Global Allergy Diagnostics Market: Snapshot
The global allergy diagnostics market is envisaged to take charge of a high growth rate on the basis of a few vital factors such as rising worldwide occurrence of allergies, transforming food habits, and longer pollen seasons due to climatic changes. Manufacturers in the world market are busy developing efficient automated systems, optimized allergen extracts, and diagnostic techniques through effective research and development activities. In this regard, the analysts foresee the market to be influenced by catholic technological advancements and research efforts.
With a double-digit CAGR of 12.8% for the forecast period 2016–2024, the world allergy diagnostics market is prophesied to set the tone for a titanic growth of US$3.8 bn by the concluding forecast year. In 2016, the global market had registered a valuation of US$1.4 bn.
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Inhaled Allergens Causing Allergic Rhinitis Prove Most Lethal
The consumables product type segment is prognosticated to reserve nearly half of the total share in the international allergy diagnostics market by 2024, putting behind the markets for assay kits and instruments. The results were almost similar in 2016. Research analysts predict the high volume and low cost of consumable products to be the decisive factors responsible for the higher share of the consumables market.
By type of allergen, inhaled allergens are envisioned to secure a princely share in the global allergy diagnostics market during the course of the forecast period. Allergic rhinitis is found to affect almost 30.0% to 40.0% of the global population, as per the statistics of the Asthma and Allergy Foundation of America. Patients suffering from this most prevalent allergy around the world are discovered to witness a 40.0% to 50.0% of asthma prevalence. Altering pollen seasons as a result of elevating global temperatures and changes in climate have augmented the prevalence of asthma and allergic rhinitis.
The in vivo test market for allergy diagnostics is foretold to outshine the in vitro test market on account of the cost-efficiency and sensitivity of skin tests. Ease of performance and unparalleled efficiency are the other factors that have made in vivo tests so attractive in the global allergy diagnostics market. For the forecast years, the in vivo test segment could continue its dominance while exhibiting a phenomenal CAGR.
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With ease of access and improved diagnostic facilities in place, the diagnostic laboratories segment by end user is anticipated to clasp a king’s share. The dominance of diagnostic laboratories could prevail until the end of the forecast period. Players operating in this market are expected to cash in on the advancements in diagnostic equipment and methodologies and heightened occurrences of inhaled and food allergies.
U.S. Stimulates Weighty Demand in Wake of Economic Impact of Allergies
North America could be the most attractive geographical segment by 2024, owing to increasing awareness about allergy threats, enhanced diagnostic technologies, improved health care facilities, and surging prevalence of allergies in the U.S. Coupled with technological developments and availability of sophisticated health care facilities, the U.S. flaunts a towering per capita health care expenditure.
The U.S. bears an approximate US$4.3 bn in annual cost to cater to the needs of 40.0 mn allergic rhinitis patients and up to US$700 mn in indirect costs due to 4.0 mn missed working days. In order to curb such a heavy impact on the U.S. economy, the government are taking to certain initiatives and the implementation of allergy awareness and education programs. Moreover, the reimbursement policies in the U.S. cover a majority of treatment procedures and tests pertaining to allergy diagnosis and treatment through the Medicare and Medicaid Services.
Europe is also researched to offer lucrative opportunities while Asia Pacific is forecasted to be a faster growing allergy diagnostics market.
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