The Allergy Diagnostics Market is projected to reach USD 5.74 Billion, at a CAGR of 10.5%, the major factors driving the growth of this market are the high incidence and large economic burden of allergic diseases, rising environmental pollution, increasing healthcare expenditure, and growing access to medical insurance in the US. On the other hand, lack of awareness of allergic diseases in some countries is restraining the growth of this market.
Opportunity: Growing adoption of automation for quicker turnaround times
Turnaround time (TAT) is an important factor in laboratory services and is often used as a key indicator of laboratory performance. Fully automated immunoassay systems are popular as they improve the TAT of laboratories and reduce labor costs. Semi-automated instruments are also preferred as they are less expensive; however, these systems increase the TAT. To meet the requirement of increased on-board testing capacity, advanced allergy diagnostic tests have been introduced in the market. Also, the market is witnessing greater adoption of automation for quicker TAT.
Automation in laboratories helps increase the efficiency of laboratory workflows, thus maintaining high throughputs. The main objective of automation in laboratories is to minimize nonvalue-adding steps, such as tube sorting, centrifugation, loading of analyzers, and preparing and sorting of materials required for testing. Some large laboratory chains are now shifting toward complete or total laboratory automation (TLA). However, these laboratories require major financial commitment
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Assay kits to register the highest CAGR during the forecast period
The allergy diagnostics market is classified based on product & service into assay kits, instruments, and services. The assay kits segment is expected to grow at the highest rate during the forecast period. The widespread availability and large consumption of assay kits in allergy testing are expected to drive the growth of this segment in the coming years.
Diagnostic laboratories to dominate the allergy diagnostics market during the forecast period
The allergy diagnosis market is segmented based on end users into diagnostic laboratories, hospital-based laboratories, academic & research institutes, and other end users. In 2017, the diagnostic laboratories segment is expected to command the largest share and is estimated to grow at the fastest rate as compared to other segments. The market is mainly driven by the increasing incidence of allergic disorders in emerging countries.
Critical questions the report answers:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends for the allergy diagnostics market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
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Asia is estimated to be the fastest growing regional segment in the market during the forecast period
Geographically, the allergy diagnostics market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). The Asian region is estimated to grow at the fastest rate which can be attributed to the improving life sciences research infrastructure in emerging economies and rising investments by governments to promote research activities.
Key Market Players: