The Latin America Allergy Diagnostics Market is experiencing robust growth, driven by increasing demand for accurate and efficient allergy testing solutions. Rising awareness about allergies and advancements in diagnostic technologies contribute to market expansion. The region's growing healthcare infrastructure, supportive government initiatives, and a focus on preventive healthcare further fuel the market's positive trajectory. Moreover, the introduction of innovative allergy diagnostic products, coupled with a surge in research and development activities, presents promising opportunities for manufacturers and healthcare providers in Latin America.
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Data Bridge Market Research analyses that the Latin America allergy diagnostics market is expected to grow at USD 4.25 billion in 2021, is expected to reach USD 9.72 billion by 2029, and is expected to undergo a CAGR of 10.9% during the forecast period 2022 to 2029. The rising prevalence of allergies, such as allergic rhinitis, asthma, and food allergies, has created a higher demand for allergy diagnostics in Latin America. As more individuals are affected by allergies, there is an increasing need for accurate and efficient diagnostic tests to identify and manage these conditions effectively.
Key Findings of the Study
Demand for personalized medicine is expected to drive the market's growth rate
The rising demand for personalized medicine in allergy management has led to an increased need for accurate and precise allergy diagnostics. Personalized medicine focuses on creating tailored treatment plans for individuals based on their specific allergies and sensitivities. Accurate allergy diagnostics play a critical role in identifying allergens and triggers unique to each patient, enabling healthcare providers to design targeted therapies and interventions. As a result, the growing trend of personalized medicine has driven the demand for advanced and comprehensive allergy diagnostic tests in Latin America.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Products and Services Assay Kits,, Instruments, Consumables and Services), Allergen (Inhaled Allergens, Food Allergens, Antibiotics, Other Drugs and Chemicals Allergens, Occupational Allergens, Miscellaneous Plant Allergens, Contact Allergens And Others), Test (In-Vitro Test and In-Vivo Test), End User (Hospitals, Diagnostic Laboratories, Academic Research Laboratories and Others), Distribution Channel (Direct and Indirect)
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Market Players Covered
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Thermo Fisher Scientific Inc., (U.S.), Siemens Healthcare GmbH (Germany), Danaher (U.S.), Omega Diagnostics Group PLC (U.K.), bioMérieux (France), Romer Labs Division Holding (Austria), EUROIMMUN Medizinische Labordiagnostika AG (Germany), HollisterStier Allergy (U.S.), NEOGEN Corporation (U.S.), Eurofins Scientific (Luxembourg), Minaris Medical America, Inc. (U.S.), Stallergenes Greer (U.K.), HOB Biotech Group Corp., Ltd. (China), HYCOR Biomedical (U.S.), R-Biopharm AG (Germany), AESKU.GROUP GmbH (Germany), ACON Laboratories, Inc. (U.S.), Lincoln Diagnostics, Inc. (U.S.), Astra Biotech GmbH (Germany), and Erba Group (U.K.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The Latin America allergy diagnostics market is segmented on the basis of products and services, allergen, test, end user, and distribution channel
- On the basis of products and services, the Latin America allergy diagnostics market is segmented into assay kits, instruments, consumables, and services
- On the basis of allergen, the Latin America allergy diagnostics market is segmented into inhaled allergens, food allergens, antibiotics, other drugs and chemicals allergens, occupational allergens, miscellaneous plant allergens, contact allergens, and others
- On the basis of test, the Latin America allergy diagnostics market is segmented into in-vitro test and in-vivo test
- On the basis of end user, the Latin America allergy diagnostics market is segmented into hospitals, diagnostic laboratories, academic research laboratories, and others
- On the basis of distribution channel, the Latin America allergy diagnostics market is segmented into direct and indirect.
Major Players
Data Bridge Market Research recognizes the following companies as the major Latin America allergy diagnostics market players in Latin America allergy diagnostics market are bioMérieux (France), Romer Labs Division Holding (Austria), EUROIMMUN Medizinische Labordiagnostika AG (Germany), HollisterStier Allergy (U.S.), NEOGEN Corporation (U.S.), Eurofins Scientific (Luxembourg)
Market Developments
- In 2022, Reacta Healthcare, a UK-based company, secured its first U.S. patent for food allergy treatment or challenge meals used in oral food challenges (OFCs). The company already held patents across Europe, Hong Kong, Canada, Australia and UK. This development is expected to play a vital role in taking the U.S. business growth in the coming years.
- In 2021, PerkinElmer Inc. has reached an agreement to purchase Immunodiagnostic Systems Holdings PLC. PerkinElmer Inc. will be able to strengthen its position in the ImmunoDiagnostics (IDS) industry as a result of the acquisition. EUROIMMUN Medizinische LABORDIAGNOSTIKA AG, a firm that sells allergy products and services, will take over IDS.
- In 2020, NEOGEN Corporation introduced Reveal 3-D for Gluten, a rapid and accurate diagnostic test. It allows users to detect gluten in food and environmental samples, offering a reliable solution for gluten sensitivity and celiac disease management.
- In 2019, Romer Labs Division Holding GmbH opened its APAC Solutions Centre in Singapore. The APAC Solutions Centre features new facilities for food allergen testing.
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