Increasing availability of effective treatment options is a major factor fueling growth of the allergy diagnostic and treatment market size. Overall, the billion dollar allergy diagnostic and treatment market revenue is expected to grow at a significant rate over the forecast period (2016–2024). With government taking key measures to improve healthcare facilities, many private players have emerged in the healthcare market to optimize and revolutionize the healthcare industry. These macro healthcare factors are expected to drive growth of various markets in the healthcare sector, most notably allergy diagnostic market.
Allergy is a form of hypersensitivity medical disorder of the immune system when the system reacts to a foreign substance (allergen). Symptoms of allergy include runny nose, red eyes, itchiness, hives, eczema or more severely an asthma attack. In similar context, allergy diagnostic services are used to identify the type of allergy and accordingly determine treatment regimen of allergic conditions. Moreover, with the amalgamation of advanced technologies in the field of point of care diagnostics, it is expected that the allergy diagnostic and treatment market would experience a significant growth in the near future.
Increasing preventative measure awareness is expected to drive sales of allergy diagnostic and treatment market size.
High incidence of allergic diseases such as allergic rhinitis, asthma, sinusitis, food allergy and other respiratory allergies are expected to boost growth of the allergy diagnostic and treatment market in the near future. For instance, according to the WHO, globally over 300 million patients suffered from asthma in 2013 and are expected to increase to over 400 million by 2025. Moreover, according to statistics provided by the American Academy of Allergy, Asthma & Immunology, globally around 15% of the population are affected by allergic rhinitis. Increasing prevalence of allergies among the global populace is expected to drive growth of the global allergy diagnostic and treatment market outlook. Furthermore, increasing government support for development of novel therapies and vaccines along with high research and development initiatives for development of advanced diagnostic techniques are expected to fuel growth of this market in the near future. Technological advancements in the field of in-vitro diagnostics and increasing focus on retaining superior quality of life are some of the factors that are projected to contribute towards growth of this market over the forecast period. However, high cost of these tests and unavailability of the tests kits are some of the factors that are projected to negatively influence growth of this market.
Allergy Diagnostic and Treatment Market Taxonomy
Coherent market insights has segmented the market on the basis of
On basis of type of allergy, the allergy diagnostic and treatment market scenario can be segmented as follows:
Sinusitis and food allergies are especially prevalent in developed regions.
Drug allergy segment is expected to grow at double digit rate between 2016 and 2024.
Some of the major diagnostic tests performed for detection of the types of allergy are as follows:
On the basis of medications, the allergy diagnostic and treatment market is segmented into
North America and Europe are expected to dominate the global allergy diagnostic and treatment market size
North America, followed by Europe accounted for the largest share of allergy diagnostic and treatment market revenue, mainly fueled by high incidence of allergic diseases in the U.S. According to a research conducted by the Centers for Disease Control and Prevention in 2013, in the U.S., between the periods of 1997 to 2011, food allergies among children increased around 50%. Moreover, according to the European Academy of Allergy and Clinical Immunology (EAACI), over 17 million people in Europe were affected by food allergy in 2015.
A highly fragmented and immensely competitive market
The market is expected to witness an exponential growth rate due to increasing prevalence of various types of allergies in developed nations such as the U.S, the U.K., France, Canada, and Spain. Some of the major companies in the allergy diagnostic and treatment market are bioMérieux, Danaher Corporation, GlaxoSmithKline plc, Hitachi Chemical Diagnostics, Inc., Merck & Co., Inc., Omega Diagnostics Group PLC, Siemens Healthcare, and Thermo Fisher Scientific, Inc.,.
Continuous research and development activities by key players in order to expand their presence in untapped regions is expected to drive the market growth over the forecast period. For instance, in July 2019, a Russia-based organization, VECTOR State Research Center of Virology & Biotech, announced plans to start shipping an innovative vaccine to Democratic Republic of the Congo in order to curb the Ebola outbreak in the region.
Moreover, increasing government initiatives in the development of vaccines and novel therapies is likely to facilitate growth of the market in the near future. For instance, in April 2019, the National Institutes of Health (NIH) announced the development of the first human trial of a universal influenza vaccine candidate.
In May 2019, Merck announced the results of the phase 2 trials of the 15-valent pneumococcal conjugate vaccine, which demonstrated non-inferior results to PCV13 which is a vaccine indicated in children aged 6 to 12 weeks.
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