San Francisco, March 03, 2016 (GLOBE NEWSWIRE) -- According to a new report by Grand View Research, the global autoimmune disease diagnostics market is projected to reach $14.17 billion by 2020. Growing occurrence of autoimmune diseases along with the presence of helpful initiatives, such as Affordable Care Act, undertaken by the government is projected to positively impact the market.
Slow turnaround period and presence of fewer diagnostic tests catering to almost 80 disease types and the resulting increase in the lab automation prices are projected to drive the market growth over the forecast period (2014–2020). Lab automation is projected to enable doctors with the ability to perform various diagnostic tests simultaneously with rapid & accurate results. Also, technological developments, such as the development of portable diagnostic point-of-care equipment, are projected to boost process volume.
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Systemic autoimmune disease diagnostics is the most profitable sector of the market. The presence of highly unmet patient requirements in disease segments, like, systemic lupus E. & rheumatoid arthritis, along with the introduction of new products, like Avise SLE marker for lupus diagnosis, are some aspects that are projected to drive the segment growth in the near future. Moreover, execution of initiatives meant to develop effective diagnostic & curative solutions for systemic diseases with high prevalence, like rheumatoid arthritis, is further projected to drive the segment growth.
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Further key findings from the report suggest that rheumatoid arthritis came up as the fastest-growing product segment and is projected to grow at a CAG rate of 4% over the forecast period. The high occurrence of rheumatoid arthritis & the involvement of exclusive assessment tests are some aspects attributing to its fast growth.
In 2013, localized autoimmune disease diagnostics was the top product segment of the market. Growing occurrence of gastrointestinal autoimmune disorders & widespread presence of commercialized diagnostic products are some aspects accounting for its biggest share.
North America was the top market in 2013, accounting for over 40% of the total shares. Its large share is attributed to the presence of favorable AARDA initiatives, introduction of the Affordable Care Act, and high levels of disease occurrence in the region. Asia-Pacific is projected to witness a rapid growth in the near future. Persistently developing & improving healthcare infrastructure and awareness levels in the markets of China & India are some new opportunities for the companies to capitalize on.
The advent of technologically innovative products, such as celiac panel tests allowing faster IgA & IgG antibodies detection, is one of the main sustainability strategies accepted by the market players.
Quest Diagnostics, Abbott Laboratories, Beckman Coulter Inc., Siemens Healthcare, etc. are some of the key players of the market.
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