Autoimmune Disease Diagnostics Market share to reach $15bn by 2023: Global Market Insights Inc. The medical report “Autoimmune Disease Diagnostics Market Size By Product [Systemic (Rheumatoid Arthritis, Ankylosing Spondylitis, Systemic Lupus Erythematosus (SLE)), Localized], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K, Japan, China, Brazil) Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023”, by Global Market Insights, Inc. says the global autoimmune disease diagnostics market worth USD 12.8 billion in 2015, is anticipated to grow at a moderate CAGR of 2.5%, hitting USD 15 billion in 2023. Autoimmune disease diagnostics market is revolutionizing the healthcare industry due to alarming rates of autoimmune diseases globally. Autoimmune diseases are self-inflicted diseases caused due to the abnormal immune response to a body part. As per the NIH Autoimmune Disease Coordinating Committee (ADCC), 14-22 million people in the U.S. are affected by some sort of autoimmune diseases. Another study depicts 7 million people in the Europe to be suffering from autoimmune ailments. Moreover, NIH (National Institutes of Health) mentions autoimmune diseases to be one of the top 10 causes of female demise in the U.S.
The issue has been a matter of serious concern worldwide and is being addressed by measurements taken at individual and government levels. Growing prevalence of these diseases, rising awareness among patients, and government initiatives towards reducing the frequency of such ailments will be the major factors driving the market growth over the next eight years, as per the report. The frequent occurrence of these diseases has resulted in a huge healthcare expenditure. The treatment of autoimmune ailments is way costlier and is a serious concern to the overall healthcare system. For instance, annual medical expenditure for the treatment of multiple sclerosis (a type of autoimmune disease) comes to approximately USD 2.5 billion, a cost higher than that incurred during diabetes treatment. Government measures addressing this global issue is favorably impacting the growth of new diagnostic methods to detect and cure such ailments, in turn favoring the global autoimmune disease diagnostics market. The month of March has been designated as the “National Autoimmune Disease Awareness Month.” Another remarkable development in the field of autoimmune disease diagnostics is the formation of Autoimmunity Centers of Excellence (ACE) by the collaboration of NIH, 1|Page