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Description
Allergy Diagnostics Market Size was valued at USD 4.2 billion in 2021 and is poised to grow at a significant CAGR of 11.3% over 2022–2028. According to the World Health Organization (WHO), 80% or more of people living in cities are exposed to air quality levels higher than those considered safe. Although this is a global trend, its impacts are more severe in the cities of low-income nations. As one of the risk factors for allergic disorders, air pollution from motor vehicles is a significant indicator of the market growth for allergy diagnostics. According to epidemiological and toxicological studies, asthma, allergic rhinitis, and other allergy illnesses are more common when air pollution occurs. Studies have also shown a considerable rise in the prevalence and severity of asthma attacks in metropolitan areas with high ozone, nitrogen dioxide, and PM 2.5 (particulate matter having a diameter of 2.5 micrometers or smaller). Moreover, reagent rental contracts are sales contracts between manufacturers of allergy diagnostic products and end-users (such as hospitals and diagnostic laboratories). As per these contracts, the manufacturer and the end-user sign a reagent-purchase contract, wherein the end-user leases or purchases instruments at a discounted price. The end user’s initial capital investment is reduced due to this good agreement, which also assures the manufacturer of sales over a significant period. Analyzers may occasionally be hired to customers on a pay-per-test basis. For laboratories looking to cut expenses, reagent rental agreements and cost-per-test contracts are advantageous. Additionally, they assist laboratories in avoiding substantial fixed capital expenses related to acquiring new machinery. These costs are significantly greater for high-volume laboratories than for a typical laboratory. Additionally, as contracts often run between 5 and 10 years, laboratories stay current with advancements in allergy diagnostics. Some warranties also cover service/maintenance costs, which gives laboratories an extra chance to save money. Furthermore, to expand market share, the market players use various techniques, including product launches, partnerships, acquisitions, and expansions.
Recent Market Developments:
In 2021, Hitachi Chemical Diagnostics, Inc. has been renamed Minaris Medical America, Inc. By uniting the medical business group companies under the name of Minaris Medical, Hitachi aims to strengthen its global presence and expand business operations in the field of in-vitro diagnostics. The companies are a part of Showa Denko Materials Co., Ltd. (renamed from Hitachi Chemical Co., Ltd. on Oct 1, 2020).
In 2021, PerkinElmer Inc. entered into an agreement with Immunodiagnostic Systems Holdings PLC to acquire the later. The acquisition will enable PerkinElmer Inc. to strengthen its position in the ImmunoDiagnostics (IDS) market. IDS would be incorporated under EUROIMMUN Medizinische LABORDIAGNOSTIKA AG, a company offering allergy products and solutions.
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