Allergy Diagnostics Market To Generate $12,814.2 Million Revenue by 2030
- Published: November 2023
The global allergy diagnostics market revenue is expected to reach USD 12,814.2 million by 2030, exhibiting a CAGR of 11.2% during 2024–2030. This growth can be attributed to genetic factors, age, and the presence of immunodeficiency diseases, all of which raise the risk of severe allergies.
It has been evaluated that 90% of the allergic rhinitis is explained by genetic inheritance. Moreover, some immunodeficiency illnesses may cause particular immune system changes that raise the likelihood of developing allergies.
Hence, the major industry players are collaborating to provide consumers with better allergy diagnoses. For instance, PerkinElmer Inc. agreed to buy U.K.-based Immunodiagnostic Systems Holdings PLC (ISD) in May 2021. The acquisition, worth USD 155-million (GBP 110 million) in cash, enabled PerkinElmer Inc. to solidify its position in the immunodiagnostics sector. IDS’s portfolio was integrated into EUROIMMUN Medizinische LABORDIAGNOSTIKA AG, a subsidiary of PerkinElmer that supplies goods and services for allergic reactions.
The emergence of mobile health (mHealth) is also creating lucrative growth opportunities for the sector. The use of mHealth for the diagnosis of allergic rhinitis (AR) is currently constrained by the fact that peer-reviewed journals contain studies on only a handful of mHealth tools that aid the diagnosis of this condition. The development of integrated biosensors, power harvesting strategies, and wireless communication devices, however, has led to the creation of enhanced point-of-care devices. Intranasal biosensors and peak nasal inspiratory flow meters are among the diagnostic devices that can be paired with smartphones, but these tools would need to be inexpensive to be practical.
For instance, there are allergy monitors that aid in monitoring the signs of the illness and dosage of medication, which are subsequently matched to the pollen concentrations in the region. In the same way, Mobile Airways Sentinel Network (MASK) uses a visual analog scale (VAS) to evaluate asthma and rhinitis and the severity of their symptoms in the eyes, bronchi, and nose, as well as their impact on the ability of people to go about their jobs, thus offering an overall evaluation. New insights into the phenotypes of allergic diseases, workplace efficiency, and treatment patterns have been made possible by the user data from this program. Making use of the smartphone's sound recording system, camera, messaging app, motion sensors, and, in the end, the diagnostic algorithms and tools, which are already integrated into the device, allergists and their patients would be able to better connect for condition diagnosis and management.
Diagnostic Laboratories Lead Market in End User Segment
Diagnostic laboratories dominated the market, accounting for a share of 30%, in 2023. This is because people are increasingly demanding precise diagnoses by a professional. Additionally, there is a growing demand for independent diagnostic laboratories and significant improvements in screening methods that enable precise illness diagnosis and stratification for effective therapy.
Moreover, this sizeable market share is largely credited to the rising awareness among individuals regarding the treatment of allergic diseases and the funding opportunities for the establishment of independent diagnostic labs.
Hospitals are expected to experience the quickest growth, attributed to the government funding for setting up such facilities and the rising healthcare costs.
APAC To Exhibit Highest Growth Rate
APAC is expected to progress with the highest CAGR, of 11.5%, during the forecast period. This is mainly because of the need for less-invasive diagnostic technologies, unfulfilled clinical needs, quickly evolving medical infrastructure, and growing medical tourism activities.
Key players in the market include bioMerieux S.A., Danaher Corporation, Romer Labs Division Holding GmbH, HOB Biotech Group Corp Ltd, HYCOR Biomedical LLC, NEOGEN Corporation, Eurofins Scientific S.E., Siemens Healthcare GmbH, Stallergenes Greer International AG, and Thermo Fisher Scientific.