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.
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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.
Increased Prevalence of Autoimmune Diseases a High-impact Driver
Autoimmune diseases affect millions around the world, which makes precise diagnosis extremely important. As per a lead TMR analyst, “The globally increasing incidence of autoimmune diseases is bolstering the demand for autoimmune disease diagnostics globally.”
Governments across both developed and developing nations are exploring efficient diagnosis and therapeutic options to prevent the spread of chronic ailments. This, combined with the rising healthcare spending across emerging nations, will augur well for the autoimmune disease diagnostics market in the forthcoming years. As per the TMR analyst, “The latest technological advancements witnessed in the healthcare sector will further set the tone for the market’s expansion.”
People around the world have become more aware about the prevalence of various autoimmune diseases. This not only encourages them to adopt preventive measures, but creates demand for autoimmune disease diagnostics in case of the occurrence of the disease. This increasing awareness has led to the rising demand for autoimmune diseases diagnostics globally.
Competitive Pricing Strategies by Players Could Hamper Profit Margins
Due to the prevailing competition and threat from local enterprises, the leading market players are compelled to maintain competitive pricing. This could have an adverse impact on the market’s overall growth prospects as the rising competition will slash prices of products. The market is also threatened by the lack of skilled professionals. The unavailability of trained professionals and inadequate automation create operational challenges in clinical laboratories. This could hamper the market’s trajectory in the forthcoming years.
Companies Looking to Capitalize on Opportunities in Asia Pacific to Expand their Footprint
The future of the autoimmune disease diagnostics market looks promising with multinational companies capitalizing on the opportunities mushrooming in the emerging economies of Asia. Besides this, the companies are also focusing on automating laboratories and replacing conventional technologies. The advent of novel technologies holds lucrative opportunities for the market’s future.
By disease type, rheumatoid arthritis accounted for the largest share in the market in 2014. The segment is expected to remain the dominant segment surging at 4.2% CAGR between 2015 and 2023. Regionally, North America led the global autoimmune disease diagnostics market in 2014 with a share of 39%.
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As per TMR, the global autoimmune disease diagnostics market stood at US$12.3 bn in 2014. Rising at a CAGR of 3.8%, the market is expected to reach US$17.06 bn by the end of 2023.
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