Autoimmune Disease Diagnostics Market is Likely to Reach US$17.06 bn by 2023
The new report by Transparency Market Research (TMR), on the autoimmune disease diagnostics market, found the market is highly consolidated. The four leading companies accounted for more than 50% of the overall shares. Additionally, the presence of local players further intensifies the competition. Thus, the key players operating in the global market are adopting the strategies such as competitive pricing and higher investment in research and development (R&D) activities. Some of the key players operating in the global market for autoimmune disease diagnostics are Abbott Laboratories, Inc., Beckman Coulter, Inc., bioMĂ©rieux SA, Bio-Rad Laboratories, and F.Hoffmann-La Roche Ltd.
According to this report, the global autoimmune disease diagnostics market is expected to attain the value of US$ US$17.06 bn by the end of 2023 by expanding with CAGR of 3.8% over the forecast period from 2015 and 2023. Based on region, North America is accounting for the higher share in the overall market and expected to remain dominant over the predicted period. However, the Asia Pacific is expected to expand with higher CAGR of 4.3% due to high demand and rising prevalence of the autoimmune diseases. Based on the disease type, rheumatoid arthritis segment is dominating the global market for autoimmune disease diagnostics and expected to account for US$4.6 bn by the end of forecast period. The factors such as growing geriatric population and improved diagnosis are fuelling the growth of the global autoimmune disease diagnostics market.
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Increasing Investment in Healthcare to be Beneficial for Growth
The global autoimmune disease diagnostics market is expected to witness growth on the back of the growing prevalence of autoimmune diseases globally. This has boosted the need for the efficient diagnostics for early and error-free detection. Additionally, the government of numerous countries is increasingly spending on the healthcare industry in order to improve their healthcare services and to filter the patients suffering from autoimmune diseases. The aforementioned factors are fuelling the growth of the global autoimmune disease diagnostics market.
Moreover, the numerous favorable government initiatives and reimbursement policies for curbing the incidences of the diseases mainly in the developing countries such as India and China are supporting the growth of the global autoimmune disease diagnostics market. Furthermore, these governments are encouraging manufacturers for the development of viable diagnostic & treatment options. The technological advancements in healthcare and drug developments are fuelling adoption of the autoimmune disease diagnostics which is likely to propel the growth of the market.
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Lack of Professionals in Operational Procedures to Come Up as Restrain
Despite these growth factors, the global autoimmune disease diagnostics market is facing some challenges which are coming up as major restraints for growth. The factors such as lack of trained professionals and automation in conducting test are leading to errors in the tests. Additionally, the presence of new entrants and numerous local players are forcing key players to lower their prices. These factors are negatively influencing the revenue of the global autoimmune disease diagnostics market. Nevertheless, the untapped markets in the emerging countries are offering better opportunities for revenue generation by the expansion of business in these countries. Additionally, new product launches in order to replace the conventional method of treatment or diagnosis of autoimmune diseases are expected to offer promising opportunities in the global autoimmune disease diagnostics market.
This information is from the new report by TMR, titled “Autoimmune Disease Diagnostics Market (Test Type – Antinuclear Antibody Tests, Autoantibody Tests, Complete Blood Count (CBC), Comprehensive Metabolic Panel, C-reactive Protein (CRP), Erythrocyte Sedimentation Rate (ESR), and Urinalysis; Disease Type – Graves’ Disease, Hashimoto’s Thyroiditis, Multiple Sclerosis, Rheumatoid Arthritis, Systemic Lupus Erythematosus (Lupus), and Type 1 Diabetes) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
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