Allergy Diagnostic Market to Observe Significant Growth by 2031 Due to Product Launches and Company Acquisitions by Market Players, such as NEOGEN Corporation, PerkinElmer, and Others

An allergy is a misguided hypersensitivity or a damaging immune response to a foreign substance by the immune system. The substances that cause the allergic reaction in the body is called allergens. Some of the allergens include dust mites, grass or tree pollen, pet dander, and many more. Thus, allergy diagnostic refers to the analysis and examination that determines and deduces the nature of the allergy whilst proving effective treatments. Some of the conventional tests for diagnostic of allergies are skin prick, intradermal, patch, blood tests, and others.

Forecast Analysis of the Global Allergy Diagnostic Market

Rising environmental pollution across the globe and rising prevalence of different allergies in developing and developed countries around the world is expected to drive the growth of the global allergy diagnostic market during the forecast period 2021-2022. In addition, incorporation of mHealth in allergy diagnostic, enabling allergy specialists to communicate with their patients through motion sensors, cameras, and video calls is further expected to create immense opportunities for the growth of the allergy diagnostic market during the forecast period. However, extortionate cost of allergy diagnostic instruments is expected to restrain the growth of the market during the forecast period.

According to the report published by Research Dive, the global allergy diagnostic market is expected to generate a revenue of $16,714.2 million by 2031, growing tremendously at a CAGR of 13.2% during the forecast period. The prominent players of the global market include Siemens, Eurofins Scientific, Stallergenes Greer, Danaher, Hitachi Chemicals, Thermo Fisher, Perkin Elmer, NEOGEN Corporation, Omega Diagnostics Group PLC, BioMerieux, and many more.

Allergy Diagnostic Market Trends and Developments

Some of the foremost players in the allergy diagnostic market are PerkinElmer Inc., Thermo Fisher Scientific, Danaher, BIOMÉRIEUX, Hitachi Chemicals, Omega Diagnostics Group PLC,  Eurofins Scientific, Siemens, Neogen Corporation, Stallergenes Greer, and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:

• In September 2020, NEOGEN Corporation, the leading provider of a comprehensive range of solutions & services for the food processing, animal protein, and agriculture industries, announced the launch of ‘Reveal 3-D for Gluten’, which is an improved test that rapidly detects gluten in raw ingredients, food products, and environmental samples. The new Reveal 3-D for Gluten screens samples at 5 ppm (parts per million) gluten in just 5 minutes.
   
• In May 2021, PerkinElmer, a leading, global provider of end-to-end solutions that help researchers, scientists, and clinicians better diagnose disease, entered into an agreement with Immunodiagnostic Systems Holdings PLC, a leading in-vitro diagnostic solution provider, in order to acquire IDS for approximately $155 million. The aim of PerkinElmer is to grow its overall diagnostics business, especially its immunodiagnostics segment.
   
• In July 2021, Reacta Biotech, a North Wales-based food allergy diagnostic company, secured a GBP2.9 million investment in a funding round led by Praetura Ventures, a venture capital firm based in Manchester, United Kingdom. Reacta will efficiently use the funding to scale up the manufacture of its existing product range and further expand its products portfolio.

Most Profitable Region

The North America allergy diagnostic market is expected to be most profitable and grow at a CAGR of 12.6% during the forecast period. Availability of improved medical insurance policies and impeccable healthcare infrastructure in this region is expected to drive the growth of the market during the forecast period. In addition, presence of prominent diagnostic providers and manufacturers in this region is further expected to bolster the growth of the regional market during the forecast period.

Impact of COVID-19 on the Market

The outbreak of COVID-19 has had a negative impact on the growth of the global allergy diagnostic market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns adversely halted diagnostic procedures in most of the allergic reactions. In addition, severe asthma patients could not travel much due to the restricted facilities for immediate checkups in diagnostic laboratories during the pandemic.