Global Autoimmune Disease Diagnostics Market to Reach US$17.1 bn by 2023 owing to Increased Incidence of Type 1 Diabetes14 Mar 2016
The global autoimmune disease diagnostics market stood at US$12.3 bn in 2014 and is predicted to reach US$17.1 bn by 2023, growing at a 3.80% CAGR. The increased number of people diagnosed with diabetes is expected to propel the global autoimmune disease diagnostics market during the forecast period. Type 1 diabetes is a chronic condition that affects the patient’s body severely.
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Rising Prevalence of Type 1 Diabetes to Boost Global Autoimmune Disease Diagnostics Market
Recently, a few infants in Ontario were diagnosed with Type 1 diabetes, a rampant autoimmune disease. Classic symptoms of type 1 diabetes, such as rapidly losing weight, difficulty in chewing, and frequent visits to the bathroom were seen in the infants. Some of the infants were treated at the Children’s Hospital of Eastern Ontario (CHEO). In the following weeks and months, their parents also attended education and training sessions at the Children’s Hospital of Eastern Ontario to learn all about how to test blood glucose levels, count carbohydrates, adjust insulin doses, and manage the daily diet for people or kids diagnosed with Type 1 diabetes.
As per recently released reports from the Canadian Institute of Health, Canada has the highest number of people diagnosed with Type 1 diabetes. In Canada, currently, there are more than 9 mn people living with Type 1 diabetes.
Other factors such as rising healthcare expenditure, technical advances in diagnostic services, and increasing demand for autoimmune disease diagnostics are expected to propel the global autoimmune disease diagnostics market during the forecast period. As per the American Autoimmune Related Diseases Association (AARDA), 50 mn U.S. citizens are affected with various types of autoimmune diseases. Slow turnaround time is predicted to restrict the growth of the global autoimmune disease diagnostics market in the years to come. However, increasing automation in laboratories and diagnostic procedures is expected to propel the global autoimmune disease diagnostics market during the forecast period.
North America Set to Continue Dominance in Global Autoimmune Disease Diagnostics Market
The global autoimmune disease diagnostics market is segmented on the basis of test type, disease type, and geography. Based on geography, the global autoimmune disease diagnostics market is divided into Europe, North America, Asia Pacific, and rest of the World. In 2014, in terms of revenue, North America led the global autoimmune disease diagnostics market, accounting for 39.0% of the total market. North America was followed by Europe and Asia Pacific. Large untapped opportunities, increasing occurrence of autoimmune diseases, and improved healthcare infrastructure will drive the global autoimmune disease diagnostics market in years to come. Abbott Laboratories, F. Hoffmann-La Roche Ltd., bioMerieux, Siemens Healthcare, and Beckman Coulter, Inc. are some of the prominent players in the global autoimmune disease diagnostics market.
By disease type, the global autoimmune disease diagnostics market is classified into Type 1 diabetes, Graves’ disease, rheumatoid arthritis, systemic lupus erythematosus, Hashimotos’s thyroiditis, multiple sclerosis, and others. In terms of revenue, rheumatoid arthritis dominated the global autoimmune disease diagnostics market in 2014.
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