Autoimmune disease diagnostics market is revolutionizing the healthcare industry due to alarming rates of autoimmune diseases globally. Autoimmune diseases are self-inflicted diseases caused due to the abnormal immune response to a body part. As per the NIH Autoimmune Disease Coordinating Committee (ADCC), 14-22 million people in the U.S. are affected by some sort of autoimmune diseases. Another study depicts 7 million people in the Europe to be suffering from autoimmune ailments. Moreover, NIH (National Institutes of Health) mentions autoimmune diseases to be one of the top 10 causes of female demise in the U.S.
The issue has been a matter of serious concern worldwide and is being addressed by measurements taken at individual and government levels. According to a report on Autoimmune Disease Diagnostics Market by Global Market Insights Inc., “the global autoimmune disease diagnostics market worth USD 12.8 billion in 2015, is anticipated to grow at a moderate CAGR of 2.5%, hitting USD 15 billion in 2023.” Growing prevalence of these diseases, rising awareness among patients, and government initiatives towards reducing the frequency of such ailments will be the major factors driving the market growth over the next eight years, as per the report.
The frequent occurrence of these diseases has resulted in a huge healthcare expenditure. The treatment of autoimmune ailments is way costlier and is a serious concern to the overall healthcare system. For instance, annual medical expenditure for the treatment of multiple sclerosis (a type of autoimmune disease) comes to approximately USD 2.5 billion, a cost higher than that incurred during diabetes treatment.
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Government measures addressing this global issue is favorably impacting the growth of new diagnostic methods to detect and cure such ailments, in turn favoring the global autoimmune disease diagnostics market. The month of March has been designated as the “National Autoimmune Disease Awareness Month.” Another remarkable development in the field of autoimmune disease diagnostics is the formation of Autoimmunity Centers of Excellence (ACE) by the collaboration of NIH, non-profit organizations, and pharmaceutical companies which performs various researches for the development of diagnostic tools.
The U.S will be leading the North America autoimmune disease diagnostics market due to the high occurrence of related ailments accompanied by rising patient awareness in this region. The market is estimated to reach USD 3.5 billion by 2023. North America will be dominating the global market over the coming years.
Europe market is set to secure the second position globally driven by the government support in these regions. Germany and UK will drive the regional growth.
The Asia Pacific, on account of its large patient pool, is pegged to grow at a CAGR of 5.3% over the period of 2016-2023.
On the product front, the localized autoimmune disease diagnostics will dominate the systematic diagnostics segment over the coming period. The localized autoimmune disease diagnostics market is likely to surpass USD 10 billion by 2023.
The industry is fragmented and is being influenced by the ongoing trends of diagnostics industry such as developments in genetic testing, rise in the personalized medicine industry, focus towards prevention rather than treatment, etc. The players are making huge investments in the R&D and their respective product innovations to meet the growing technological demands. Major industry participants are Siemens Healthineers, Roche Diagnostics, Euroimmun, Abbott Laboratories, Beckman Coulter Inc., Quest Diagnostics, SQI Diagnostics Inc, and INOVA Diagnostics, Inc.
Author Name : Shikha Sinha