Allergy Diagnostic Market Expected to Reach $16.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Allergy Diagnostics Market," The allergy diagnostics market size was valued at $5 billion in 2021, and is estimated to reach $16.7 billion by 2031, growing at a CAGR of 13.2% from 2022 to 2031.
 

An immune system-driven response or hypersensitivity is known as an allergy. An allergen is a material that triggers allergic responses; such as pollen, pet dander, dust mite secretion, and others. Drug allergies, mold allergies, insect allergies, food allergies, and skin allergies are a few of the most prevalent allergens. Additionally, allergy diagnostic is the test that can identify the kind of allergy and then determine how to treat it. Intradermal, skin-prick, patch, and blood tests are a few of the frequently used methods for diagnosing allergies.

The global market for allergy diagnostics is expanding dramatically, mostly as a result of rising air pollution that can lead to chronic respiratory illnesses. Additionally, according to the WHO (World Health Organization), 80% of people live in metropolitan areas, making them particularly vulnerable to the effects of poor air quality, especially in low-income nations. In addition, several studies have shown a connection between air pollution and allergic rhinitis, asthma, and other conditions, which is fueling the expansion of the allergy diagnostics market growth. Likewise, businesses that are just starting in the allergy diagnostic sector are already setting the pace for other market competitors in terms of developing new customer-focused strategies. For instance, the National Measurement Laboratory (NML) of the UK, introduced the first-ever multi-allergen reference material kit including five common allergens at LGC on February 20, 2020. Egg, milk, walnut, hazelnut, and almond are a few of the typical allergens included in kits. It is also anticipated that market expansion would be fueled by these kinds of activities by industry players.

Due to the high cost of allergy testing equipment, the cost of service is considerable. ELISA analyzers, luminometers, immunoassay analyzers, blot analyzers, and scanners are a few examples of frequently used diagnostic tools. Additionally, the price of an immunoassay analyzer is $10,000, while fully automated analyzers cost around $14,000 each. Such equipment also needs upkeep, lab supervision, operational costs, and other things. In the upcoming years, all of these factors are projected to reduce the market value of allergy diagnostics.

Due to the rapid expansion of the global allergy diagnostics industry, researchers and scientists have accelerated their R&D efforts to create cutting-edge technological gadgets for better allergy diagnostic usage on mobile phones. Additionally, using motion sensors, messaging, cameras, and video calls can aid allergists in communicating with their patients, thanks to the integration of mHealth in allergy diagnostics. As a result, allergy diagnostic via mobile health tools aids clinicians in determining the severity of allergies through the documenting of symptoms, favorably influencing the market expansion. Leading companies in the allergy diagnostic sector are already using innovative customer-drawing tactics. For instance, the ‘ExAller dust mite allergy self-test was introduced by the healthcare business Acar'Up Consumer Health, located in Belgium. This testing kit enables the patient to do a self-test at home in five minutes by identifying specific antibodies in the blood caused by the immune system reacting to a dust particle. The company's current complement of items has complete clinical certification. All of these factors might also result in profitable market prospects for major firms in the coming years.

The global allergy diagnostics market is segmented based on test type, product/service, allergen, end-user, and region. By test type, it is classified into in vivo and in vitro. By product/service, it is classified into consumables, instruments, and services. Allergen, it is classified into inhaled allergens, food allergens, drug allergens, and other allergens. By end-user, it is classified into diagnostic laboratories, hospital-based laboratories, academic research institutes, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the allergy diagnostic market report include Thermo Fisher Scientific, PerkinElmer Inc., Danaher, Hitachi Chemicals, BIOMÉRIEUX, Omega Diagnostics Group PLC, Siemens, Eurofins Scientific, Stallergenes Greer, and Neogen Corporation.

The report offers a comprehensive analysis of the global allergy diagnostics market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the allergy diagnostics market size. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Allergy Diagnostic Industry

• The novel coronavirus pandemic had a severe impact on a number of businesses, including the market for allergy diagnostic, which experienced a decline during this time
• Additionally, during the COVID-19 outbreak, allergists all around the world are favoring the use of telemedicine for treating rhinitis and asthma. Therefore, these issues may restrain the expansion of the worldwide market.
• Moreover, a research report published in Italy in October 2020, on Clinical and Molecular Allergy found that doctors are having trouble treating patients with chronic conditions. As a result, telemedicine is used to treat or delay the majority of allergies.
• Also, individuals with severe asthma cannot travel frequently due to the lack of facilities for in-person visits under emergency circumstances. The above factors indicate that the market has had little development during the pandemic period.

Key Findings of the Study

• Based on test type, the in vivo sub-segment emerged as the global leader in 2021, and In vitro sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on product/service, the consumable sub-segment emerged as the global leader in 2021, as well as it is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on allergen, the inhaled allergens sub-segment emerged as the global leader in 2021 and the food allergens sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on end-user, the diagnostic laboratories sub-segment emerged as the global leader in 2021, as well as it is predicted to show the fastest growth in the upcoming years.
• Based on region, the North America market registered the highest market share in 2021 and the Asia-Pacific market is predicted to show the fastest growth in the upcoming years.
• The study provides in-depth analysis of the Allergy Diagnostics Market share across the various regions.