The Global Allergy Diagnostics Market Anticipated to Register a Revenue of $10,472.92 Million, Growing at a CAGR of 11.50% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
Allergy diagnostics market size were close to $4,465.31 million by revenue at the end of 2020 and is anticipated to surpass $10,472.92 million by 2028, at a notable CAGR of 11.50%.
Covid-19 Impact on Allergy Diagnostics Market
The corona virus pandemic has had disrupted the industrial growth worldwide, creating a disturbance for buyers and sellers. The communal transmission of COVID-19 has also created negative impact on the global allergy diagnostics market mainly because diagnostic procedures were postponed for the most allergic diseases owing to strict lockdown and social distancing rules. Furthermore, due to the industrial shutdown, a considerable decline in the global air pollution level was observed at the global level. Such factors have negatively affected the global allergy diagnostics market, during the COVID-19 pandemic.
On the other hand, organizations operating in allergy diagnostics industry are coming up with novel strategies, amid COVID-19 crisis. For instance, in March 2021, FARE, world's largest non-profit organization dedicated to food allergy awareness, announced the official launch of the multi-year competition, ‘FAITH Challenge’. It is a global research competition designed to develop a compassionate and safe diagnostic test for the patients with food allergies. Such strategic steps may further help uplift the global allergy diagnostics market, post COVID-19 pandemic.
Allergy Diagnostics Market Outlook
In recent several years, environmental pollution levels have dramatically increased worldwide. As per information published by the World Health Organization (WHO), the specialized agency of the United Nations (UN) responsible for global health, almost 90% of people living across the globe are exposed to air quality levels which exceed the WHO guideline. Moreover, every year, approximately 4.2 million deaths occur due to the air pollution. Exposure to the allergens, outdoor & indoor air pollutants, and occupational exposure are some of the factors responsible for growing prevalence of chronic respiratory diseases. Hence, the demand for allergy diagnostics kits is projected to grow exponentially, which may further drive the global market, during the analysis period.
On the other hand, premium costs associated with allergy diagnostic kits is one of the restraining factors for the global allergy diagnostic market growth. Moreover, lower product penetration along with shortage of allergist in low-income countries may also hamper the global market growth.
Improved healthcare infrastructure and robust economic growth particularly in the European nations, such as Germany and the UK are projected to accelerate the allergy diagnostics market. Furthermore, companies operating in Europe are also coming up with novel strategies to strengthen their footprint worldwide. For example, Reacta Biotech, UK-based biotechnology firm that produces diagnostic kits for food allergy, secured around $4 million (£2.9 million) fund. The fund will be utilized to enhance the accuracy, safety, and efficiency of food allergy testing by developing oral food challenges (OFCs). Abovementioned factors showcases that the Europe region can open new opportunities for the global allergy diagnostics market, in the coming years.
Global Allergy Diagnostics Market, Segmentation
The global allergy diagnostics market is segmented based on product & service, allergen, end-user, and region.
Product & Service:
The product & service segment is further classified into consumables, instruments, and services. Among these, the consumables sub-segment is expected to have the largest share and cross $5,473.57 million by 2028, with the rise from $2,263.30 million in 2020.
The notable growth of consumables sub-segment is mainly driven by massively growing cases of allergies along with the extensive demand for rapid tests to diagnose allergic conditions. Moreover, government’s support policies may also provide enormous opportunities for the consumables sub-segment, during the forecast period.
The allergen segment is further classified into inhaled allergens, food allergens, drug allergens, and other allergens. Among these, the food allergens sub-segment is expected to have the lucrative growth and surpass $3,216.35 million by 2028, with the increase from $1,269.10 million in 2020.
The surged awareness among the consumers about the safety of food products they consume is further projected to propel the need for the food allergen testing equipment, in the forecast period. Also, major technological advancements in the testing industry like multi-allergen screening system may also create positive impact on the food allergen sub-segment. In addition to this, strong presence of prominent players like Omega Diagnostics Group PLC, Danaher, and bioMérieux SA and their effective strategies are also further expected to accelerate the food allergen’s sub-segment growth.
The end-user segment is further classified into diagnostic laboratories, hospital-based laboratories, academic research institutes, and other end-users. Among these, the diagnostic laboratories sub-segment is expected to have the huge growth and surpass $5,194.98 million by 2028, with the increase from $2,135.72 million in 2020. The notable growth of the sub-segment mainly driven by increasing awareness about the management of allergic diseases, the preference for recommended diagnosis from the specialists, and the huge availability of funds for the independent diagnostic laboratory operations.
North America allergy diagnostics market region is notably competitive and major players in the industry have preferred various strategies to occupy highest North America allergy diagnostics market share. Allergy diagnostics market for North America region accounted $1,553.93 million in 2020 and is further anticipated to generate a revenue of $3,445.59 million by 2028. The prominent share of North America region mainly attributed to the favorable reimbursement and regulatory policies for allergy diagnosis, growing incidence of allergies, and the supportive initiatives by governmental as well as non-governmental associations. Moreover, establishment stringent policies in order to achieve high levels of food safety across the U.S. and Canada is expected to drive the demand for allergy diagnostics kit, during the analysis period.
Top 10 Major Key Players in the Global Allergy Diagnostics Market are -
- Thermo Fisher
- Perkin Elmer
- Hitachi Chemicals
- Omega Diagnostics Group PLC
- Eurofins Scientific
- Stallergenes Greer
- NEOGEN Corporation
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Allergy Diagnostics Market
- Bargaining Power of Suppliers: The suppliers of global allergy diagnostics are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of raw material suppliers of allergy diagnostics market decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for high quality allergy diagnostics in lower cost. Thus, multiple suppliers are providing best yet cost-efficient allergy diagnostics. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There’s no substitute available for the allergy diagnostics.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global allergy diagnostics industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Thermo Fisher, Perkin Elmer, and Danaher are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.