by The Rheumatoid Arthritis Diagnostic Tests market is estimated to be valued at US$ 2,775.1 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Rheumatoid arthritis diagnostic tests are used to detect and diagnose rheumatoid arthritis, an autoimmune disease that causes chronic inflammation of the joints. The main diagnostic tests include rheumatoid factor (RF) tests, anti-CCP antibody tests, and joint aspiration and analysis. RF tests help detect antibodies that attack the body’s own tissues and joints. Anti-CCP antibody tests detect the presence of antibodies that can cause inflammation and damage joints. Joint fluid analysis helps determine if synovial fluid shows signs of inflammation typical of rheumatoid arthritis.
Market Dynamics:-
The rheumatoid arthritis diagnostic tests market is driven by the growing prevalence of rheumatoid arthritis around the world. Rheumatoid arthritis afflicts approximately 1% of the global population. It is more common in women than in men, with ratios varying from 3:1 to 4:1. Additionally, growing awareness regarding early diagnosis of rheumatoid arthritis to facilitate quicker treatment intervention and better disease management is also expected to aid market growth over the forecast period. However, high cost of diagnostic tests may hinder market growth to some extent.
SWOT Analysis:-
- Strength:
- Growing demand for early and accurate diagnosis of rheumatoid arthritis.
- Availability of various advanced tests for rheumatoid arthritis diagnosis.
- Increasing adoption of point-of-care rheumatoid arthritis diagnostic tests.
- Weakness:
- High costs associated with rheumatoid arthritis diagnostic tests limit their use.
- Lack of awareness about early diagnosis of rheumatoid arthritis in developing regions.
- Opportunity:
- Rising healthcare expenditure in emerging economies provides growth opportunities.
- Development of novel rheumatoid arthritis diagnostic biomarkers and tests.
- Threats:
- Stringent regulatory approvals for new rheumatoid arthritis diagnostic tests.
- Reimbursement issues associated with expensive rheumatoid arthritis diagnostic tests.
Key Takeaways:-
The Global Rheumatoid Arthritis Diagnostic Tests Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of rheumatoid arthritis across the world. The market size for 2023 is US$ 2,775.1 Mn.
Regional analysis:
North America is currently the dominant regional market for rheumatoid arthritis diagnostic tests due to rising rheumatoid arthritis incidence and developed healthcare infrastructure. Asia Pacific is expected to witness fastest growth during the forecast period owing to increasing healthcare spending and growing awareness about rheumatoid arthritis.
Key players:
Key players operating in the Rheumatoid Arthritis Diagnostic Tests market are Abbott Diagnostics (Abbett 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
