Global allergy diagnostic and treatment market is expected to reach $46.8 billion by 2020
Wellesley, Mass. (PRWEB) March 23, 2015
BCC Research (http://www.bccresearch.com) reveals in its new report on allergy diagnostic and treatment that complex allergies involving polysensitization and multiple organ involvement are increasing in number, leading to potentially higher morbidity and greater demands on health care systems.
One or more allergic conditions affect between 30% and 40% of the world’s population, according to the World Allergy Organization. The global diagnostic market is predicted to grow at a five-year compound aggregate growth rate (CAGR) of 6.5%. An aging global population, environmental changes, changes in dietary habits, and increasing urbanization are some macro trends driving market growth.
There are no current cures for allergies. However, for some allergen sensitivities, the burgeoning market for immunotherapy may offer hope for a cure. The global immunotherapy market is expected to grow at a CAGR of 4%, which may rise should therapies currently prescribed in Europe and Asian continue to receive approval for use in the United States. In 2014 the U.S. Food and Drug Administration approved three sublingual allergen extract products for the treatment of five-grass pollen allergies for individuals between 10 and 65 years of age.
Many allergy products have lost patent protection during the past five years, a trend that will continue through 2020. “The generics market is expected to grow at a CAGR of 11% while the prescription market is projected to remain in the low single-digit range,” says BCC Research analyst Peggy S. Lehr. “The generic allergy medicine market is projected to contribute nearly 40% of the global revenues by 2020.”
The global allergy diagnostic and treatment market is projected to increase to $35.3 billion in 2015, up from $31.5 billion in 2014. This market is expected to reach $46.8 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 5.8%.
Global Markets for Allergy Diagnostics and Treatments examines the global allergy diagnostic, immunotherapy, and treatment markets, and also discusses the different types of allergy diagnostic tests and their applicability in diagnosing various allergens. Additionally, the report describes the different classes of allergy treatment products along with an overview of the expanding immunotherapy market.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
About BCC Research
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