Allergy Diagnostics Market to Grow rapidly at a CAGR of 9.6% CAGR by 2022
Growing cases of allergy incidences are increasing the number of referrals to allergy clinics. This has led to an increase in the number of waiting-list patients seeking allergy diagnostic & treatment. This longer waiting time for treatment can led to eruption of severity in allergy patients. According to a latest research by Future Market Insights (FMI), the global allergy diagnostics market is anticipated to account for over US$ 4,000 Mn, in terms of value, by 2022 end. The report on allergy diagnostics further projects significant growth potential with average year-on-year growth rate pegged at 10% through 2022.
According to the Food Allergy Research & Education (FARE), approximately 200,000 patients suffering from food allergies in the U.S. require emergency medical care every year. Such cases of food allergies have surged the demand for home-based allergy diagnostic techniques. Patients with history of food allergy are becoming self-aware about allergy epidemics. Allergic reactions to anaphylaxis is one of the major causes of food allergies and affect more than 40% of the children witnessing allergic reactions. The growing number of children suffering from allergic reactions is also increasing the number of patients that qualify for protection under the Americans with Section 504 of the Rehabilitation Act of 1973 & Disabilities Act of 1990 (ADA). This factor, in particular, is likely to play an instrumental role in driving the growth of the allergy diagnostic market.
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A rapid increase in the number of allergic patients and longer waiting time for allergy diagnostic & treatment has created the need for more advanced and rapid allergy diagnostic solutions. Hence, in order to overcome this alarming situation, companies have introduced ready-to-use allergy diagnostic kits which can be used for on-site testing. Lateral flow assay technology in allergy diagnostic has been playing an important role as its increases allergy diagnostic test sensitivity and specificity of point of care allergy tests.
Drug allergies are the second most prominent type of allergic reactions in the global allergy diagnostic market. According to the Asthma and Allergy Foundation of America, 10% of the patient population prescribed with antibiotics witnesses allergic reactions, especially while consuming penicillin. This number gets doubled for all hospitalized patients. Conventional blood testing approach is more popular in drug allergy diagnostic due to its higher test specificity.
Blood-based allergy test in allergy diagnostic are more reliable in case of server delayed reactions. However, skin prick tests/patch tests are more popular for antibiotics allergy diagnostic tests. Diagnostic laboratories performing allergy diagnostics are the primary point of contact for patients experiencing allergy shocks. According to FMI, the diagnostic laboratories segment accounted for over 40% revenue share in the overall allergy diagnostic market in 2017. However, the growing popularity of point of care allergy diagnostic and its crossover success in clinical studies for developing rapid allergy diagnostic solutions might limit the segment’s growth in near future.
Diversification of food consumption in Asia region signifies varied difference in allergens. Difference in type of food allergens between West and East Asia leads to demand for a unique test measure. Further, the growing number of allergic incidences in Asia Pacific region due to migration of people for education and employment is likely to boost the growth of the allergy diagnostics market in the Asia Pacific region. Increasing geriatric population and rising disposable income in Japan is expected to surge the demand for more advanced allergy diagnostic solutions. Japan allergy diagnostic market is estimated to create absolute $ opportunity worth approximately US$ 150 Mn between 2017 and 2022.
FMI has segmented the global allergy diagnostic market into assay kits, consumables and instruments. In terms of revenue, the instruments segment in allergy diagnostic will hold significant share over the forecast period. In contrary, the services segment in allergy diagnostic market will exhibit limited investment opportunities, in terms of revenue, through 2022.
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FMI’s report tracks some of the key companies operating in the allergy diagnostics market, such as Hitachi Chemical Co., Ltd Thermo Fisher Scientific, Inc., Siemens Healthineers, Danaher Corporation,., HOB Biotech Group Co, bioMérieux, Hycor Biomedical Inc Stallergenes Greer, R-Biopharm AG and Lincoln Diagnostics, Inc.