Global Allergy Diagnostics Market

Global Allergy Diagnostics Market Size, Share, Growth Analysis, By Product & Service(Consumables, Instruments (Immunoassay Analyzers), By Allergen(Inhaled Allergens, Food Allergens), By Test Type(In Vivo Tests (Skin Prick Tests, Patch Tests), By End User(Diagnostic Laboratories, Hospital-based Laboratories) - Industry Forecast 2024-2031

Report ID: SQSG35I2040 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 123 | Figures: 73

Global Allergy Diagnostics Market Regional Insights

In terms of revenue, North America led the global market in 2021 due to a high frequency of respiratory allergic illnesses, increased awareness of allergy diagnostics, and the use of in vitro blood testing. Due to the presence of a strong pharmaceutical sector and rising demand for treatments, Europe is likely to be the second-largest regional market. The region's expansion is also being fueled by an aging population and an increase in allergy disorders. Due to rapidly improving healthcare infrastructure, unmet clinical needs, and demand for minimally invasive diagnostic instruments, Asia Pacific is predicted to be the fastest-growing regional market, with a CAGR of 13.2% over the forecast period.

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FAQs

Allergy Diagnostics Market was valued at USD 4.80 billion in 2019, and the market size is estimated to reach USD 10.03 billion by 2031, at a CAGR of 11.10% over the forecast period (2024-2031).

The global allergy diagnostics market is highly competitive and companies are actively involved in new product launches, strategic collaborations, acquisitions, and technological advancements to gain maximum market share. 'Thermo Fisher Scientific Inc., (US)', 'Siemens Healthineers (Germany)', 'Danaher (US)', 'Omega Diagnostics Group PLC (UK)', 'BioMérieux SA (France)', 'Romer Labs Division Holding (Austria)', 'EUROIMMUN Medizinische Labordiagnostika AG (Germany)', 'HollisterStier Allergy (US)', 'NEOGEN Corporation (US)', 'Minaris Medical America, Inc. (US)', 'Stallergenes Greer (UK)', 'HOB Biotech Group Corp., Ltd. (China)', 'HYCOR Biomedical (US)', 'R-Biopharm AG (Germany)', 'AESKU.GROUP GmbH (Germany)', 'ACON Laboratories, Inc. (US)'

Rising environmental contamination is propelling the global allergy diagnostics market

Reagent rental agreements are gaining traction to reduce the high costs of allergy diagnostics. Reagent rental agreements are sales contracts between allergy diagnostic product manufacturers and end users (such as hospitals and diagnostic laboratories). The end user leases or purchases instruments at a subsidized rate under these agreements by engaging into a reagent-purchase contract with the manufacturer. This mutually advantageous agreement reduces the end user's initial capital commitment while assuring the manufacturer of long-term orders. In some circumstances, analyzers are rented to end users on a per-test basis. Reagent rental agreements and cost-per-test contracts provide considerable cost-cutting advantages to laboratories. They also assist laboratories in avoiding large fixed capital expenses connected with the acquisition of new equipment. These costs are significantly greater in high-volume laboratories than in regular laboratories. Furthermore, with the average contract lasting between 5 and 10 years, laboratories may stay up to speed on the newest advancements in allergy diagnostics. Some contracts incorporate service/maintenance costs in the entire cost, providing laboratories with extra savings.

In terms of revenue, North America led the global market in 2021 due to a high frequency of respiratory allergic illnesses, increased awareness of allergy diagnostics, and the use of in vitro blood testing. Due to the presence of a strong pharmaceutical sector and rising demand for treatments, Europe is likely to be the second-largest regional market. The region's expansion is also being fueled by an aging population and an increase in allergy disorders. Due to rapidly improving healthcare infrastructure, unmet clinical needs, and demand for minimally invasive diagnostic instruments, Asia Pacific is predicted to be the fastest-growing regional market, with a CAGR of 13.2% over the forecast period.

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