World News: 12:48 GMT Friday 7th December 2018. [Transparency Market Research via Globe Newswire via SPi World News]
Albany, New York, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Global is expected to witness a modest growth in the coming years on account of the growing incidences of autoimmune diseases among people worldwide. Efficient autoimmune disease diagnostics has become absolutely essential to tackle this issue. Governments across nations are also increasing their spending towards healthcare in light of these growing incidences of autoimmune diseases. This has also resulted in the research and development of novel diagnostics in order to prevent the spread of autoimmune diseases. Technological advancements in the medicals sector are also fueling the market’s growth. Between 2015 and 2023, the global autoimmune diseases diagnostics market is expected to exhibit a CAGR of 3.8%. The global autoimmune disease diagnostics market is likely to reach US$17.06 bn by 2023. The stiff price competition among players is expected to impact the growth of the market in a negative way.
An autoimmune disease is a condition where the body’s own immune system attacks the body. Immune system is usually present in the body to guard us against germs like virus and bacteria. When they sense any foreign invasion, the immune system automatically detects it and starts fighting back. A few examples of such diseases are multiple sclerosis, lupus, and grave’s disease. Although some of these disease can be treated with ease, some others may prove to be fatal as well. Autoimmune diseases may affect one organ or it may affect many organs resulting in multiple organ failure.
With the advent and culture of modernization and beauty culture, medicine has also given way to enhance one’s beauty. Cosmetic surgeries like breast implantation, liposuction, hair transplantation, belt lipectomy may surely make one more beautiful. But in a recent study it has been reported that some cosmetic surgeries may also result in autoimmune diseases. This could be evidenced by the fact that the risk of women developing autoimmune diseases as a result of breast implantation is 45 % more as compared to women without implants. The study showed strong resemblance of Sjögren's syndrome, an autoimmune disease of the connective tissue that affects arteries, skin and kidneys and lungs with breast implantation. The theory by word of mouth states that when the immune system comes in contact with a foreign body that is implanted, it fights back and continues to fight back until it gets dysfunctional and starts to work otherwise, affecting the other parts of the body instead.
Other than cosmetic surgeries, other factors like the rise in number of geriatric population is also a fact where people may fall prey to this unusual disorder. The market for autoimmune disease diagnostics may also be boosted by the rise in healthcare and medical infrastructure as well. Moreover, people nowadays are more aware about their health and autoimmune diseases, so with a slight hint of unusual behavior will make them rush to the hospital, thus, more scope for the growth of the autoimmune disease diagnostics market globally.
A few factors may affect the global autoimmune disease diagnostics market like the level of competition in terms of pricing of products and medications, along with treatment and equipment cost. Apart from that the shortage of professional or skilled labor may also hamper the growth of the market in the long run. However, opportunities like the introduction of new products, and development of devices along with better services may boost the market in the long run.
Geographically, the market is seen to be dominated by North America, because of the quick adaptability of any new disease prevention measures or even awareness in the nations of Canada and the U.S. The laboratories and other healthcare and medical infrastructure in this region is very well advanced and thus, the market here is seen to be dominating the other regions. However, Asia Pacific region is not far behind and may offer lucrative growth opportunities due to the rapid emergence of technological developments in terms of medical and healthcare infrastructures in its developing nations. Not only that, there is also an increase in awareness about autoimmune diseases in the emerging economies of India, China, and Japan and increase in disposable incomes which allows more opportunities to opt for better medical help in case of emergencies. Thus, the market for autoimmune disease diagnostics is yet to see notable growth in the coming years.
Companies such as Siemens Healthcare, Quest Diagnostics, SQL Diagnostics, Inc., Inova Diagnostics, Inc., and Abott Laboratories are a few amongst the mentioned leading players of the market. The report also profiles important players in the autoimmune disease diagnostics business, which could pave the way for participants to study effective strategies.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Globe Newswire: 12:48 GMT Friday 7th December 2018
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