Published: Jun, 2018
The leading four players in the global autoimmune disease diagnostics market hold almost half the share in it. This makes the competitive landscape consolidated. Nevertheless, the competition is stiff among the existing few players who are pulling out all stops to come up with more advanced and effective procedures in response to the pressing demand. A recent report on the market published by Transparency Market Research finds that it holds out a lot of promise for new comers who can tap into the demand for unique, better products. However, they might still have to contend with a few challenges resulting from competitive pricing, lessening product lifecycles, and costly research and development.
The report by TMR projects the market for autoimmune disease diagnostics to attain a value of US$17.06 bn by 2023 by rising at a steady 3.8% CAGR from 2015 and 2023.
Among the various kinds of autoimmune diseases, the rheumatoid arthritis is surpassing all others when it comes to growing its share in the market for autoimmune disease diagnostic. The burgeoning geriatric population and better diagnostics of rheumatoid arthritis developed at state-of-the-art laboratories has led to the impressive growth in this segment. North America, from a geographical standpoint, at present leads the market. Canada and the U.S., which have superior healthcare infrastructure and laboratories equipped with latest equipment, are mainly driving the region’s market. The high degree of awareness about various health conditions along with the increasing spends have also served to catalyze growth in the region.
Rise in Autoimmune Diseases, alongside Growing Awareness about Them, Stokes Market
At the forefront of fuelling the global market for autoimmune disease diagnostics is the increasing instances of autoimmune diseases – millions are afflicted by it every year making it extremely necessary to diagnose those accurately. Adds the analyst our report, “Worldwide, people have become more aware about the occurrence of various kinds of autoimmune diseases and this has not just egged them to go for preventive measures, but also autoimmune disease diagnostics if need be.”
Governments of various nations are increasing their spends on healthcare owing to the rise in such diseases. They are also upping their allocations on research and development of improved diagnostics, alongside private bodies, and this is another major catalyst for the market.
Competitive Pricing Strategies by Bigger Players Crimps Revenue Growth
However, a few headwinds are crimping the pace of growth of the market for autoimmune disease diagnostics. One of them is the solid competition from numerous regional players which has forced their bigger counterparts to adopt competitive pricing. This has had a negative impact on the revenue generation in the market. Another factor hampering the market is the inadequate number of skilled professionals which create operational bottlenecks in clinical laboratories.
To overcome such bottlenecks in revenue growth, keen players in the market for autoimmune disease diagnostics are seen focusing on the upcoming economies in Asia Pacific and Latin America which are still relatively under-tapped. They are also seen focusing on automating laboratories so as to do away with conventional technologies.
This review is based on the findings of a TMR report, 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.”
The report segments the Global Autoimmune Disease Diagnostics Market into the following:
Global Autoimmune Disease Diagnostics Market, by Test Type
- Antinuclear Antibody Tests
- Autoantibody Tests
- Complete Blood Count (CBC)
- Comprehensive Metabolic Panel
- C - reactive protein (CRP)
- Erythrocyte Sedimentation Rate (ESR)
Global Autoimmune Disease Diagnostics Market, by Disease Type
- Graves' Disease
- Hashimoto's Thyroiditis
- Multiple Sclerosis
- Rheumatoid Arthritis
- Systemic Lupus Erythematosus (lupus)
- Type 1 diabetes
Global Autoimmune Disease Diagnostics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
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