July 12, 2024
Rheumatoid Arthritis Diagnostic Tests Market

The Rheumatoid Arthritis Diagnostic Tests Market is Estimated to Witness High Growth Owing To Trends in Adoption of Advanced Disease Diagnosis Techniques

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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Rheumatoid arthritis diagnostic tests help in the detection and diagnosis of rheumatoid arthritis in patients. These tests include tests such as anti-cyclic citrullinated peptide (anti-CCP), anti-nuclear antibody (ANA), erythrocyte sedimentation rate (ESR), C-reactive protein (CRP), and rheumatoid factor (RF) tests. These tests play a vital role in confirming the presence of rheumatoid arthritis and helping physicians in developing an appropriate treatment plan for patients.

Market key trends:-

The rheumatoid arthritis diagnostic tests market is witnessing high growth owing to the increasing adoption of advanced disease diagnosis techniques by physicians and healthcare providers. For instance, anti-CCP test has emerged as an important diagnostic marker with a specificity of around 98% for rheumatoid arthritis. This is encouraging more healthcare facilities to adopt anti-CCP tests for early and accurate diagnosis of rheumatoid arthritis. Moreover, ongoing research and development activities focused on developing novel disease diagnosis biomarkers is further supporting the growth of this market. Various industry players are engaged in developing diagnostic tests with high sensitivity and specificity to aid early-stage diagnosis of rheumatoid arthritis.

Porter’s Analysis:-

  • Threat of new entrants: Low barrier to entry for new players due to availability of advanced testing technologies. However, the market is dominated by few large players with strong brand presence.
  • Bargaining power of buyers: Moderate bargaining power as buyers have access to a variety of testing options from key players. Switching costs are also low.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiated products. Established relationships with key players limit impact.
  • Threat of new substitutes: Low threat as alternative testing methods do not provide comparable accuracy. Continuous innovation helps reduce impact of potential substitutes.
  • Competitive rivalry: High as major players competing on brand, pricing and customization. Focus on new product launches and partnerships.

SWOT Analysis:-

  • Strengths: Growing disease prevalence boosting demand. Advances in testing technologies improving accuracy. Strong industry partnerships and collaborations.
  • Weaknesses: High cost of advanced tests limits adoption in low income regions. Lack of awareness in developing nations.
  • Opportunities: Rising healthcare spends opening new markets. Diagnostic guidelines expansion increasing screening. Personalized testing targeting subtype population.
  • Threats: Reimbursement issues impacting revenue streams. Supply chain disruptions during pandemic. Stringent regulatory approvals for new entrants.

Key Takeaways:-

The Global Rheumatoid Arthritis Diagnostic Tests Market Growth is expected to witness high, exhibiting CAGR of 5.4% over the forecast period, due to increasing disease prevalence around the world. Increased awareness initiatives by governments and NGOs has boosted the demand for accurate diagnostic tests.

Regionally, North America dominated the market with over 30% share in 2023 owing to presence of major players and favorable reimbursement policies. Asia Pacific is anticipated to exhibit fastest growth during the forecast period, growing at a CAGR of around 7%, due to rising healthcare expenditure and metining healthcare infrastructure in populous nations like China and India.

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. Major players are focused on product launches and partnerships to strengthen their global footprint.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it