Global Allergy Diagnostics Market is Estimated to Reach a Worth of US$ 5.6 Bn in 2033 and Surpass a Revenue of US$ 11.8 Bn at a CAGR of 7.7% During Forecast Period of 2023-33 | FMI
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Increased Reliance on R&D to Develop Innovative Diagnostic Products Significant Impact on Market Growth. Allergy Diagnostics Market is Estimated to Grow at 7.7% CAGR Through 2033. Rising air pollution and increasing prevalence of asthma are fueling the demand for allergy diagnostics
DUBAI, United Arab Emirates, Dec. 31, 2022 (GLOBE NEWSWIRE) -- The allergy diagnostics market is estimated to grow at a 7.7% CAGR during the forecast period. The global market was valued at US$ 5.6 billion in 2023 and is expected to grow to US$ 11.8 billion by 2033.
As pollution levels rise, the market for allergy diagnostics is projected to develop. The primary risk factors for chronic respiratory illnesses include allergen exposure, occupational exposure, and exposure to indoor and outdoor air pollution.
Due to their greater exposure to pollutants, urban dwellers are more likely than rural residents to suffer from allergy disorders. The surge in food allergies is expected to boost market opportunities for allergy diagnostics.
The prevalence of sensitive skin and its proclivity for irritation has increased as a result of climate change, air pollution, and the complexity of materials and cosmetic products. These reasons are expected to drive market opportunities for allergy diagnostics in the near future.
Regional Outlook
North America dominated the global market in terms of region. The growing number of allergy sufferers, improved healthcare infrastructure, and cutting-edge diagnostic technologies are the key drivers of the North American allergy diagnostic market's rise.
Furthermore, allergy diagnostics market growth is being pushed by the prominence of leading allergy diagnostic suppliers and manufacturers who provide revolutionary allergy diagnostic tests. As pharmaceutical allergy-related mortality rise, so will the demand for speedy and precise allergy diagnostics.
The high frequency of allergic rhinitis (hay fever) and the prevalence of skin allergies in black Americans, notably eczema and skin inflammation, will fuel the expansion of the allergy diagnostic market in the United States.
The US allergy diagnostics market is estimated to grow at a 7.1% CAGR during the forecast period. The US market is expected to grow to US$ 4.4 billion by 2023.
Awareness programmes established by the government and non-governmental groups to prevent food and pharmaceutical allergy-related mortality will have a positive impact on the need for allergy diagnostics in the healthcare sector.
The inhaled allergens sub-segment dominated the market by allergen. Rising levels of pollen and environmental pollution, among other factors, may be contributed to the expansion of the allergy diagnostics market in the inhaled allergens sub-segment. All of these variables have the potential to increase consumer demand for inhaled allergens and accelerate market growth. During the projected period, these are expected to be the primary drivers driving the allergy diagnostic market size.
Competitive Landscape
The allergy diagnostics market is fragmented and competitive, with numerous top players in allergy diagnostics devices. The presence of major companies in allergy diagnostics devices, such as BioMerieux SA, Thermo Fischer Scientific Inc, Omega Diagnostics, Siemens Healthineers AG, Minaris Medical America, and Danaher Corporation, heightens market competitiveness.
Increased innovation and investment by various public and private entities are predicted to exacerbate industry rivalry around the world.
STAT Medical – Introduction - August 2022
Using a single finger prick, people can test themselves at home for a variety of common food and respiratory allergies as part of STAT Medical's initial product line, which was introduced in August 2022.
Oncologica– Introduction- June 2022
A new Allergyfocus test was introduced in June 2022 by Cambridge-based Oncologica, a top healthcare testing facility, to assist patients in learning which prevalent environmental allergens their bodies are sensitive to.
The healthcare domain team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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