Allergy Diagnostics Market to Expand at CAGR of 12.80%; Rising New Allergens in Environment is Boosting Industry Globally, Says TMR

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Jun 06, 2019, 07:00 ET

ALBANY, New York, June 6, 2019 /PRNewswire/ -- As per the report, the global allergy diagnostics market is projected to rise at a promising CAGR of 12.80% during the forecast period of 2016-2024. In terms of revenue, the global allergy diagnostics market is likely to reach a value of US$3.80 bn by the end of 2024.

The global allergy diagnostics market is categorized on the basis of segments such as product type, allergen type, test type, and end-users. Out of various types of tests, the in-vivo test segment is likely to dominate the allergy diagnostics market globally. The growth is attributed to the benefits such as affordability, hassle-free procedures, and higher efficiency. Also, the lower cost involved in the test is one of the major factors that brings in-vivo test segment at the leader's spot in the global allergy diagnostics market.

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North America shall emerge as the leading region in the allergy diagnostics market. This is attributed to factors such as superior healthcare infrastructure and growing awareness of the people regarding allergy treatment in countries like U.S and Canada. The report suggests that the region is also experiencing growth owing to developments such as investment of cutting-edge technology and research taking place in various countries of the region. Also, various initiatives to offer better allergy treatment to the patients are also promoting the region in allergy diagnostics market.

Growing Cases of Dust Induced Allergies to Boost the Market Growth

There are many factors that can trigger allergy in any human or animal. This makes it crucial for various offices, hospitals, and factories to have a quick and hassle-free anti-allergic mechanism. It is because of these factors that the global allergy diagnostics market is likely to have robust growth in the forecast period.

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To treat an allergy, it is extremely important for doctors to understand the very root of the allergy. This is where allergy diagnostic centers come into the play, as they provide a detailed report about the type, cause, criticality of the allergy for the patients. This, in turn, results in the growth of global allergy diagnostics market. Medical practitioners have proven that allergies can be the cause of various several other chronic diseases, and there is a dire need to find a robust anti-allergic mechanism for allergic patients. This is also a crucial factor that is accelerating the growth of the global allergy diagnostics market in the forecast period.

Growing Health Awareness to Offer Ample Opportunity to Businesses

Various health awareness initiatives taken by various commercial and non-commercial organizations across the globe shall allow the businesses in the market to gain substantial profit during the forecast period. Although, the growth of the global allergy diagnostics market may lose its momentum as a result of higher cost involved in various tests and related products. Nevertheless, the constant research and development in allergy diagnosis methods and constant launch of new products by various players, will keep the growth intact in the global allergy diagnostics market during the forecast period.

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According to a recent report by Transparency Market Research (TMR), the competitive landscape of global allergy diagnostics market is the portrayal of intense competition. This is because of people across the globe who have the tendency to be allergic to some or the other thing. Nevertheless, businesses in the global allergy diagnostics market thrive on such opportunities. In order to stay ahead of their competitors, market players in allergy diagnostic market are getting involved in activities such as mergers and partnerships, collaborations, and even acquisitions of various small- and medium-scale businesses. These strategies allow the businesses to capture maximum opportunities offered by the global allergy diagnostics market.

According to TMR report, the players that influence the growth of global allergy diagnostics market are Omega Diagnostics Group Plc., Satllergenes Geer, Quest Diagnostics Inc., and BioMeriux. These players are investing heavily in research and development in order to provide the best diagnosis for new allergens that are affecting people's health today.

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The study presented here is based on a report by Transparency Market Research (TMR), 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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