According to the latest market report published by Credence Research, Inc. “Allergy Diagnostics and Treatment Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025,” the global allergy diagnostics and treatment market was valued at US$ 26,915.8 Mn in 2016, and is expected to reach US$ 45,018 Mn by 2025, expanding at a CAGR of 5.6% from 2017 to 2025.
Browse the full report Allergy Diagnostics and Treatment Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 at https://www.credenceresearch.com/report/allergy-diagnostics-and-treatment-market
Allergy can be of various forms such as food allergies, asthma, rhinitis, conjunctivitis, eczema, urticaria, eosinophilic disorders, drug and insect allergies. It is observed that around 300 Mn people suffer from asthma and 200-250 Mn suffer from food allergies. The complexity and severity of allergies, especially asthma is on rise in young population, who are carrying the largest burden. Almost 400 Mn individuals suffer from rhinitis and one-tenth population suffers from drug allergies. Patients with allergic disease experiences reduced quality of life, and further increase in burden of mortality and morbidity. Rise in prevalence of allergic diseases and asthma worldwide, especially in developing countries is the main driver for the growth of allergy diagnostics and treatment market. Urbanization, increase in environmental risk factors such as pollution, smoking, reduced biodiversity are some of the major contributors for observed upsurge in prevalence of allergies.
The global allergy diagnostics and treatment market is segmented by diagnostic product type into instruments, consumables, services and other allergy diagnostics products. Among these, consumables occupy the largest share of allergy diagnostics market. On basis of test type it is further segmented as in vivo and in vitro test. In vivo test is the most preferred test type, thus occupying the largest revenue share in the global allergy diagnostics. The global allergy diagnostics and treatment market is also segmented by allergen type into food, inhaled, drug and other allergens. Inhaled allergen dominates the allergy diagnostics and treatment market, due to rise in pollution and urbanisation. According to treatment type, this market is segmented into antihistamines, autoinjectables, epinephrine, corticosteroids, decongestants, immunomodulators, immunotherapy, leukotriene inhibitors, mast cell stabilizers and nasal anticholinergics. Antihistamine is the most widely used drug for allergy treatment, thus dominating the global allergy treatment market.
As of the current market scenario, North America dominates the global allergy diagnostics and treatment market followed by Europe. In U.S., almost half of the population suffers from some or the other form of allergy, leading by 5th rank in chronic diseases. Around 15 Mn Americans suffer from food allergies. Increasing prevalence of allergic diseases, increased healthcare expenditure, improved medical insurance policies are the main growth factors for allergy diagnostics and treatment market in North America. Asia Pacific is the fastest growing allergy diagnostics and treatment market in the forecast period.
Market Competition Assessment:
Key players in the global allergy diagnostics and treatment market are Alcon Laboratories, Inc., BioMerieux, Inc., Danaher Corporation, Hitachi Chemical Diagnostics, Inc., HOB Biotech Group Co., Ltd, Hycor Biomedical, Inc., Lincoln Diagnostics, Inc., Omega Diagnostics Plc, Siemens Healthcare Diagnostic, Inc., Stallergenes Greer, Inc., Thermo Fisher Scientific, Inc and others
Key Market Movements:
– Prevalence estimate of world population is in range between 10% – 40% according to the World Allergy Organisation (WAO), which is the main driving factor for allergy diagnostics and treatment market
– Global warming, changing climate due to pollution is one of the major reasons for the surge in allergic respiratory diseases
– According WHO studies around 300 Mn individuals suffer from asthma and it is predicted to rise upto 400 Mn by 2025, that would further increase the demand for allergy diagnostics and treatment solutions