The global 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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rheumatoid arthritis diagnostic tests help in detecting the presence of rheumatoid arthritis in patients. Common rheumatoid arthritis diagnostic tests include anti-cyclic citrullinated peptide (anti-CCP) test, rheumatoid factor (RF) test, ultrasound, and MRI. The anti-CCP and RF tests help detect the presence of autoantibodies in the blood that attack healthy tissues. Ultrasound and MRI help identify inflamed or damaged joints. Timely diagnosis of rheumatoid arthritis is important to plan an appropriate treatment regimen and prevent further joint damage.
Market key trends:
One of the key trends in the rheumatoid arthritis diagnostic tests market is the increasing adoption of point-of-care testing. Point-of-care tests provide quick test results within 30 minutes, without needing to send samples to a laboratory. This helps in faster clinical decision making. Another major trend is the increasing research & development activities focused on biomarkers for early diagnosis of rheumatoid arthritis. Biomarkers can help identify the disease at an early stage when treatment is most effective. Researchers are investigating novel autoantibodies and proteins in the blood and synovial fluid that can potentially serve as reliable biomarkers.
Porter’s Analysis:-
- Threat of new entrants: The Rheumatoid Arthritis Diagnostic Tests Market requires high R&D investment and strict regulatory approvals. This creates significant barriers for new companies.
- Bargaining power of buyers: Individual consumers have limited bargaining power. However, large hospitals and diagnostic labs can negotiate on price and demand additional services.
- Bargaining power of suppliers: The market has several technology providers and research organizations that supply diagnostic kits and tools. This ensures no single supplier can influence pricing.
- Threat of new substitutes: Currently, there are limited options to substitute specialized diagnostic tests for Rheumatoid Arthritis. Alternatives focus more on symptom management.
- Competitive rivalry: The market has established global players with similar product offerings. Companies compete on pricing, innovation, service and brand reputation.
Key Takeaways:-
The Global Rheumatoid Arthritis Diagnostic Tests Market Growth is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing prevalence of rheumatoid arthritis.
Regional analysis:
North America dominates the global market owing to rising cases of autoimmune diseases and availability of advanced healthcare facilities for accurate diagnosis. Asia Pacific is expected to grow at the fastest pace during the forecast period with major opportunities in India and China.
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.
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