Allergy Diagnostics Market to Expand at a Spectacular CAGR of 12.80% Owing Increasing Demand for Quality Healthcare Treatments, Says TMR

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Nov 09, 2018, 08:30 ET

ALBANY, New York, November 9, 2018 /PRNewswire/ --

The global allergy diagnostics market depicts the presence of a substantially consolidated vendor landscape, says Transparency Market Research on the basis of a newly published report. Such a consolidated competitive scenario mainly exists due to the presence of a handful of companies who have accounted for the maximum shares in the market.

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The top five companies who staked the largest presence in the global allergy diagnostics market in 2015 are: Quest Diagnostics Inc., Stallergenes Greer, Omega Diagnostics Group Plc. BioMerieux, and Thermo Fisher Scientific Inc.

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A fierce rivalry exists in the global allergy diagnostics market, which is expected to further intensify with a rise in the number of players. Most companies are attempting to improve the quality of their services, mainly in the context of providing diagnosis and treatment of allergies. Moreover, several players are participating in important mergers, acquisitions, and partnerships in the form of prime schemes to instill progress in the global allergy diagnostics market.

Statistically speaking, expert analysts predict the market to register revenue worth US$3.8 bn by the end of 2024. This indicates a splendid growth registered by the global allergy diagnostics market, and such a fantastic progress is prophesized to occur at a spectacular CAGR of 12.80% during the forecast period from 2016 to 2024.

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Increasing Instances of Allergies All over the Globe Push Market's Growth

Rising instances of allergies among children as well as adults is primarily driving the global allergy diagnostics market. Such allergies may be caused mainly due to allergic foodstuffs, dust, pollution, and other pre-existing healthcare issues. Moreover, with rapid urbanization, industrialization, and changing lifestyles, coupled with altering socio-economic, genetic, and geographical factors, a considerable rise in allergies has been noticed to occur. Thus, all of these factors too have been greatly responsible for increasing the demand of relevant allergy diagnosis and treatments, consequently driving the market's growth.

Another cause for a high requirement of such diagnostics is a lack of exposure to infectious microorganisms and other agents, which could lead towards a low immunity to exist. Thus, with such a low immunity, chances of the person getting affected allergies are high, thereby pushing the global allergy diagnostics market to expand profitably. Such conditions may take place mainly when an individual does not get exposed to such agents in an early stage of hi/her life. Lastly, widespread technological advancements in the overall field of medicine have led to an extensive growth happening in the global allergy diagnostics market.

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Lack of Awareness of Necessary Treatment in Remote Regions Stunts Progress

However, the market is also restrained greatly due to various factors, a chief one being less awareness of allergy development and their treatments in remote and underdeveloped regions. Moreover, lack of adequate treatments in such regions too poses as a key factor restraining growth in the global allergy diagnostics market.

Furthermore, such regions might portray a lack of financial resources needed to fund diagnostic tests, thereby hampering the growth in the allergy diagnostics market. Nonetheless, a rising number of awareness programs started by several government all over the globe to educate people with respect to the benefits of early allergy diagnosis is expected to be a favorable opportunity. This factor could certainly offset most restraints affecting the global allergy diagnostics market.

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