Technological advancements in the healthcare industry coupled with the changing lifestyle and food habits of the major population are influencing the market growth.
The global Allergy Diagnostics and Therapeutics market is forecast to reach USD 49.57 Billion by 2026, according to a new report by Reports and Data. This is mainly contributed by the increase in the prevalence of allergies among the population. The technological advancements in the healthcare industry coupled with the changing lifestyle and food habits of the major population will drive the growth of the market. These allergic diseases can occur at almost any age, though some allergies are most likely to develop for the first time in particular age groups, especially in the geriatric population.
Moreover, the increase in the aged population as well as the growing prevalence of respiratory diseases, due to increasing pollution and CO2 emissions, are some of the other factors that will fuel the growth of the market. However, expensive equipment and the lack of awareness regarding ailments for allergic diseases is projected to restrain the growth of the market.
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Further key findings from the report suggest
- The market is segmented on the basis of product into instruments, consumables, and services.
- The consumables segment accounts for the largest market share of ~50% in the year 2018 and is forecasted to witness the highest growth rate of 5.5% during the forecast period. The advancements in the healthcare and pharmaceuticals industry to detect allergic diseases in patients is the factor driving the growth of the segment.
- For instance, assay kits are necessary and readily available consumables, used in life science research, drug discovery & development, and environmental monitoring.
- The market is segmented on the basis of allergen type into food, inhaled, and drug.
- The inhaled allergen type accounts for the largest market share of ~50% in the year 2018 and is also forecasted to witness the highest growth rate of 5.8% during the forecast period.
- The increasing population and carbon dioxide emission, leading to increasing cases of respiratory allergies, will drive the growth of this segment.
- The market is segmented on the basis of test type into in vivo and in vitro.
- The in vivo test accounts for a larger market share of ~60% in the year 2018.
- In vivo tests are widely used by healthcare and research industries since they are able to simulate realistic and clinically relevant test environment and conditions.
- The market is segmented on the basis of drug class into antihistamines, corticosteroids, mast cell stabilizers, leukotriene inhibitors, nasal anticholinergics, decongestants, immunomodulators, autoinjectable epinephrine, and immunotherapy.
- The antihistamines drug class accounts for the largest market share of ~20% in the year 2018.
- Antihistamines are used to treat allergic diseases, especially rhinitis. It is an inexpensive, and generic drug that provides relief from nasal congestion, sneezing, or hives caused by pollen, dust mites, or animal allergy.
- The market is segmented on the basis of end users into academic research institutes, hospitals, and diagnostic laboratories.
- The diagnostic laboratories account for the largest market share of ~52% in the year 2018, owing to the growing prevalence of allergic diseases and the need for proper treatment and detection of those diseases.
- The market is segmented on the basis of geography by North America, Europe, Asia Pacific, Latin America, and MEA.
- The Asia Pacific region is forecasted to witness the highest growth rate of 5.8% during the forecast period owing to developing healthcare & pharmaceutical industry in this region.
- Asia Pacific has been adopting and advancing itself in terms of technology, owing to the growing population; rise in the number of people suffering from allergic and respiratory diseases, and the need for better diagnostic methods.
- Key participants include Omega Diagnostics, Thermo Fisher Scientific, Stallergenes Greer, Siemens Healthcare, bioMerieux, Lincoln Diagnostics, Alcon Laboratories, HOB Biotech Group, Hycor Biomedical, and Hitachi Chemical Diagnostics, among others.
- The companies have adopted various strategies including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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For the purpose of this report, Reports and Data have segmented global Allergy Diagnostics and Therapeutics Market on the basis of product, allergen type, test type, drug class, end user, and region:
Products Outlook (Revenue, USD Billion; 2018-2026)
Allergen type Outlook (Revenue, USD Billion; 2018-2026)
Test type Outlook (Revenue, USD Billion; 2018-2026)
- In Vivo
- In Vitro
Drug class Outlook (Revenue, USD Billion; 2018-2026)
- Mast Cell Stabilizers
- Leukotriene Inhibitors
- Nasal Anticholinergics
- Autoinjectable Epinephrine
End users Outlook (Revenue, USD Billion; 2018-2026)
- Academic Research Institutes
- Diagnostic Laboratories
Regional Outlook (Revenue, USD Billion; 2018-2026)
- North America
- Asia Pacific
- Latin America
Key Points Covered in the Report:
- Key insights into the latest growth trends, developments, technological and product advancements, and research and development scenario
- Analysis of micro- and macro-economic factors and regulatory framework
- In-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends
- SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the competitive landscape
- Strategic recommendations to established market players and new entrants to overcome limitations and entry-level barriers in the global market landscape
- Analysis of market drivers, restraints, challenges, limitations, threats, growth prospects and opportunities
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