Westford,USA, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Recent technological advancements in Allergy Diagnostics Market are driving the growth of this market. Advancements in diagnostic tools and algorithms help physicians diagnose allergies more accurately, thereby helping patients receive the correct treatment. In addition to this, government initiatives are also aiding the growth of this market. For example, the Affordable Care Act (ACA) encourages preventive healthcare services such as screenings for asthma, cancer, and allergies. In addition, various subsidies are available for diagnostic tests such as those used for diagnosing allergies. The growing popularity of online health services is also benefiting the allergy diagnostics market.
The increasing prevalence of allergies is driving growth of the global allergy diagnostics market. As per SkyQuest study, globally more than 8-10% population suffer from at least one kind of allergy and the prevalence is increasing with each passing year as individuals are becoming more aware of their health and demanding accurate diagnosis and treatment options. Other factors contributing to the growth of this market include government initiatives encouraging preventive healthcare services and technological advancements aiding physicians in correctly diagnosing allergies.
As allergy awareness and diagnoses continue to increase, so too does the demand for allergy diagnostics. This includes everything from simple blood tests to more sophisticated equipment that can identify specific allergens. Many allergy sufferers turn to these diagnostics in order to better manage their symptoms and avoid potentially harmful exposures.
The increasing demand has led to a number of new companies entering the market, with many promising innovative products. Some of the most well-known names in global allergy diagnostics market include Allergan, Biocodex, and Immunogenetics. Each company offers a range of diagnostic tools, as well as various treatment options depending on the severity of an individual's allergies.
While the market is growing rapidly, there are still some challenges facing companies trying to get their products into the hands of allergy sufferers. One major obstacle is price; many diagnostics are expensive, making them out of reach for many patients. Another challenge is finding ways to reduce patient wait times; currently, many diagnostic tests take several weeks to complete. However, with continued innovation by companies like these, it's likely that these issues will be resolved in the near future.
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Airborne and Food Allergy are Dominating Allergy Diagnostics Market
The allergy diagnostics market is estimated to grow at a CAGR of 11.10% during the forecast period 2021-2028. This growth can be attributed to the rising incidence of allergies, increasing awareness about allergies among consumers, and the need for more accurate diagnosis of allergies. SkyQuest has conducted a comprehensive analysis of the market and has identified four major segments that account for the majority of the revenue generated: food allergy detection, environmental allergy detection, airborne allergy detection, and pediatric allergy detection.
These segments in the global allergy diagnostics market have been further subclassified into product types such as immunoassays and enzyme-linked immunosorbent assays (ELISA). Food allergy detection is dominated by ELISA products due to their high specificity and accuracy in identifying food protein allergens. Environmental allergies are typically detected using immunoassays that are sensitive to proteins found in environmental allergens such as dust mites or pollens. Airborne allergies are mainly detected using immunoassays that are specific for EIA (enzyme-linked immunosorbent assay) products have higher sensitivity than IgE tests used for airborne allergic disease diagnosis. Pediatric allergies are diagnosed using IgE tests that are more specific than ELISA products but less sensitive than EIA products.
The analysis of the allergy diagnostics market is based on 3,00+ clinical studies from the major allergy diagnostics vendors. The market is fragmented with quite a few early-stage companies and a lack of large pharma players. However, there are indications that the market is growing at a healthy pace as new products are launched and increasing adoption by organizations drives expansion.
SkyQuest has profiled leading players in each of the four major segments and has forecast their revenues based on current trends and forecasted growth rates over the next seven years.
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Market Opportunities
There are several key areas where allergy diagnostics market can grow at an accelerated pace in the near future. These areas include extending diagnostic coverage to rarer allergens such as tree nuts and soybeans, expanding use beyond traditional allergic diseases such as asthma and food allergies, developing new technologies for point-of-care diagnosis, and identifying genetic variants associated with risk for certain allergies. In addition, development programs for various cutting-edge technologies in allergy diagnostics.
SkyQuest has observed a shift towards personalized medicine in allergy diagnostics market over the past few years owing to increased awareness about food sensitivities and cross sensitivity among other allergens. This has driven demand for more accurate diagnostic tools that can identify each individual's specific allergens.
Top 10 Players Generates 42% Revenue of Global Allergy Diagnostics Market
Allergy diagnostics market is projected to grow at a CAGR of 11.10% during the forecast period 2022-2028. The growth of this market is fueled by the increasing prevalence of allergies and the development of new diagnostic tools for detecting this disease. This market is also benefiting from the increasing awareness about allergies and their impact on people's lives.
The leading players in market are Thermo Fisher Scientific, Advanced Bioscience Laboratories (ABL), Siemens Healthcare Ltd., Danaher, PerkinElmer Inc., LabCorp, and Roche Diagnostics Ltd. These companies are dominating the allergy diagnostics industry due to their comprehensive product portfolios, strong marketing campaigns, and investments in R&D. Among these companies, ABI holds the largest share in terms of revenue generated from allergy diagnostics products.
SkyQuest believes that proprietary technology of Thermo Fisher Scientific will help achieve this growth and lead the allergy diagnostics market in terms of accuracy, speed, and scalability. Its wide range of products offerings encompasses tests for food allergies, indoor allergens, allergic conditions such as asthma, eczema, hay fever, and conjunctivitis; and also provides immunoassays for antibody detection against candidiasis species.
Most of its product offerings include monoclonal antibodies (mAbs), immunogenic peptides (IPs), recombinant DNA vaccines (rDNAVacs), nucleic acid oligonucleotides (NOLs), protein arrays/proteins microarrays (PAMs), single-stranded oligonucleotides (SSOs), candidate genotypes panels, and targeted diagnostic offers in addition to whole genome sequencing.
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Key Players in Global Allergy Diagnostics Market
- Thermo Fisher Scientific Inc., (US)
- Siemens Healthineers (Germany)
- Danaher (US)
- Omega Diagnostics Group PLC (UK)
- BioMérieux SA (France)
- Romer Labs Division Holding (Austria)
- EUROIMMUN Medizinische Labordiagnostika AG (Germany)
- HollisterStier Allergy (US)
- NEOGEN Corporation (US)
- Minaris Medical America, Inc. (US)
- Stallergenes Greer (UK)
- HOB Biotech Group Corp., Ltd. (China)
- HYCOR Biomedical (US)
- R-Biopharm AG (Germany)
- AESKU.GROUP GmbH (Germany)
- ACON Laboratories, Inc. (US)
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