Allergy Diagnostics Market by Product, End-user, and Geography - Forecast and Analysis 2021-2025

The allergy diagnostics market share is expected to increase by USD 2.11 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 11.55%. This allergy diagnostics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The allergy diagnostics market report also offers information on several market vendors, including Abbott Laboratories, Astra Biotech GmbH, bioMérieux SA, Danaher Corp., Hitachi Chemical Co. Ltd., Lincoln Diagnostics Inc., Omega Diagnostics Group Plc, PerkinElmer Inc., R-Biopharm AG, Siemens Healthineers AG, and Thermo Fisher Scientific Inc. among others. Furthermore, this report extensively covers allergy diagnostics market segmentation by product (consumables and systems), end-user (diagnostic laboratories, hospitals and clinics, and physician office laboratories), and geography (North America, Europe, Asia, and ROW).

What will the Allergy Diagnostics Market Size be During the Forecast Period?

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Allergy Diagnostics Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The expansion of product ranges through m&a is notably driving the allergy diagnostics market growth, although factors such as high cost of allergy diagnostic products and procedures may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the allergy diagnostics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Allergy Diagnostics Market Driver

The expansion of product ranges through M&A is notably driving the allergy diagnostics market growth. Companies are trying to expand allergy diagnostic systems and consumable products through inorganic growth. Hence, large companies such as Abbott, Siemens Healthineers AG, and bioM rieux are focusing on increasing their product sales through M&A.M&A activities help vendors to focus on product innovations and increase their profit margins by collaborating and helping in exchanging technologies among them. Through M&A, the companies achieve economies of scale due to large-scale production and sales, which reduces the unit cost of allergic diagnostic devices. Significant M&A activities have been witnessed in the market. The leading manufacturers are looking for M&A, which can help them in growing and expanding their global footprint and leveraging existing sales channels and customer relationships to address the needs of patients and caregivers better. Thus increasing M&A by key and prominent players are expected to fuel the market during the forecast period.

Key Allergy Diagnostics Market Trend

Automation and system integration is also influencing the allergy diagnostics market growth. End-users such as hospitals and diagnostic laboratories are opting for semi-automated and fully automated systems over conventional or manual systems. The automated systems are handy with lower complexity in their usage. Also, the labor cost associated with such a system is less, as the kit can be used by any individual with a non-medical background after providing adequate training regarding its usage. The automated systems result in increased productivity and efficient handling of large test volumes during a shortage of workforce and trained technicians. Also, automated systems provide precise results that are slightly difficult to achieve manually. The integrated systems offer high efficiency and consolidation in high and medium-volume laboratories. The software used in these devices, along with the graphical user interface, helps to streamline the test information and provide solutions for remote tests and high-end test analysis. Hence, the availability of integrated systems with increased automation is expected to boost the market opportunity during the forecast period.

Key Allergy Diagnostics Market Challenge

The high cost of allergy diagnostic products and procedures is a major hindrance to the allergy diagnostics market. There is an increasing demand for diagnostic instruments, which can diagnose allergies quickly. However, the high price of these test kits and systems hinders the growth of the global allergy diagnostics market. The price of these systems plays an important role. The end-users, such as hospitals and diagnostic laboratories, purchase these systems after an extensive cost-benefit analysis. However, local manufacturers can offer their equipment at a low price owing to the availability of low-cost labor and raw materials. The major market players compete with these local manufacturers while maintaining high quality, as superior quality products are their key strategies to have a competitive edge over the local players. Hence, the high price charged by the leading players restrains the growth in the regional market. The allergy diagnostic systems are estimated to be priced between $20,000 and $50,000; however, the cost of integrated diagnostic systems, which perform tests for other conditions along with allergy diagnosis, is still high. Also, the allergy diagnostic procedure that involved blood tests or skin tests can cost between $350 and $1,350, which increases the price burden on the end-users and subsequently results in low adoption.

This allergy diagnostics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global allergy diagnostic market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the allergy diagnostics market during the forecast period.

Who are the Major Allergy Diagnostics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Abbott Laboratories
• Astra Biotech GmbH
• bioMérieux SA
• Danaher Corp.
• Hitachi Chemical Co. Ltd.
• Lincoln Diagnostics Inc.
• Omega Diagnostics Group Plc
• PerkinElmer Inc.
• R-Biopharm AG
• Siemens Healthineers AG
• Thermo Fisher Scientific Inc.

This statistical study of the allergy diagnostics market encompasses successful business strategies deployed by the key vendors. The allergy diagnostics market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The allergy diagnostics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Allergy Diagnostics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the allergy diagnostics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global healthcare equipment market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Allergy Diagnostics Market?

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36% of the market's growth will originate from North America during the forecast period. The US is a key market for allergy diagnostics in North America. However, market growth in this region will be slower than the growth of the market in Asia and Europe.

Advances in diagnostic technologies and the availability of automated and integrated allergy diagnostic systems  will facilitate the allergy diagnostics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

During the outbreak of COVID-19, the demand for allergic diagnostics varied, as some diagnostic tests for skin allergies or general allergies were temporarily halted due to the spread of COVID-19 in the region. However, the demand for tests for nasal allergies, such as allergic rhinitis and sinusitis, witnessed a positive impact to some extent. Moreover, the manufacturing of allergy diagnostic devices and consumables was temporarily suspended in the first half of 2020, as most medical device companies switched to the production of essential equipment and supplies, such as PPE kits, which were required for the diagnosis and treatment of COVID-19 patients. Hence, the growth of the allergic diagnosis market in North America will have mixed results in the first half of 2020.

What are the Revenue-generating Product Segments in the Allergy Diagnostics Market?

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The allergy diagnostics market share growth by the consumables segment will be significant during the forecast period. The increasing demand for consumables such as immunoassays and rapid allergy diagnostic test kits is significantly contributing toward the accelerated growth of the market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the allergy diagnostics market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Allergy Diagnostics Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive allergy diagnostics market growth during the next five years
• Precise estimation of the allergy diagnostics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the allergy diagnostics industry across North America, Europe, Asia, ROW, North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of allergy diagnostics market vendors

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