Ocean View, DE -- (SBWire) -- 05/11/2020 --Autoimmune Disease Diagnostics Market will exceed USD 16.0 billion by 2025; as per a new research report.
Increase in prevalence of systemic and localized autoimmune diseases should drive global autoimmune disease diagnostics market during the forecast period. Based on American Autoimmune Related Diseases Association (AARDA) more than 50 million Americans are affected by autoimmune disorders and the number is expected to increase at an alarming rate over the coming few years. Furthermore, these diseases are predominantly occurring in women and the prevalence is 75% more than the men as per AARDA leading to become one of the top ten causes of mortality in women across all age groups.
With more than 50 million people suffering from autoimmune diseases in the U.S. alone, there is a stronger need to focus on the strategies to cater to such diseases and the cost burden associated with it. Presence of favorable government initiatives to facilitate healthcare spending pertaining to autoimmune disorders is one of the major profit-rendering drivers for the global market growth over the forecast period.
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Localized autoimmune disease diagnostics market accounted for more than 66.0% revenue share in 2018. Increasing demand for diagnostics kits and assays owing to the high prevalence of autoimmune disorders such as Hashimoto's thyroiditis, type 1 diabetes and pernicious anemia are factors propelling business growth. Rising patient awareness levels due to government efforts is yet another factor contributing to segmental revenue growth over the forecast period.
The systemic autoimmune disease diagnostics is projected to grow at a robust CAGR of 3.9% over the forecast timeframe. Technological advancements such as development of multiple autoantibodies screening tests enable early disease diagnosis and treatment stimulating market growth.
U.S. dominated the North America autoimmune disease diagnostics market and was valued at around USD 5,003.0 million in the year 2018. Presence of sophisticated healthcare facilities, high awareness pertaining to benefits of the early and accurate diagnosis, and higher healthcare expenditure levels in the country will accelerate the U.S. autoimmune disease diagnostics market during the forecast period. Asia Pacific will grow swiftly during the forecast period owing to rapidly increasing patient pool, greater awareness pertaining to autoimmune diseases, and growing healthcare industry in emerging Asian economies.
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The major industry players in the autoimmune disease diagnostics market are Abbott Laboratories, Siemens AG, Beckman Coulter Inc., Quest Diagnostics, SQI Diagnostics, Bio-Rad Laboratories, Inc, EUROIMMUN, AESKU Diagnostics, Inova diagnostics Inc. and bioMerieux SA. These key industry players focus on certain strategic decisions that help them to sustain tough competition in the market. Companies focus on improvising and adding value to the product portfolio that enhance the performance and hence will increase the demand of products.
