Increased Budgetary Allocation to Healthcare Sector in Developing Economies to Stoke Demand for Autoimmune Disease Diagnostics, says TMR

Despite its vendor landscape being highly consolidated, intense rivalry prevails among key players in the global autoimmune disease diagnostics market. According to Transparency Market Research (TMR), the top four companies held over 50% of the global autoimmune disease diagnostics market in 2014. Among the leading enterprises, F. Hoffmann-La Roche Ltd. held the dominant share of over 17% in the market in the same year. 

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In response to the increasing demand for effective and advanced autoimmune diseases diagnosis, TMR expects the competition among rivals to surge further. Furthermore, the market demonstrates considerable scope for new entrants. The rising demand for novel and improved autoimmune diagnostics will pave the way for the entry of new players in the market. Contrary to this, competitive pricing, rising R&D investments, and shortening product lifecycles may restrict the entry of new players.

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.

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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%.

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.

Key Takeaways:

With millions getting affected by autoimmune diseases worldwide, the demand for autoimmune disease diagnostics is expected to surge considerably
Lack of skilled labor will create operational challenges across laboratories.
Technological advancements will enable global market for autoimmune disease to expand at 3.8% CAGR.
The report segments the global autoimmune disease diagnostics market as:

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)
Urinalysis
Others
Global Autoimmune Disease Diagnostics Market, by Disease Type

Graves' Disease
Hashimoto's Thyroiditis
Multiple Sclerosis
Rheumatoid Arthritis
Systemic Lupus Erythematosus (lupus)
Type 1 diabetes
Others
Global Autoimmune Disease Diagnostics Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
Rest of Europe
Asia Pacific
China
Japan
Rest of Asia Pacific
Rest of the World
Latin America
Middle East
Africa

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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This release was published on openPR.