New York, USA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global allergy diagnostic market is expected to generate a revenue of $10,472.92 million by 2028, growing exponentially at a CAGR of 11.50% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
- Drivers: Surging environmental pollution across the globe has led to the increase in disorders like asthma, inflammation of airways, allergic rhinitis, and many more, contributing to the growth of the market during the forecast period. In addition, increasing prevalence of allergies due to the consumption food items like nuts, milk-based products, seafood, gluten, meats of various animals, and others are further expected to bolster the growth of the market during the forecast period.
- Restraints: Extortionate cost of allergy diagnostic instruments is expected to impede the growth of the allergy diagnostic market during the forecast period.
- Opportunities: Persistent research and technological advancements in allergy diagnostics is expected to create ample opportunities for the growth of the market during the forecast period.
COVID-19 Impact on the Allergy Diagnostic Market
The outbreak of COVID-19 has had an adverse impact on the global allergy diagnostic market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns have subsequently put a hold on diagnostic procedures in most of the allergic reactions in order to curb the spread of the virus. Thus, the pandemic has had a negative impact on the growth of the global allergy diagnostic market. But more and more allergy specialists across the globe are preferring the use of telemedicine for rhinitis and asthma during the pandemic.
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Segments of the Market
The report has divided the market into various segments based on product/service, allergen, end-user and region.
Product/Service: Consumable Sub-segment Expected to be Most Profitable
The consumable sub-segment is expected to generate a revenue of $5,473.57 million during the forecast period. Rising number of allergies that need immediate diagnosis is expected to augment the growth of the allergy diagnostic market sub-segment during the forecast period.
Allergen: Food Allergen Sub-segment to Have the Fastest Growth Rate
The food allergen sub-segment is expected to generate a revenue of $3,216.35 million during the forecast period. Growing food allergies among people living in developing and developed counties across the globe is expected to bolster the growth of the sub-segment during the forecast period.
End-User: Diagnostic Laboratories Sub-segment to be Most Lucrative
The diagnostic laboratories sub-segment is expected to generate a revenue of $5,194.98 million during the forecast period. Rising demand for innovative, independent diagnostic laboratories across the globe is expected to surge the growth of the allergy diagnostic market sub-segment during the forecast period.
Region: North America Region Expected Dominate the Market
The North American region is anticipated to generate a revenue of $3,445.59 million during the forecast period. Prevalence of enhanced medical insurance policies and growing number of people with allergies in this region is expected to drive the growth of the market during the forecast period. In addition, the presence of prominent diagnostic providers and manufacturers in this region is further expected to bolster the growth of the regional allergy diagnostic market during the forecast period.
Prominent Key Players of the Allergy Diagnostic Market Include -
- Thermo Fisher
- Eurofins Scientific
- Hitachi Chemicals
- Perkin Elmer
- Omega Diagnostics Group Plc
- Danaher
- Siemens
- NEOGEN Corporation
- Stallergenes Greer
- BioMerieux
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in May 2021, PerkinElmer, Inc., an American global corporation focused in the business areas of diagnostics, life science research, food, environmental and industrial testing, acquired Immunodiagnostic Systems Holdings PLC, a leading in-vitro diagnostic solution provider to the clinical laboratory market, in order to strengthen PerkinElmer’s overall Diagnostics business and specifically its immunodiagnostics segment.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Porter’s Five Forces Analysis for the Global Allergy Diagnostics Market
- Bargaining Power of Suppliers: The suppliers of global allergy diagnostics are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of raw material suppliers of allergy diagnostics market decreases.
Hence, the bargaining power of the supplier is low. - Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for high quality allergy diagnostics in lower cost. Thus, multiple suppliers are providing best yet cost-efficient allergy diagnostics. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high. - Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is moderate. - Threat of Substitutes: There’s no substitute available for the allergy diagnostics.
Therefore, the threat of substitute is low. - Competitive Rivalry in the Market: The ventures operating in the global allergy diagnostics industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like Thermo Fisher, Perkin Elmer, and Danaher are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.
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