Albany, NY -- (SBWIRE) -- 09/21/2018 -- As per the latest report by Transparency Market Research (TMR), the global allergy diagnostics market is very consolidated. The top five companies who led in the allergy diagnostics in the year 2015 are: Quest Diagnostics Inc., Stallergenes Greer, Omega Diagnostics Group Plc., BioMerieux, and Thermo Fisher Scientific Inc. These five companies collectively accounted for a massive 73% of the total market. There is intense rivalry between players in the market and this is expected to increase further. The players are participating in mergers, acquisitions, and partnership activities.
As per Transparency Market Research, the global allergy diagnostics market will be worth US$3.8 bn by the end of 2024. On the basis of product, the demand for consumables is increasing and this trend is expected to continue for the rest of the forecast period. The demand for consumables is predicted to grow on account of their low cost. On the basis of geography, the demand for allergy diagnostics is highest from North America on account of the state of art medical infrastructure and high awareness levels among the people regarding allergies. The presence of advanced technologies for diagnosis and growing cases of allergies will also help the market to grow in North America.
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Urban Lifestyle Behind Limited Exposure to Infectious Microorganisms Among Small Children
According to the lead author of this report, "the growing incidences of allergies and reactions is the chief reason behind the growth of the global allergy diagnostics market. The market is also benefitting from the social, genetic, economic, and geographical factors. As per the hygiene hypothesis theory, the lack of early exposure to infectious microorganisms and agents increases the chances and vulnerability of the person getting allergy due to limited development of the immune system at the early stage. As urbanization has resulted in a lifestyle that offers rare exposure to infectious agents in early stage of life, the incidences of allergies is rising among urban population rapidly. The technological advancements in the diagnosis techniques for allergies will support the growth of the global allergy diagnostics market.
Lack of Financial Resources for Funding Diagnosis to Pose a Challenge
The market for allergy diagnostics is restrained by various factors. The lack of awareness among the people in developing nations is one of the main challenges limiting the growth of the global allergy diagnostics market. The lack of financial resources for funding diagnosis tests is also an important factor hampering the growth of the allergy diagnostics market.
Awareness Programs by Government to Help Market's Growth
However, the growing number of awareness programs initiated by governments to educate the people regarding the benefits of early diagnosis of allergies will create a favourable environment of growth for the allergy diagnostics market. the favourable reimbursement policies across developing nations will also create growth opportunities for the market.
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The review is based on a report by Transparency Market Research, titled "Allergy Diagnostics Market (Product – Assay Kits, Consumables, and Instruments; Allergen Type – Inhaled Allergens, Food Allergens, and Drug Allergens; Test Type – In-vivo and In-vitro tests; End Users – Hospitals, Diagnostic Laboratories, and Academic Research Institutes) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024."
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