Market Research Report
Published: March 1, 2022
Global Industry Analysts, Inc.
Content info: 638 Pages
Delivery time: 1-2 business days
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Global Allergy Diagnostics Market to Reach US$5.7 Billion by the Year 2026
Allergy represents a medical condition characterized by exaggerated or abnormal response of the immune system to harmless substances or allergens, causing signs like skin irritation, itchiness, swelling, red eyes, hay-fever, anaphylaxis or asthma attack. There are different types of allergies, including skin and dust allergy, drug allergy, food allergy, and insect stings allergy. There are different types of blood and skin tests that help healthcare providers in detecting an allergy. The diagnosis defines the nature of allergic condition along with the treatment course. The global allergy diagnostics market, after decelerating for a while owing to the Covid-19 effect, is back up and growing, led by increasing cases of allergy resulting from exposure to pollution, and increased consumption of processed food as well as dairy and confectionary products. The growing prevalence of allergy and associated health implications warrants a pressing need for effective diagnosis and treatment. The rapidly increasing incidence of allergy coupled with changing dietary habits is playing a pivotal role in bolstering the allergy diagnostics market. The market growth is also augmented by increasing level of environmental pollution and the resulting increase in the number of individuals suffering from allergic conditions. Changing lifestyles and dietary patterns coupled with rapid urbanization and increasing level of outdoor and indoor pollution are likely to increase the incidence of allergic conditions. The market growth is estimated to be also propelled by strong demand for in-vitro diagnostic blood tests.
Amid the COVID-19 crisis, the global market for Allergy Diagnostics estimated at US$3.8 Billion in the year 2022, is projected to reach a revised size of US$5.7 Billion by 2026, growing at a CAGR of 9.3% over the analysis period. Assay Kits, one of the segments analyzed in the report, is projected to grow at a 10% CAGR to reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Instruments segment is readjusted to a revised 9.2% CAGR for the next 7-year period. This segment currently accounts for a 28.2% share of the global Allergy Diagnostics market. Assay kits are anticipated to witness high demand fueled by key factors such as rising preference for assay kits by medical practitioners in allergy testing, high prevalence of allergic diseases, and increasing test volumes. The high product availability and need for repeat purchase in allergy testing is also expected to drive high consumption of assay kits in the coming years. Despite the high cost of instruments, the segment is forecast to hold a significant share due to the long lifespan of instruments and limited need for frequent installations. The procurement of used instruments by smaller healthcare organizations also expands market share for instruments.
The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $622.5 Million by 2026
The Allergy Diagnostics market in the U.S. is estimated at US$1.3 Billion in the year 2022. The country currently accounts for a 34.21% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$622.5 Million in the year 2026 trailing a CAGR of 13.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.1% and 8.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.8% CAGR while Rest of European market (as defined in the study) will reach US$189.6 Million by the end of the analysis period. Although developed regions constitute major revenue contributors, developing regions have emerged as hot spots for future growth of allergy diagnostics market. Factors such as increasing public and private sector investments in healthcare domain, rising incidence of allergies, and improvement in healthcare access and rising awareness levels, are favoring market growth in the developing regions.
Services Segment to Reach $1.1 Billion by 2026
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 7.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$544.4 Million will reach a projected size of US$872.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$124.1 Million by the year 2026, while Latin America will expand at a 9.6% CAGR through the analysis period.
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