Autoimmune Disease Diagnostics Market Growth Prospects, Key Opportunities, Trends And Forecast 2020
The global autoimmune disease diagnostics market is expected to witness a modest growth in the coming years on account of the growing incidences of autoimmune diseases among people worldwide. Efficient autoimmune disease diagnostics has become absolutely essential to tackle this issue. Governments across nations are also increasing their spending towards healthcare in light of these growing incidences of autoimmune diseases. This has also resulted in the research and development of novel diagnostics in order to prevent the spread of autoimmune diseases. Technological advancements in the medicals sector are also fueling the market’s growth. Between 2015 and 2023, the global autoimmune diseases diagnostics market is expected to exhibit a CAGR of 3.8%. The global autoimmune disease diagnostics market is likely to reach US$17.06 bn by 2023. The stiff price competition among players is expected to impact the growth of the market in a negative way.
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North America to Continue to Lead in the Autoimmune Disease Diagnostics Market
By geography, North America is expected to lead in the autoimmune disease diagnostics market with the U.S. and Canada contributing the most to the market in the region. These countries have sophisticated healthcare infrastructure and laboratories with advanced techniques. There also exists high level of awareness regarding various medical procedures. The increased healthcare expenditure in the region will also be a contributing factor to the growth of the market in region. Asia Pacific is also expected to witness a rapid growth in the autoimmune disease diagnostics market on account of high demand from countries such as Malaysia, Australia, India, Japan, and China. Advancements in diagnostics devices will push the Asia Pacific autoimmune disease diagnostics market towards witnessing a CAGR of 4.3% between 2015 and 2023.
High Occurrence of Rheumatoid Arthritis to Drive Autoimmune Disease Diagnostics Market
Autoimmune diseases such as Graves’ disease, Hashimoto’s thyroiditis, multiple sclerosis, rheumatoid arthritis, systemic lupus erythematosus, and type1 diabetes are prevalent commonly. Of these, the most prevalent of all diseases is rheumatoid arthritis, which can occur to people falling under any age group. The rheumatoid arthritis segment is estimated to be worth US$4.6 bn by the end of 2022. The growing geriatric population and improved diagnosis of rheumatoid arthritis at improved laboratories will drive the segment towards growth in the coming year. Apart from rheumatoid arthritis, the type 1 diabetes segment is expected to show a healthy growth and exhibit a CAGR of 3.7% between 2015 and 2023.
Unavailability of Trained Professionals to Result in Operational Challenges
There is a dearth of trained professionals in the market which will hamper the growth of this market. In addition to this, a lack of automation will also pose a challenge and hamper the operations in clinical laboratories. Further, the threat of new entrants, mostly local players, will cause leading players to cut down their prices. Slashing down the prices of diagnostic devices so as to stay in the market and remain competitive is projected to have an adverse impact on the global autoimmune disease diagnostics market.
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However, on the plus side, the market for autoimmune disease diagnostics is expected to find new opportunities for growth as leading players will leverage the untapped markets in emerging nations and capitalize on them. Players are also expected to concentrate on replacing traditional technologies with latest ones and automate the laboratories. This will help the market to grow. Additionally, the introduction of novel technologies will create promising growth for the market.
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