Allergy Diagnostics & Therapeutics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Allergy Diagnostics & Therapeutics - Market Insights, Competitive Landscape, and Market Forecast - 2030

Allergy Diagnostics & Therapeutics Market By Type (Diagnostics And Therapeutics), Allergen (Food, Insect, Drugs, Pollen And Others), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to the growing prevalence of allergies and growing pollution

The global allergy diagnostics & therapeutics market is estimated to grow at a CAGR of 6.78% during the forecast period from 2024 to 2030. The surge in Allergy Diagnostics & Therapeutics demand stems from rising cases of allergic ailments like allergic asthma, rhinitis, food allergies, and atopic dermatitis. This uptick is fueled by a global increase in allergy occurrences, driven in part by shifting lifestyles, heightened pollution levels, and unhealthy practices such as smoking. Urbanization further exacerbates these conditions. Consequently, there's a burgeoning need for diagnostic solutions and treatments. This trend is anticipated to persist and foster positive growth in the allergy diagnostics & therapeutics market from 2024 to 2030.

Allergy Diagnostics & Therapeutics Market Dynamics:

Based on data from the Asthma and Allergy Foundation of America, in 2021, around 81 million individuals in the U.S. were diagnosed with seasonal allergic rhinitis, affecting approximately 26% (67 million) of adults and 19% (14 million) of children. Additionally, over 100 million Americans suffer from various allergies annually. As global allergy cases continue to rise, there's a corresponding surge in demand for allergy diagnostics & therapeutics, driving overall market growth.

Moreover, statistics from the American Academy of Allergy Asthma & Immunology reveal a persistent increase in allergic disease prevalence in industrialized nations over the past five decades. Currently, worldwide sensitization rates among school children to common allergens approach 40%-50%. In a 2021 NHIS survey, 25.7% of adults aged 18-44 reported seasonal allergies. This escalating allergy incidence fuels demand for allergy diagnostics & therapeutics throughout the forecast period.

Furthermore, increased funding is propelling advancements in research & development, enhancing accessibility to innovative therapies, and expanding treatment options and management approaches. Diverse funding support for research & development is driving growth in the allergy diagnostics & therapeutics sector, facilitating the development of safer, more accessible solutions for allergy sufferers. For instance, in December 2022, Aravax, a clinical-stage biotech firm, launched its series B funding round, securing a substantial USD 20 million investment from prominent Australian life science investors, Brandon Capital, and Tenmile.

However, challenges such as the high costs associated with allergy diagnostic instruments and inadequate healthcare infrastructure in developing nations may constrain the growth of the allergy diagnostics & therapeutics market.

Allergy Diagnostics & Therapeutics Market Segment Analysis:

Allergy Diagnostics & Therapeutics Market by Type (Diagnostics and Therapeutics), Allergen (Food, Insect, Drugs Pollen, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product segment of the allergy diagnostics & therapeutics market, the therapeutics segment is projected to dominate revenue generation in 2023. This dominance is attributed to the escalating global prevalence of allergies and the consequent demand for effective treatments to alleviate allergic symptoms. Notably, significant steps have been made in allergy therapeutics, marked by the emergence of novel drugs, biologics, immunotherapies, and targeted treatments tailored to specific allergies.

For instance, in February 2024, the FDA granted approval to Xolair® (omalizumab) for mitigating allergic reactions, including anaphylaxis triggered by accidental exposure to certain foods, in both adult and pediatric patients aged 1 year and above with IgE-mediated food allergy. These advancements and product launches have substantially broadened treatment options for patients, propelling growth in the therapeutics segment and consequently driving expansion in the overall allergy diagnostics & therapeutics market throughout the forecast period.

North America Is Expected To Dominate The Overall Allergy Diagnostics & Therapeutics Market:

In 2023, North America is anticipated to lead the allergy diagnostics & therapeutics market among all regions, primarily driven by a substantial patient base affected by allergies and supportive government initiatives. According to the Asthma and Allergy Foundation of America, as of 2021, about 20 million people have food allergies in the U.S. about 16 million (6.2%) adults and about 4 million (5.8%) U.S. children have food allergies. Additionally, the region benefits from well-established and advanced healthcare infrastructure, which is a key catalyst for market growth.

Moreover, intensified competition is expected in the North American market as key players expand their product portfolios with innovative offerings. For example, Pfizer Inc. received FDA approval for CIBINQO® (abrocitinib), extending its use to adolescents aged 12 to under 18 years with refractory, moderate-to-severe atopic dermatitis.

Furthermore, the rising incidence of allergic ailments such as hives, eczema, allergic conjunctivitis, and food allergies is projected to fuel market expansion. As per the Centers for Disease Control and Prevention report published in January 2023, nearly one in three adults and over one in four children in the United States reported experiencing seasonal allergies, eczema, or food allergies in 2021. Additionally, according to the same source food allergies affect around 6% of both adults and children, with Black, non-Hispanic individuals more likely to report this type of allergy.

