In 2014, the global autoimmune disease diagnostics market was estimated at US$12.3 bn and by 2023, it is projected to be worth US$17.1 bn, according to Transparency Market Research. The global autoimmune disease diagnostics market will expand at a CAGR of 3.80% during the forecast period from 2015 to 2023. Several factors will play a role in shaping the growth of the global autoimmune disease diagnostics market, the key of which are as follows:
High Prevalence of Autoimmune Diseases to Drive Global Market
The American Autoimmune Related Diseases Association (AARDA) states that around 50 million people in the U.S. are affected by autoimmune diseases. By disease type, the global autoimmune disease diagnostics market is segmented into Graves’ disease, type 1 diabetes, lupus, rheumatoid arthritis, multiple sclerosis, and Hashimoto’s thyroiditis. The rising prevalence of these autoimmune diseases around the world will drive the global autoimmune disease diagnostics market substantially.
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Rising Awareness to Fuel Global Autoimmune Disease Diagnostics Market
The rising awareness around the world about autoimmune conditions will greatly benefit the global autoimmune disease diagnostics market. Furthermore, the awareness about the tests used to diagnose these conditions is also growing. By test, the global autoimmune disease diagnostics market is divided into urinalysis, erythrocyte sedimentation rate (ESR), C-reactive protein (CRP), comprehensive metabolic panel, complete blood count (CBC), autoantibody tests, antinuclear antibody tests, and others.
Expanding Health Care Expenditure to Boost Global Autoimmune Disease Diagnostics Market
The global autoimmune disease diagnostics market will also benefit from the rising healthcare expenditure in both developed and developing regions of the world. Under ObamaCare, the health care expenditure in the U.S. reached US$3.1 trillion last year, which was an increase of 5.5% as per the federal estimates. According to the WHO, the per capita healthcare spending has grown in Southeast Asia since 2001 and the growth rate was particularly high in Myanmar, the Philippines, and Indonesia. The growth was of more than 30% in most other Southeast Asian nations in the past four years.
High Equipment Cost to Challenge Global Market
Although the global autoimmune disease diagnostics market will grow by billions, it will be challenged by the high equipment cost of devices used to diagnose autoimmune diseases. Besides this, the global autoimmune disease diagnostics market will have to tackle the issue of the lack of skilled labor to handle this equipment.
Demand from Emerging Economies to Boost Global Market
By geography, the global autoimmune disease diagnostics market is segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). Players in the global autoimmune disease diagnostics market will greatly benefit from the sustained growth opportunities provided by the emerging economies of Asia Pacific.
Global Autoimmune Disease Diagnostics Market Propelled by New Product Development
The global autoimmune disease diagnostics market is witnessing a growing demand for autoimmune disease diagnostics. This has led to technical advances resulting in innovative diagnostic procedures delivering improved outcomes. Players in the global autoimmune disease diagnostics market are introducing new products, devices, and services to meet this demand.
Some of the key players operating in the global autoimmune disease diagnostics market are Abbott Laboratories, Bio-Rad Laboratories, Hoffmann-La Roche Ltd., Beckman Coulter, Inc., and Siemens Healthcare.
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