Pune, India -- (SBWIRE) -- 02/05/2018 -- According to a new report published by Infinium Global Research, the global allergy diagnostics market is expected to reach USD 5.95 billion by 2023 expanding at a CAGR of 12.4% between 2017 and 2023 from USD 2.61 billion in 2016. The global allergy diagnostics market is driven by the factors such as rising environmental pollution, growing healthcare expenses and insurance cover for treatments, and significant rise in number of incidence of allergies. However, strict government regulations pertaining to medical devices and lack of awareness about allergy diseases are likely to act as restraining factors affecting the global allergy diagnostics market over the forecast period.

Moreover, emerging markets owing to rapid industrialization and growing per capita healthcare expenses are expected to provide more opportunities for the companies in allergy diagnostic market.

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North America dominates the world allergy diagnostics market in terms of dollar share, while Asia-Pacific is anticipated to grow at the highest CAGR over the forecast period

Significant rise in incidences of allergies

The global population has increased at a rapid pace over the past few years. Moreover, with rise in population worldwide and rise in number of industries that emit particulate materials has increased drastically. As a result large section of population is exposed to the allergy diseases caused due to environmental pollution. Moreover, with rise in number of consumers eating packaged food and eating outside, the incidences of food allergy have increased drastically over the past few years. Furthermore, with rise in pollution level, infant and geriatric population has been more vulnerable to allergy related health issues. This has led to significant rise in number of incidences of allergies worldwide.

Therefore, increasing population worldwide, the number of incidences of allergies are likely to increase over the forecast period. As a result the global allergy diagnostics market is anticipated to grow at a healthy CAGR between 2017 and 2023.

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Growing level of environment pollution is another factor driving growth in the allergy diagnostics market

According to the World Health Organization (WHO) more than 16% of the population is exposed to the particulate material. This segment of population is expected to face allergies caused due to air pollution. Emerging markets are more exposed to the health issues pertaining to air population due to poor management systems. Therefore, the number of patients suffering from allergy diseases caused by air pollution is substantially high in the emerging markets. Thus, rise in pollution levels is expected to increase the number of allergy patients resulting in growth of allergy diagnostics market worldwide over the forecast period.

Emerging markets of Asia and Latin America present substantial opportunities

Emerging economies such as India, China, and Brazil have higher level of environmental pollution and the % of population exposed to allergy related diseases is more in comparison with that of developed economies. Furthermore, lack of awareness about the allergy diseases and developing infrastructure are among the important factors responsible for the growth of allergy diseases.

Growing per capita income and improving educational status of the middle class in the emerging markets is expected to increase the healthcare expenses per capita in these countries. Moreover, improving healthcare infrastructure and awareness programs by the governments in the emerging countries are anticipated to have positive implications on allergy diagnostic market over the years to come. There has been substantial increase in the number of hospitals, laboratories and educational institutions over the past few years and this trend is expected to continue over the forecast period, thereby augmenting the opportunities for players in the allergy diagnostics market over the period of 2017-2023.

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Companies profiled in the report

The report covers major player operating the allergy diagnostic market includes Thermo Fischer Scientific, Inc., Quest Diagnostics, Inc., BioMerieux SA, Stallergenes Greer, Omega Diagnostics Group Plc, Siemens Healthineers, and HAL Allergy Group.