The latest market report published by Acute Market Reports “Global Allergy Diagnosis & Treatment Market – Growth, Future Prospects, and Competitive Analysis, 2019-2029” the Allergy Diagnosis & Treatment market expected to grow at a CAGR of 7.5% during the forecast period from 2021 to 2029.
The Global Allergy Diagnosis & Treatment Market is forecast to grow at CAGR of 7.5% from 2021 to 2029.. Drastic advancement in health care infrastructure, innovation in medical technologies has boosted the treatment options of patients worldwide. The increase in both direct and indirect burden in terms of rise in healthcare cost, loss of productivity and adverse effect on quality of life. Thus increase in prevalence of allergic diseases and novel diagnostic and treatment products entering the market are the key factors governing the growth of allergy diagnostics and treatment market.
Immunotherapy is an alternative method to treat allergy caused by grass pollen, house dust mites, bee venom, food & drugs which may cause allergic diseases such as atopic dermatitis, allergic asthma, hay fever, anaphylaxis & rhinoconjunctivitis. Immunotherapy is hyper sensitization & de sensitization in which measured doses are increased accordingly to strengthen the immune system. This method makes the immune system less reactive to the allergen by intake of medicines, it has long term benefits, good response in patents& safe for all age groups children as well as elder. SPT Skin Prick test, Blood test, Patch skin test & Ipicutaneous test are some methods to treat allergy. Competitors are constantly focusing on innovating treatments, drugs and diagnostic devices which can render quick output with higher precision, safety issues and price corrections. The impact of the above factors is expected to impact the market significantly.
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North America & Europe regions are evidencing trend such as sedentary life style, change in eating habits, home therapy, easy availability of drugs (pain killers), developing infrastructure & global warming. Such trends have significant and positive impact on the market revenues of allergy diagnostics market. Asia pacific on the other end is facing challenges such as aging population, lack of awareness, lack of sanity and so on such trends are expected to increase the prevalence rate of allergies in these countries.
At present, North America occupies the largest share of global allergy diagnostic and treatment market followed by Europe. Rising incidence of allergic diseases particularly related to respiratory function, increasing awareness of allergy diagnostics, well supported healthcare structure, favourable reimbursement policies and enhanced diagnostic technology are some of the major driving factors for allergy diagnostics and treatment market. Around 150 million Europeans suffer from chronic allergic diseases and it is predicted to cover almost half the population of Europe by 2025. Rise in geriatric population are key factors which would further fuel the allergy diagnostics and treatment market. Asia Pacific is anticipated to be the fastest growing allergy diagnostics and treatment market in the forecast period. Rising prevalence of allergic diseases and asthma, particularly in developing countries poses major threat to health and economies. Thus high unmet needs, improving healthcare infrastructure, rising pollution, and increasing disposable income are some of the factors governing the demand of allergy diagnostics and treatment market in Asia Pacific region.
Key Market Movements:
- The global Allergy Diagnosis & Treatment market is developing significantly with an expected CAGR of 5.2% from 2019 – 2029.
- Advances in technological processes are the key growth factor.
- Emerging technological advancement withrespect to laboratory testing has expanded the demand in Europe and Asia pacific.
- The key methods included in the Allergy Testing include SPT Skin Prick method, Intradermal skin test, Epicutaneous test, Blood test & Special Challenge Test method development.
- The key allergy are infected through drug, food, Insect sting, fever which causes rhinoconjunctivitis, asthma ( lung allergy), atopic eczema.
- It has been observed that the SPT test continues to be recommended by doctors and health care organizations.
- The impact of Covid-19 impacted the market and lowered the growth rate.
- North America gained the largest share in 2019, followed by Europe in the allergy testing market in 2019
- The key players include bioMerieux, Siemens healthcare, Hitachi chemical diagnostics, Danaher Corporation, Thermo Fisher Scientific, Omega Diagnostic group, Lincoln Diagnostics, Staller genes Greer, Johnson & Johnson services, CiplaInc, AurobindoPharma, ZydusCadila , Lupin, DrReddysLaboratories, Sun Pharmaceutical.
The key strategy of these companies includes R&D investment leading to increased FDA approvals of Allergy testing systems and kits.
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