U.S. autoimmune disease diagnostics market to thrive on the grounds of escalating demand for superior diagnostic tools over 2017-2024
Touted as one of most evolving niche verticals of recent times, autoimmune disease diagnostics market has been revolutionizing the healthcare space, primarily due to the alarming prevalence rates of autoimmune diseases globally. Inclusive of rheumatoid arthritis, Type 1 diabetes, Hashimoto’s thyroiditis, and the like, autoimmune diseases are self-inflicted diseases caused due to the abnormal immune response to a body part and are widely ubiquitous. As per the NIH Autoimmune Disease Coordinating Committee (ADCC), 14-22 million people in the U.S. are affected by some sort of autoimmune disease. Another study depicts 7 million people in the Europe to be suffering from autoimmune ailments. The NIH (National Institutes of Health) in fact, mentions autoimmune diseases to be one of the top 10 causes of female demise in the U.S. These statistics elicit a clear picture of the widespread occurrence of autoimmune diseases globally, which would necessitate the requirement of superior diagnostic methodologies, thereby carving out a positive growth map for autoimmune disease diagnostics market.
The issue has been a matter of serious concern worldwide and is being addressed by measurements taken at individual and government levels. According to an autoimmune disease diagnostics market report put together by Global Market Insights Inc., this business space is forecast to cross a revenue collection of USD 16 billion by 2024, having registered a valuation of USD 13 billion in 2016. The report chronicles some of the pivotal factors driving the growth of autoimmune disease diagnostics industry size to be the growing prevalence of these diseases across myriad geographies, rising awareness among patients, and increasing government initiatives towards reducing the frequency of such ailments. While the APAC and Europe belts have depicted considerable potential for autoimmune disease diagnostics industry growth, one of the pivotal regions that has been forecast to make a mark over the forthcoming seven years is that of the United States.
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An insight into U.S. autoimmune disease diagnostics market:
The United States is touted to be one of the most lucrative regions for the growth of autoimmune disease diagnostics industry. The American Autoimmune Related Diseases Association in fact, claims close to 50 million Americans to be currently suffering from autoimmune related disorders, and has forecast that the numbers are expected to escalate over the coming seven years. In consequence, the demand for state-of-the-art and cost-effective diagnostic methods are expected to surge, thereby augmenting the revenue landscape of U.S. autoimmune disease diagnostics market.
The cost factor associated with the diagnosis of these ailments remains a major element of concern for the pivotal players of the U.S. autoimmune disease diagnostics industry. In a bid to address the rising issues of medical care spending, several initiatives have been established to carry out extensive research programs in the discipline. Organizations such as The Johns Hopkins Autoimmune Disease Research Centre and the Autoimmune Research Network (ARNet) have also been working toward the development of myriad strategies for reducing the economic strain caused due to these diseases. Furthermore, the American Autoimmune Related Diseases Association conducts numerous awareness programs to educate the masses regarding the importance of early diagnosis. Inherently augmented by various governmental efforts and the escalating prevalence of rheumatoid arthritis and systemic lupus erythematosus, U.S. autoimmune disease diagnosis industry is likely to generate substantial valuation in the ensuing years.
Addressing the issue of healthcare expenditure in autoimmune disease diagnostics industry
The frequent occurrence of these diseases has resulted in significantly mammoth medical care expenses. The treatment of autoimmune ailments is supposedly way more expensive than numerous other disorders, and is a serious concern to the overall healthcare system. For instance, the 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.
The issue of medical care spending for these ailments postulates the need for improved yet cost-effective diagnostic procedures – a matter of contention which is being addressed at a governmental level. Authorized bodies across various geographies have been customarily addressing this global issue, which has led to the contraption of new diagnostic methods to detect and cure such ailments, sequentially favoring autoimmune disease diagnostics market outlook. A remarkable development in the field of autoimmune disease diagnostics is the formation of the Autoimmunity Centers of Excellence (ACE) by the collaboration of NIH, non-profit organizations, and pharmaceutical companies, which conducts myriad research programs for the development of diagnostic tools.
Autoimmune disease diagnostics industry is rather fragmented and is being influenced by the ongoing trends of the diagnostics space such as developments in genetic testing, surging demand for personalized medicine, increased focus toward prevention rather than treatment, etc. Established autoimmune disease diagnostics market players, it has been observed, have been making sufficiently extensive investments in research and development activities in a bid to brainstorm contemporary methods of diagnostics, which would proportionately drive autoimmune disease diagnostics market share in more ways than one. Another trend witnessed across the competitive landscape of autoimmune disease diagnostics industry is that of new entrants setting up their bases in emerging economies rather than developed ones, to endorse the untapped potential across these geographies. Heavily influenced by the efforts of regional governments and an increasing percentage of R&D activities, autoimmune disease diagnostics market is certain to emerge as one of most opportunistic verticals of the healthcare space.
Author Name : Saipriya Iyer