Autoimmune Disease Diagnostics Market size worth $15bn by 2023
The autoimmune disease diagnostics industry is predominantly driven by the presence of favorable initiatives aimed at enhancing patient awareness, increased R&D funding, and target disease prevalence with consequent rise in number of tests.
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Various initiatives are being taken to curb the rising autoimmune disease prevalence. According to NIH Autoimmune Disease Coordinating Committee (ADCC), autoimmune diseases affect around 14 to 22 million people in the U.S. causing a significant amount of emotional, social, and financial burden to the country’s health care system. For instance, annual medical costs for treating multiple sclerosis have been estimated to be $2.5 billion, which is even higher than cost for treating diabetes. Citing this, the government has shifted its focus on curbing and treating autoimmune diseases, leading to a rise in demand for diagnostics.
The federal planning for autoimmune diseases research includes the formation of The NIH Autoimmune Diseases Coordinating Committee (ADCC), that coordinates autoimmune diseases research work of the U.S. Food and Drug Administration (FDA), Department of Veterans Affairs (VA), National Institutes of Health, the Centers for Disease, Control and Prevention (CDC), and private organizations.
Browse key industry insights spread across 82 pages with 30 market data tables & 28 figures & charts from the report, “Autoimmune Disease Diagnostics Market Size By Product [Systemic (Rheumatoid Arthritis, Ankylosing Spondylitis, Systemic Lupus Erythematosus (SLE)), Localized], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K, Japan, China, Brazil) Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Global autoimmune disease diagnostics market size was pegged at USD 12.8 billion in 2015, and projected to reach USD 15.7 billion by 2023, at an estimated CAGR of 2.6% from 2016 to 2023.
- Europe autoimmune disease diagnostics industry should show steady growth, with Germany, and UK being key revenue contributors, with more than 30% of total 2015 regional revenue.
- Growing prevalence due to low awareness levels in Asia-Pacific should offer potential growth for the autoimmune disease diagnostics market. The region is slated to witness highest CAGR of 5.3% from 2016 to 2023. China and Japan are the major revenue pockets.
- With various small and local players competing on the basis of price, there is some degree of fragmentation on a domestic level. However, large capital expenditure is required in case of lab automation technology oriented manufacturing.
- Introduction of innovative technologically advanced products such as Celiac Panel Test by SQI Diagnostics that enables faster IgG & IgA antibodies detection, and customized time saving, multifunctional kits such as ImmunoSEQtime should further contribute to the industry growth.