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.
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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.
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.,
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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.