According to a new report published by Infinium Global Research, the global allergy diagnostics market is expected to reach USD 5.95 billion by 2023 expanding at a CAGR of 12.4% between 2017 and 2023 from USD 2.61 billion in 2016. An allergy is a hypersensitivity disorder of the human immune system. Allergen reactions come about when a person’s immune system reacts to harmless substances called allergens in the environment. Key allergens that disturb the human immune system are dust mites excretion, pollen and pet dander. The different kinds of allergies are categorized as food allergy, skin allergy and dust allergy, allergy to insect stings, drug allergy, and mold allergy. Allergy diagnostic includes testing of skin, prick or blood testing, and is a method of for determining to what substances a person is allergic. Moreover, this market comprises numerous products that are used by diagnostic laboratories, hospitals, academic institutes, and allergists to detect various allergies.
The global allergy diagnostics market is driven by the factors such as rising environmental pollution, growing healthcare expenses and insurance cover for treatments, and significant rise in number of incidence of allergies. However, strict government regulations pertaining to medical devices and lack of awareness about allergy diseases are likely to act as restraining factors affecting the global allergy diagnostics market over the forecast period. Growing prevalence of allergic diseases and need for developing new therapies are expected to bring new opportunities for the major market players in the market.
Segment Covered :
The report segment the global allergy diagnostic market by product, by allergen type, by end users and by regions. Market segmentation based on the product includes assay kits, instruments and services. By type of allergen segment comprises food allergen, inhaled allergen, drug allergen and other allergen. Diagnostic laboratories, hospitals, academic research institutes, and other are the major end users of this market.
Geographic Coverage and Analysis:
Based on the geography, the global allergy diagnostic market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the world. Moreover, North America dominated the entire allergy diagnostic market as of 2015 and accounted 40% of the total revenue of this market. This is due to increased health care expenditure, advanced diagnostic technologies, improved medical insurance policies, better government support in this region. Europe is also considered a prominent market for the allergy diagnostic in terms of revenue after North America. Moreover, the allergy diagnostic market in Asia Pacific is projected to witness high growth rate over the forecast period owing to increasing prevalence of allergic diseases, developing health care infrastructures, increasing disposable income and rising geriatric population in this region.
Figure: Global Allergy Diagnostics Market By Region
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of allergy diagnostic globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis of allergy diagnostic market.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the allergy diagnostic market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the allergy diagnostics market to understand the present and future trends in this market and formulate their strategies accordingly.
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