Allergy Diagnostics Market Size to Reach USD 12.45 Billion in 2030 | Emergen Research

VANCOUVER, BC, Feb. 14, 2023 /PRNewswire/ -- The allergy diagnostics market size reached USD 4.80 Billion in 2021 and is expected to register a CAGR of 11.1% during the forecast period, according to latest analysis by Emergen Research. One key factor driving market revenue growth is growing funding and investments for allergy diagnostics. For instance, on 20 December 2022, Nectar, a provider of allergy testing and treatment, increased its total equity capital to more than USD 24 million with a USD 16.5 million Series A fundraising round headed by Harmony Partners. Furthermore, on 7 December 2020, in order to provide quick and accurate allergy testing so doctors can test and treat more patients in a single clinic visit, Kenota Health Inc., an innovative Canadian medical technology startup, raised USD 11 million in investment.

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Drivers:

Demand for allergy diagnostics has significantly increased over the years owing to high prevalence of allergic diseases. For instance, according to recent studies, between 1.1 and 10.8% of the world's population is estimated to have a food allergy, and prevalence of these allergies continues to rise. Approximately 32 million Americans claim to have a food allergy, and every year, about 200,000 individuals require emergency medical attention owing to a food allergy. In the United States, one in every 13 children has a food allergy, making them particularly prevalent in younger generations.

Restraints:

There are numerous issues and difficulties facing the allergy diagnostics industry. Inadequate awareness and unreliable tests for allergy testing are one such factor. For instance, although oral immunotherapy (OIT) has shown promise in the treatment of food allergies, it is not currently a standard therapy. However, trials are being conducted to ascertain OIT's safety and efficacy. Many alternative therapists may give allergy as well as food intolerance tests that are not supported by scientific data. These tests are distinguished by a scarcity of supporting scientific data, a weak connection with tests that are grounded in evidence, and inconsistent results when performed on the same subject many times.

Growth Projections:

The allergy diagnostics market is expected to register a CAGR of 11.1% over the forecast period and revenue is projected to increase from USD 4.80 Billion in 2021 to USD 12.45 Billion in 2030. Currently, the application of mobile health technology has seen a rise, which is aiding in market revenue growth. Individuals with dermatological allergic illnesses such as contact dermatitis, atopic dermatitis, and chronic urticaria benefit greatly from the use of mobile health technology. Applications can be helpful to increase treatment regimen adherence, track symptoms, facilitate doctor-patient interactions, including patients in support groups, and carrying out clinical studies once a diagnosis has been made. Furthermore, on 22 August 2022, LifeMD, Inc., a fast expanding direct-to-patient telehealth business, announced that Allergenis, a provider of predictive data analytics with a focus on the identification and treatment of life-threatening food allergies, has joined forces with its allergy telemedicine subsidiary cleared. More collaborations as stated above, coming up in the market is expected to drive demand for allergy diagnostics.

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Current Trends and Innovations:

The allergy diagnostics industry is undergoing gradual change as a result of new technology and innovations. For instance, on 10 June 2022, the company Oncologica announced the availability of Allergyfocus, a novel antibody allergy test that swiftly and precisely identifies 99% of all known types of allergies. Users learn about the typical, worldwide allergens to which their bodies are sensitive via this new Allergyfocus test. In-depth, personalized antibody profiles of a patient's allergy triggers are provided for accurate diagnosis. Additionally, pre-registration testing is being done on systems that automatically interpret skin allergy test results. Making it accessible for widespread usage might demonstrate to be a significant value in a world where allergic disorders, such as asthma, afflict a growing portion of the populace.

Strategic Initiatives:

Major companies included in the market report are Thermo Fisher Scientific Inc., Danaher, Minaris Medical America, Inc., Siemens Healthcare GmbH, Eurofins Scientific, Euroimmun Medizinische Labordiagnostika AG, Biomérieux SA, Stallergenes Greer, Neogen Corporation, and Omega Diagnostics Group PLC.

• On 16 July 2021, Reacta, a company on track to revolutionize the market for food allergy diagnostics, raised USD 3.5 million in a fundraising round headed by Praetura Ventures with additional funding from the Development Bank of Wales.
• On 23 November 2020, Bio-Me, a provider of microbiome diagnostics, and Siolta Therapeutics reported that they have signed a partnership and marketing agreement. According to the agreement, Siolta will help Bio-Me create a quick, in-depth, and thorough diagnostic test for newborns who are at risk of developing allergies and asthma by providing samples and insights on important criteria.

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Scope of Research

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Emergen Research has segmented the allergy diagnostics market on the basis of product & service, allergen, test type, end-use, and region:

• Product & Service Outlook (Revenue, USD Billion; 2019–2030)
• Consumables
• Instruments
• Immunoassay Analyzers
• ELISA Analyzers
• Luminometers
• Others
• Services
• Allergen Outlook (Revenue, USD Billion; 2019–2030)

•  
• Inhaled Allergens
• Food Allergens
• Drug Allergens
• Others
• Test Type Outlook (Revenue, USD Billion; 2019–2030)
• In Vivo Tests
• Skin Prick Tests
• Patch Tests
• Others

•  
• In Vitro Tests
• End-Use Outlook (Revenue, USD Billion; 2019–2030)
• Diagnostics Laboratories
• Hospital-based Laboratories
• Academic Research Institutes
• Others
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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