Global Autoimmune Disease Diagnostics Market Insights
As autoimmune diseases grip millions around the world, the research and development of novel therapeutics and diagnostics is gaining momentum. With the incidence of autoimmune diseases rapidly increasing around the world, efficient autoimmune disease diagnostics is now considered indispensable.
Compelled by these factors, governments around the world have considerably increased their healthcare spending. The research and development of novel diagnostics has also paced up in the last few years to prevent the spread autoimmune diseases. TMR forecasts that the global autoimmune diseases diagnostics market will expand at a steady CAGR of 3.8% between 2015 and 2023. During the course of the forecast period, price competitiveness among key players will however have an adverse impact on the market’s trajectory.
Nevertheless, with multinational companies capitalizing on opportunities across emerging economies, TMR projects the global autoimmune disease diagnostics market to reach US$17.06 bn by 2023. The market was valued at US$12.3 bn in 2014.
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High Awareness about Medical Procedures Puts North America in Dominant Position
Regionally, North America emerged dominant in the global autoimmune disease diagnostics market in 2014, with a share of 39%. In North America, the U.S. and Canada have presently emerged as the most lucrative markets for autoimmune disease diagnostics. Both these countries boast sophisticated healthcare infrastructure with advanced laboratory techniques, and significantly high awareness about various medical procedures. The overall high healthcare expenditure across the region, also puts North America at the fore in the global autoimmune disease diagnostics market.
According to TMR, the North America autoimmune disease diagnostics market at US$4.8 bn in 2014. Rising at a CAGR of 3.7%, the market is expected to reach US$6.6 bn by the end of 2023.
However, Asia Pacific is forecast to emerge as the fastest growing regional market for autoimmune disease diagnostics. The rising demand from countries such as India, Australia, Japan, China, Malaysia, and other emerging nations will bolster opportunities for the market in Asia Pacific. Furthermore, the advances of diagnostic techniques witnessed in Asia Pacific, adoption of sophisticated technologies, and favorable government support will boost the autoimmune disease diagnostics market in the region. As per TMR, the Asia Pacific market will exhibit a CAGR of 4.3% during the course of the forecast period.
High Prevalence of Rheumatoid Arthritis Fuels Demand for Efficient Autoimmune Disease Diagnostics
The most common autoimmune diseases include Graves’ disease, multiple sclerosis, Hashimoto’s thyroiditis, rheumatoid arthritis, type1 diabetes, and systemic lupus erythematosus. Of these, the prevalence of rheumatoid arthritis is the highest since it can occur at any age. Rheumatoid arthritis has therefore emerged as the largest segment in the autoimmune disease diagnostics market, based on disease type. The segment stood at US$3.2 bn in 2014. Rising at a CAGR of 4.2%, it is expected to reach US$4.6 bn by the end of 2022.
The incidence of rheumatoid arthritis is expected to rise in the forthcoming years due to the increasing geriatric population. The segment will also gain from the improved laboratory arrangements for the diagnosis of rheumatoid arthritis. Besides this, the prevalence of type 1 diabetes has been rising globally, which also augments the demand for efficient autoimmune disease diagnostics. TMR expects the type 1 diabetes segment to surge at a CAGR of 3.7% between 2015 and 2023.
Some of the leading companies operating in the global autoimmune disease diagnostics market are Siemens Healthcare, F. Hoffmann-La Roche Ltd., Beckman Coulter, Inc., and Abbott Laboratories.