Asia is estimated to be the fastest-growing regional segment in the market during the forecast period.

Northrook, IL -- (SBWire) -- 03/13/2020 --The allergy diagnostics market is projected to reach USD 5.74 Billion by 2022 from USD 3.49 Billion in 2017, at a CAGR of 10.5%.

The allergy diagnosis is an important introductory step for effective allergy treatment. Current allergy tests are more convenient and accurate compared to the tests that were available before. With the help of a detailed medical history, allergy tests can identify specific triggers for an individual's allergic reactions. This process is also required in drug development and the production process of allergy treatments.

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The major factors driving the growth of this market are the high incidence and large economic burden of allergic diseases, rising environmental pollution, increasing healthcare expenditure, and growing access to medical insurance in the US. On the other hand, the lack of awareness of allergic diseases in some countries is restraining the growth of this market.

Assay kits to register the highest CAGR during the forecast period.

The allergy diagnostics market is classified based on product & service into assay kits, instruments, and services. The assay kits segment is expected to grow at the highest rate during the forecast period. The widespread availability and large consumption of assay kits in allergy testing are expected to drive the growth of this segment in the coming years.

Diagnostic laboratories to dominate the allergy diagnostics market during the forecast period.

The allergy diagnosis market is segmented based on end-users into diagnostic laboratories, hospital-based laboratories, academic & research institutes, and other end users. In 2017, the diagnostic laboratories segment is expected to command the largest share and is estimated to grow at the fastest rate as compared to other segments. The market is mainly driven by the increasing incidence of allergic disorders in emerging countries.

Geographically, the allergy diagnostics market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). The Asian region is estimated to grow at the fastest rate which can be attributed to the improving life sciences research infrastructure in emerging economies and rising investments by governments to promote research activities.

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Key Market Players

Thermo Fisher Scientific Inc. (US), Siemens AG (Germany), Danaher Corporation (US), Omega Diagnostics Group PLC (UK) and Hitachi Chemical Co., Ltd. (Japan).