The global autoimmune disease diagnostics market for the historical period 2017–2018 and forecast period 2019–2027, high prevalence of autoimmune diseases across the world, Increased health care expenditure globally, Growing awareness among people about autoimmune diseases are projected to drive the global autoimmune disease diagnostics market during the forecast period
According to the report, the global autoimmune disease diagnostics market was valued at US$ 14.4 Bn in 2018 and is anticipated to expand at a CAGR of 3.8% from 2019 to 2027
High Prevalence of Autoimmune Diseases across the World and Increased Health Care Expenditure Globally: Key Drivers
Rise in the prevalence of autoimmune diseases directly affects the growth and development of the autoimmune disease diagnostics market. The market is estimated to grow at a high rate due to rising incidence of diseases such as systemic lupus erythematosus, rheumatoid arthritis, Hashimoto’s thyroiditis, Graves’ disease, and type 1 diabetes.
According to the National Institutes of Health, up to 23.5 million Americans (more than seven percent of the population) suffer from an autoimmune disease - and the prevalence is rising. The rising prevalence of autoimmune diseases is likely to fuel the growth of the autoimmune disease diagnostics market. Therefore, consistent increase in the autoimmune patient population across the world has been identified as one of the major factors driving the autoimmune disease diagnostics market.
Technological advancements in diagnostic techniques for autoimmune diseases have helped extend the life expectancy of people and led to increased cost of treatment. Governments across the world are increasing their spending to provide better health care services. For instance, an analysis based on preliminary government data by the Centers for Medicare & Medicaid Services revealed that health care spending in the U.S. increased by 5% in 2014 as compared to 3.6% in 2013. Apart from developed countries, health care spending is also rising in developing parts of the world such as India and China. These countries are focusing on providing better health care services to a large population base.
Growing Awareness among People about Autoimmune Diseases Boost Market Growth
Increasing awareness and knowledge about autoimmune diseases among patients and care-givers would significantly contribute to the growth of the autoimmune disease diagnostics market
AARDA initiated the formation of the Center for Autoimmune Disease Research at Johns Hopkins University Medical Center and the NIH established Centers of Excellence in autoimmune diseases. AARDA also sponsors various programs and workshops aimed at bringing together researchers from different disciplines involved in autoimmune research. These factors are likely to fuel the growth of the market.
Rising awareness among people and increasing government initiatives are the major factors driving the autoimmune disease diagnostics market
Competitive Pricing and Equipment Costs to Hamper Market
The autoimmune disease diagnostics market is characterized by intense competition from local manufacturers that offer products at low cost. This is expected to hamper market growth as competition could lead to fall in prices of the products.
Moreover, with continuous technological developments in the autoimmune disease diagnostics market with respect to accuracy and efficiency, manufacturers are expected to provide up-to-date solutions to the customers. Customers are in fact hesitant to opt for cost-intensive upgrade procedures as they need to invest more capital for technologically advanced procedures and products.
Therefore, intense competition among players leading to low cost of products and procedures would hamper the growth of the autoimmune disease diagnostics market during the forecast period from 2019 to 2027
Global Autoimmune Disease Diagnostics Market: Competitive Landscape
This report profiles major players in the global autoimmune disease diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global autoimmune disease diagnostics market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global autoimmune disease diagnostics market are
Global Autoimmune Disease Diagnostics Market: Key Developments
Key players in the global autoimmune disease diagnostics market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global autoimmune disease diagnostics market. A few expansion strategies adopted by players operating in the global autoimmune disease diagnostics market are:
In March 2019, Abbott received CE Mark for its Alinity m diagnostics system and assays. This new technology will help keep up with the growing demand for infectious disease testing.
In June 2016, Beckman Coulter Diagnostics announced that it is ramping up its commercial focus on the Indian subcontinent with a series of steps that will help substantially increase its customer base- small- to large-volume hospital pathology laboratories.
In February 2019, Roche have entered into a definitive merger agreement with Spark Therapeutics, Inc. at a price of US$ 114.50 per share in an all-cash transaction.
The report on the global autoimmune disease diagnostics market discussed individual strategies, followed by company profiles of manufacturers of autoimmune disease diagnostics. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global autoimmune disease diagnostics market.
Key Questions Answered in Global Autoimmune Disease Diagnostics Market Report
Global Autoimmune Disease Diagnostics Market - Segmentation