(PharmaNewsWire.Com, April 24, 2020 ) The allergy diagnosis is an important introductory step for effective allergy treatment. Current allergy tests are more convenient and accurate compared to the tests that were available before. With the help of a detailed medical history, allergy tests can identify specific triggers for an individual’s allergic reactions. This process is also required in drug development and the production process of allergy treatments.
The allergy diagnostics market is projected to reach USD 5.74 Billion, at a CAGR of 10.5%
The major factors driving the growth of this market are the high incidence and large economic burden of allergic diseases, rising environmental pollution, increasing healthcare expenditure, and growing access to medical insurance in the US. On the other hand, lack of awareness of allergic diseases in some countries is restraining the growth of this market.
Driver: High incidence and large economic burden of allergic diseases:
Allergy diagnostics is an important step in the treatment of patients suffering from allergic diseases. Major allergic diseases include asthma, rhinitis, angioedema, urticaria, conjunctivitis, and eczema, while conditions such as food allergies and drug and insect allergies also affect large population across the globe. According to an editorial piece published in the World Allergy Journal in May 2014, globally, ~300 million people suffer from asthma, and ~200 to 250 million people suffer from food allergies as of 2013.
According to the WHO, the total number of asthma patients globally is estimated to increase to 400 million by 2025. The economic burden of allergies includes both direct and indirect costs—direct costs include expenditure on medications and healthcare provisions while indirect costs include the costs associated with loss of work, social support, loss of taxation income, and lower productivity at work. Considering these factors, authorities in several countries are focusing on reducing the burden of allergic diseases in their respective healthcare systems. This, in turn, is expected to drive the demand for allergy diagnostics instruments and consumables in the coming years.
Asia is estimated to be the fastest growing regional segment in the market during the forecast period
Geographically, the allergy diagnostics market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). The Asian region is estimated to grow at the fastest rate which can be attributed to the improving life sciences research infrastructure in emerging economies and rising investments by governments to promote research activities.
Key Market Players:
Thermo Fisher Scientific Inc. (US), Siemens AG (Germany), Danaher Corporation (US), Omega Diagnostics Group PLC (UK) and Hitachi Chemical Co., Ltd. (Japan).
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