Chicago, May 09, 2024 (GLOBE NEWSWIRE) — The latest report published by MarketsandMarkets™ forecasts the Allergy Diagnostics market to witness substantial growth, with revenue estimated at $5.3 billion in 2024 and projected to reach $9.8 billion by 2029, at a CAGR of 11.0% during the forecast period.
The market’s expansion is fueled by increased investments in allergy research, the proliferation of hospitals offering allergy diagnosis services, and a rise in allergies triggered by household dust and mites. However, challenges such as limited awareness of allergy disorders and symptoms, as well as cost issues related to instruments for small laboratories and clinics, are expected to impede market growth.
Segmentation Overview:
Product & Service: The market is segmented into consumables, instruments, and services, with consumables accounting for the largest share in 2023 due to the growing number of allergy cases and demand for rapid testing.
Test Type: Segments include in vivo tests and in vitro tests, with in vivo tests holding the largest share in 2023 due to their affordability, ease, and preference as the primary diagnostic method for allergies.
End User: Segments comprise diagnostic laboratories, hospital-based laboratories & clinics, academic research institutes, and other end users, with hospital-based laboratories & clinics holding the largest share in 2023, driven by the majority of in vivo tests being conducted in these settings and the demand for accurate diagnosis from specialists.
Region: Geographical regions include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with North America dominating the market in 2023 due to supportive government and association-sponsored programs, favorable payment scenarios, and an increasing prevalence of food allergies.
The Allergy Diagnostics market is expected to witness robust growth in the coming years, driven by ongoing advancements in diagnostic techniques and increased awareness about allergy management.
