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Autoimmune Disease Diagnostics Market To Grow At 2.6% CAGR From 2014 to 2020: Grand View Research, Inc.

San Francisco, April 13, 2016 (GLOBE NEWSWIRE) -- Global autoimmune diagnostics market worth was USD 11.88 billion in 2013 and is forecasted to reach USD 14.17 billion by 2020. Rising cases of autoimmune disease and the significant increase in healthcare expenditure have accelerated the launch of favorable government initiatives to encourage diagnostics and research organizations. The National Institute of Health (NIH) has concluded that autoimmune diseases are one of the key reasons for death among women in the U.S.

Increasing lab automation rates with the ability to conduct multiple tests and generate faster results is also projected to bolster market growth. Slow retraction time with few standardized tests to over 80 types of autoimmune disease has encouraged automation of laboratories. Furthermore, rising consumer awareness owing to public education campaigns is expected to emphasize product usage rates positively in the coming years.

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Various products include localized and systemic autoimmune disease diagnostics. In 2013, localized autoimmune disease diagnostics dominated the market with a value worth USD 8.05 billion and is anticipated to reach USD 9.21 billion by 2020. High patient awareness and presence of broad-range procedure volumes are some factors responsible for a significant share of this product segment. Moreover, increased unmet need of patients in this segment, such as multiple sclerosis and type I diabetes is projected to accelerate the growth of localized disease diagnostics market shortly.

Systemic diagnostics market was valued at USD 3.82 billion in 2013 and is projected to reach USD 4.95 billion by 2020. Systemic autoimmune diagnostics include diseases such as systemic lupus erythematosus (SLE), rheumatoid arthritis, and ankylosing spondylitis. Increasing occurrences of these diseases is likely to fuel growth over the next few years.

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Rheumatoid arthritis is one of the most recurring autoimmune disorders. In 2013, the segment generated revenues worth USD 1.72 billion and is estimated to reach a value of USD 2.33 billion by 2020. It is detected mostly after 30 years of age, however, it can occur at any stage of life, and may rise to disability after ten years of medical diagnosis. The presence of a vast number of tests, expensive organ assessment test, and launch of new products are some major drivers for this segment.

North America dominated the global market accounting for over 40% of the total share in 2013. North America market is likely to be USD 5.74 billion, growing at a CAGR of 1.9 % from 2014 to 2020 owing to rising number of autoimmune disease cases, the presence of advanced healthcare infrastructure, and supportive government initiatives, such as Patient Protection Act and Affordable Care Act.

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The NIH has estimated the annual expense of U.S. on autoimmune disease diagnostics at approximately USD 100 billion or year. Europe is expected to generate revenues worth USD 4.58 billion at a CAGR of 1.6% by 2020 on account of increasing government investment to improve healthcare facilities and control disease prevalence.

The increasing prevalence of autoimmune diseases, the introduction of innovative technologies such as novel biomarkers and portable diagnostic equipment are expected to drive market growth shortly. Furthermore, availability of vast untapped opportunities in the growing Eastern European countries is expected to reinforce growth over the forecasted period.

The diagnostics market is consolidated in nature and hence marked by an extensive presence of M&A among players. Competition among the major market participants is anticipated to remain at a moderate level in the coming years. The key challenges for this market include intense price-based competition among manufacturers and rising demand for innovative technological products.

Key market players include Bio-Rad, Roche Diagnostics, Siemens Healthcare, SQI Diagnostics, AESKU Diagnostics, Abbott Laboratories, Beckman Coulter Inc., BioMerieux SA, INOVA Diagnostics Inc., Crescendo Bioscience, Quest Diagnostics, and Hemagen Diagnostics.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Source:Grand View Research