July 21, 2024

Rising prevalence of autoimmune diseases projected to boost the growth of Rheumatoid Arthritis Diagnostic Tests Market

The global Rheumatoid Arthritis Diagnostic Tests Market is estimated to be valued at US$ 625.22 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Rheumatoid arthritis diagnostic tests consist of various serological and molecular assays that help identify the presence of rheumatoid arthritis in individuals. These assays involve tests for detecting serological markers such as rheumatoid factor (RF) and anti-citrullinated protein/peptide antibodies (ACPAs). Additionally, imaging tests such as X-rays, ultrasound, MRI and CT scans are conducted to evaluate joint damage in rheumatoid arthritis. Rheumatoid arthritis diagnostic tests play a crucial role in early diagnosis and subsequent management of rheumatoid arthritis disease condition.

Market key trends:
One of the key trends in the market is the increasing demand for advanced diagnostic solutions for early and accurate detection of rheumatoid arthritis. Early diagnosis enables timely treatment intervention which helps curb joint damage progression. Manufacturers are focused on developing novel diagnostic solutions with high sensitivity and specificity. For instance, in 2021, Labcorp introduced an enhanced line of rheumatoid arthritis diagnostic assays with improved analytical and clinical validity to facilitate early diagnosis. Furthermore, growing awareness about rheumatoid arthritis diagnosis is also driving the market growth.
Porter’s Analysis
Threat of new entrants: The rheumatoid arthritis diagnostic tests market requires high R&D investments and regulatory approvals, creating entry barriers for new players.

Bargaining power of buyers: Individual consumers have low bargaining power, but larger healthcare organizations can negotiate on price and exert pressure on existing players.

Bargaining power of suppliers: The inputs required are generally standardized medical raw materials which are available from numerous suppliers at competitive prices, lowering supplier bargaining power.

Threat of new substitutes: There are limited substitute products and technologies for rheumatoid arthritis diagnosis and monitoring since it relies on biomarkers and medical imaging techniques.

Competitive rivalry: The market is highly fragmented with the presence of numerous global and regional players. Strong competition exists based on product quality, new product developments and pricing.

Key Takeaways

The global Rheumatoid Arthritis Diagnostic Tests market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing geriatric population suffering from rheumatoid arthritis and rising demand for early diagnosis.

Regional analysis: North America dominated the market in 2023 with a share of over 40%, owing to increased healthcare spending and growing preference for advanced diagnostic options in the region. However, Asia Pacific is expected to showcase the fastest CAGR during the forecast period with improving access to healthcare facilities and rapid economic development in countries such as China and India.

Key players: Key players operating in the Rheumatoid Arthritis Diagnostic Tests market are Abbott Diagnostics (Abbott Laboratories), Labcorp, Antibodies Inc., Networks LLC, Beckman Coulter, Inc., Euro Diagnostica AB, F. Hoffmann-La Roche Ltd., Qiagen NV, Siemens Healthcare GmbH, Augurex Life Sciences Corp., Thermo Fisher Scientific Inc., Bio Rad Laboratories Inc., Exagen Inc., Genway Biotech, Inc., Microdrop LLC (imaware), Svar Life Science AB, and Thermo Fisher Scientific Inc.. These players are focusing on new product launches and expansion in emerging markets to strengthen their market position.