Research Report on Allergy Diagnostics and Therapeutics Market Statistics, Revenue, Demand and Trend Analysis by 2028 – The Bollywood Ticket
The global allergy diagnostics and therapeutics market is expected to reach $54.71 billion by 2028, according to a new report from Reports and Data. This is mainly due to the increase in the prevalence of allergies among the population. Technological advancements in the healthcare industry coupled with changing lifestyle and eating habits of the people will drive the growth of the market. These allergic diseases can occur at almost any age, although some allergies are more likely to first develop in particular age groups, particularly in the geriatric population.
In addition, the increase in the elderly population as well as the growing prevalence of respiratory diseases, due to the increase in pollution and CO2 emissions, are some of the other factors that will fuel the growth of the market. However, expensive equipment and lack of awareness about allergic diseases are expected to restrain the market growth.
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The revenue growth of the global market is majorly attributed to factors such as increasing prevalence of chronic and acute diseases across the globe, growing demand for personalized medicine, increasing research and development activities in pharmaceutical and biotechnology sectors and the rapid integration of emerging digital technologies such as artificial intelligence, Internet of Things (IoT), big data analytics and blockchain in the healthcare sector.
The rapid spread of COVID-19 around the world, the substantial increase in the number of patients, the significant changes in the demand and supply of healthcare solutions in the time of COVID-19, the growing trends in Telehealth and telemedicine and growing need for advanced point-of-care diagnostics are among the other key factors further fueling the market revenue growth. Increasing government funding for COVID-19 vaccine development, increasing attention to new drug discovery and development, and increasing government attention to strengthening the healthcare supply chain system create new revenue growth opportunities for the market.
Key Companies Featured in the Report:
Omega Diagnostics, Thermo Fisher Scientific, Stallergenes Greer, Siemens Healthcare, bioMérieux, Lincoln Diagnostics, Alcon Laboratories, HOB Biotech Group, Hycor Biomedical and Hitachi Chemical Diagnostics, among others.
Competitive outlook of Global Allergy Diagnostics and Therapeutics Market
The globla Allergy Diagnostics And Therapeutics Market research focuses on the revenue growth trajectories of key companies in this market. This section of the report throws light on the highly competitive landscape of the Allergy Diagnostics and Therapeutics market, highlighting the key players. The report further examines the strategic initiatives undertaken by each of these market players including mergers and acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
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Product Outlook (Revenue, USD Billion; 2020-2028)
Allergen Type Outlook (Revenue, USD Billion; 2020-2028)
Test Type Outlook (Revenue, USD Billion; 2020-2028)
Drug Class Outlook (Revenue, USD Billion; 2020-2028)
- Mast cell stabilizers
- Leukotriene inhibitors
- Nasal anticholinergics
- Self-injectable epinephrine
End User Outlook (Revenue, USD Billion; 2020-2028)
- University research institutes
- Diagnostic laboratories
Other key findings from the report suggest:
- The market is segmented on the basis of product into instruments, consumables and services.
- The consumables segment accounts for the largest market share of around 50% in 2020 and is expected to witness the highest growth rate of 5.5% during the forecast period. The advancement made in the healthcare and pharmaceutical industry to detect allergic diseases in patients is the factor driving the growth of the segment.
- For example, assay kits are necessary and readily available consumables used in life science research, drug discovery and development, and environmental monitoring.
- The market is segmented on the basis of allergen type into food, inhalants and drugs.
- Inhaled allergen type accounts for the largest market share of around 50% in 2020 and is also expected to witness the highest growth rate of 5.8% during the forecast period.
- Rising population and rising carbon dioxide emissions resulting in rising cases of respiratory allergies will drive the growth of this segment.
- The market is segmented on the basis of type of in vivo and in vitro test.
- The in vivo test represents a larger market share of around 60% in 2020.
- In vivo tests are widely used by the healthcare and research industries because they are able to simulate realistic and clinically relevant test environment and conditions.
- The market is segmented on the basis of drug class into antihistamines, corticosteroids, mast cell stabilizers, leukotriene inhibitors, nasal anticholinergics, decongestants, immunomodulators, self-injectable epinephrine, and immunotherapy.
- The antihistamine drug class accounts for the largest market share of around 20% in 2020.
- Antihistamines are used to treat allergic diseases, especially rhinitis. It is an inexpensive generic medication that relieves nasal congestion, sneezing, or hives caused by pollen, dust mites, or animal allergies.
- The market is segmented on the basis of end users into academic research institutes, hospitals, and diagnostic laboratories.
- Diagnostic laboratories account for the largest market share of around 52% in 2020, owing to the increasing prevalence of allergic diseases and the need for proper treatment and detection of these diseases.
- The market is segmented on the basis of geography by North America, Europe, Asia-Pacific, Latin America and MEA.
- The Asia-Pacific region is expected to experience the highest growth rate of 5.8% during the forecast period owing to the development of the pharmaceutical and healthcare industry in this region.
- Asia-Pacific has embraced and advanced in terms of technology, due to population growth; increase in the number of people suffering from allergic and respiratory diseases and the need for better diagnostic methods.
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Regional outlook of the global allergy diagnostics and therapeutics market
- North America
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East and Africa
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