the Allergy Diagnostics market across varied
regions.
-- Market Diversification: Exhaustive information about new products,
untapped geographies, recent developments, and investments in the
Allergy Diagnostics market
-- Competitive Assessment: In-depth assessment of market ranking, growth
strategies, and service offerings of leading players like Thermo Fisher
Scientific Inc., (US), Siemens Healthineers AG (Germany), Danaher (US),
and Canon, Inc. (Japan) [Minaris Medical America, Inc. (US)], among
others in the Allergy Diagnostics market strategies.
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