The global allergy diagnostic and treatment market is expected to grow at a CAGR of 5.5% for the forecast period of 2016-2024. The potential growth of this market has increased because of various factors such as increase in the occurrenceof allergies globally, higher percentage of urbanization and an increase in healthcare awareness and expenditure.
The various diagnostic tools for allergy testing are skin pricks, provocation testing, subcutaneous or patch analysis or blood analysis. On the basis of the type of tests performed, the global allergy diagnostic and treatment market is divided into skin testing and antibody testing. However, skin testing is proving its dominance in the market because of its quick effectiveness in identifying the allergen affecting the patient as compared to the antibody testing assay which is only used when the patient is on any medication which might interfere with the result of the skin tests. On the basis of the mode of availability for treatment, the market is divided as prescription and over the counter (OTC) with consumers inclining more to the OTC’s as they offer a quicker relief in relieving symptoms as compared to prescriptions and generic medications.
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The Americas (mainly Brazil in South America and U.S in Central America) is expected to show its dominance in the global allergy diagnostic and treatment market during the forecast period as compared to Europe, Asia-Pacific and Rest of World. The main driving factors for this region are the increasing in the prevalence of allergic diseases, increasing population and rising pollution levels.
The major companies in the allergy diagnostics market are Thermo Fisher Scientific Inc, Lincoln Diagnostics Inc, Hitachi Chemical Diagnostics Inc., Danaher Corporation, Siemens AG, HYCOR Biomedical, and Stallergenes Greer. The rise in allergic diseases, increase in access and expenditure for medical insurance in the U.S coupled with economic growth in developing countries, easy access to healthcare by individuals and the availability of better diagnostic tools for allergy related problems are all acting as a driving force for this global allergy diagnostic and treatment market.
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