A new report from MarketsandMarkets says that the allergy diagnostics business is about to become very, very lucrative in the near future. The report, issued in June 2016, forecasts a $5.34 billion U.S. Dollar value to the allergy diagnostics market by 2021.
The current market, says MandM, is valued at about $2.98 billion USD and is expected to grow at 12.4 percent annually to 2021.
The increasing number of known allergens and the increasing expenditure on healthcare globally are primary drivers.
The report also states that assay kits, or those kits normally used by physicians and allergists to diagnose an allergy (including food allergies), will be the primary segment of growth in the projected five year forecast. Inhaled allergens will continue to be the largest share of the diagnostics market, but food allergies will become a closer second to that.
Finally, the report sees North America as the largest region of growth for the diagnostics market, followed by Europe, and then Asia.