The global market for allergy diagnostics is considered as consolidated in nature, owing to the presence of a few players who are holding a huge share of the overall market in the coming few years. The research report by Transparency Market Research has further stated that the market is likely to observe a healthy competition among the key players over the next few years.
The rising number of mergers, partnerships, and acquisitions is likely to create potential opportunities for the market players in the near future. In addition, the technological developments and innovations in this field are predicted to ensure a rapid development of the overall market in the next few years. Some of the leading players engaged in the allergy diagnostics market across the globe are Quest Diagnostics Inc., Omega Diagnostics Group Plc., Stallergenes Greer, Thermo Fisher Scientific Inc., and BioMerieux.
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A new study by TMR, the global market for allergy diagnostics is estimated to reach a value of US$3.8 bn by the end of 2024. The market is likely to register a promising 12.80% CAGR between 2016 and 2024. The allergy diagnostics market across North America is likely to hold a massive share and register a healthy growth rate in the next few years. The rapid development of the healthcare infrastructure and the rising spending capacity of people for medical services are expected to ensure the development of this region in the coming few years. Also, the rising research activities is predicted to accelerate the growth of the North America market in the near future.
Increasing Incidence of Chronic Diseases to Propel Allergy Diagnostics Market
A tremendous rise in the healthcare expenditure is one of the main aspects that is predicted to encourage the development of the global allergy diagnostics market in the next few years. The rising incidence of chronic disorders and the large economic burden of allergic diseases are estimated to accelerate the market development in the coming few years. In addition to this, a tremendous rise in the environment pollutions levels and the rising access for allergy diagnostics medical insurance in the U.S. are projected to enhance the market growth in the near future.
Furthermore, the key players in the allergy diagnostics market are expected to focus on emerging economies, which is projected to accelerate the development of the overall market in the coming few years. Also, the increasing adoption of automation and the rise in the number of reagent rental agreements are predicted to enhance the growth of the allergy diagnostics market in the next few years.
Less Awareness Related to Allergic Diseases to Restrict Growth
The global market for allergy diagnostics is anticipated to witness a slight downfall as the players are likely to face a few challenges over the next few years. The rising concerns related to the affordability of allergy diagnostics instruments among several small physicians clinics and laboratories. Moreover, the low awareness among people concerning the rising cases of allergic diseases is another factor, which is estimated to hamper the market growth in the near future. Nonetheless, the governments, across the globe, are making efforts by conducting several awareness programs so as to educate people concerning the benefits of early diagnostics of allergies, thus supplementing the overall development of the allergy diagnostics market over the next few years.