Further, according to the above source approximately 25.7% of adults had seasonal allergies, 7.3% experienced eczema, and 6.2% had food allergies. With such a prevalence of allergy cases, the demand for allergy diagnostic tools and assistance is expected to rise, thus contributing to the positive growth of the Allergy Diagnostics & Therapeutics Market in the United States, which in turn will drive the overall market growth in North America.

Allergy Diagnostics & Therapeutics Market Key Players:

Some of the key market players operating in the allergy diagnostics & therapeutics market include Thermo Fisher Scientific Inc., Siemens Healthineers AG, Danaher, Canon Inc., Minaris Medical America, Inc., Eurofins Scientific, Allergy Therapeutics, GSK plc, HAL Allergy Group, Bayer AG, Novartis AG, Merck & Co., Inc., Sanofi, Omega Diagnostics Ltd, Romer Labs Division Holding, Neogen Corporation, Pfizer Inc., R-Biopharm AG, Lincoln Diagnostics, Inc., Astra Biotech GmbH, and others.

Recent Developmental Activities In The Allergy Diagnostics & Therapeutics Market:

In July 2023, Canon Medical Systems Corporation completed share transfer procedures with Resonac Corporation. The purpose of this share transfer is to acquire Resonac subsidiaries Minaris Medical Co., Ltd. and Minaris Medical America, Inc., Upon completion of this share acquisition, Canon Medical will begin consolidated operation of Minaris Medical, which operates businesses related to in vitro diagnostic reagents and automated analytical instruments.

In October 2023, Astria Therapeutics, Inc. secured a worldwide exclusive license agreement with Ichnos Sciences for an OX40 portfolio intended for the potential treatment of atopic dermatitis (AD) and potentially other allergic and immunological diseases.

Key Takeaways From The Allergy Diagnostics & Therapeutics Market Report Study

Market size analysis for current Allergy Diagnostics & Therapeutics Market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years

Key companies dominating the global Allergy Diagnostics & Therapeutics market.

Various opportunities are available for the other competitors in the Allergy Diagnostics & Therapeutics Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Allergy Diagnostics & Therapeutics market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Allergy Diagnostics & Therapeutics market growth in the coming future?

Target Audience Who Can Benefit From This Allergy Diagnostics & Therapeutics Market Report Study

Allergy Diagnostics & Therapeutics product providers

Research organizations and consulting companies

Allergy-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Allergy Diagnostics & Therapeutics

Various end-users who want to know more about the Allergy Diagnostics & Therapeutics Market and the latest technological developments in the Allergy Diagnostics & Therapeutics Market.

Frequently Asked Questions For The Allergy Diagnostics & Therapeutics Market:

1. What are Allergy Diagnostics & Therapeutics?

Allergy diagnostics encompass tests like skin prick and blood tests to identify allergens, while therapeutics involve medications, immunotherapy, biologics, and emergency treatments like epinephrine. Both segments see innovation with advanced diagnostic technologies and targeted therapies, driving growth and improvement in patient outcomes.

2. What is the market for Allergy Diagnostics& Therapeutics?

The global allergy diagnostics & therapeutics market is estimated to grow at a CAGR of 6.78% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Allergy Diagnostics & Therapeutics market?

The allergy diagnostics & therapeutics market is slated to witness prosperity owing to factors such as the growing prevalence of allergies. Moreover, environmental factors like pollution, climate change, and urbanization may contribute to the increasing prevalence of allergies are some of the key factors resulting in appreciable revenue growth in the allergy diagnostics & therapeutics Market during the forecast period (2024 to 2030).

4. Who are the key players operating in the global Allergy Diagnostics & Therapeutics market?

Some of the key market players operating in allergy diagnostics & therapeutics include Thermo Fisher Scientific Inc., Siemens Healthineers AG, Danaher, Canon Inc., Minaris Medical America, Inc., Eurofins Scientific, Allergy Therapeutics, GSK plc, HAL Allergy Group, Bayer AG, Novartis AG, Merck & Co., Inc., Sanofi, Omega Diagnostics Ltd, Romer Labs Division Holding, Neogen Corporation, Pfizer Inc., R-Biopharm AG, Lincoln Diagnostics, Inc., Astra Biotech GmbH, and others.

5. Which region has the highest share in the global Allergy Diagnostics & Therapeutics market?

North America is expected to dominate the overall allergy diagnostics & therapeutics market during the forecast period from 2024 to 2030. This is due to the presence of a large patient pool suffering from allergies. Additionally, the presence of developed and sophisticated healthcare infrastructure in the region is one of the key factors driving the growth of the allergy diagnostics & therapeutics market in North America.