Allergy Diagnostics Market to Reach $3.8bn by 2024
Sunday, October 23, 2016
Source: MedCity News
Allergies remain big business for biotechs, a new Transparency Market Research report confirms, with data indicating the global market for allergy diagnostics will close to triple from $1.3 billion in 2015 to $3.8 billion in 2024.
Just five companies dominated 73 percent of the 2015 market: Thermo Fisher Scientific, Quest Diagnostics., BioMerieux, Omega Diagnostics Group, and Stallergenes Greer. according to a news release announcing the report.
On its website, Thermo Fisher claims to supply seven out of 10 allergy laboratory tests worldwide. Whether the big five will maintain their market share remains to be seen, but the overall opportunity appears robust as allergy rates continue to rise.
Adding to the economic opportunity for diagnostics companies, developed nations are disproportionately affected by allergies. The report news release cites 2013 statistics from the Global Burden of Asthma, which found the United States, England, Australia and New Zealand had a 20 times higher prevalence of allergies than other countries.