Rheumatoid arthritis testing market to hit $399.5m by 2022
Posted: 22 June 2016 | | No comments yet
The rheumatoid arthritis testing market is forecast to rise from $338.5 million in 2015 to $399.5 million by 2022, according to GlobalData…
The rheumatoid arthritis testing market is forecast to rise from $338.5 million in 2015 to $399.5 million by 2022, according to research and consulting firm GlobalData.
The company’s latest report states that the growth will mainly be driven by the increasing prevalence of autoimmune diseases globally, emerging biomarkers and advancement in technology for early diagnosis of rheumatoid arthritis, increasing adoption of anti-cyclic citrullinated peptide (anti-CCP) antibody tests, and rising demand for lab automation.
Wenlu Hu, GlobalData’s Analyst covering Medical Devices, commented: “Anti-CCP tests are particularly effective, with trials demonstrating that the method has similar sensitivity to rheumatoid factor testing, the current diagnostic gold standard, but is much more specific. In this way, the commercialization of anti-CCP tests will provide key growth opportunities for rheumatoid arthritis test kit manufacturers.
“Currently, it is the higher costs of these test kits and limited sensitivity when performed as individual tests are the major factors restraining their wide adoption. However, revenue contribution of the anti-CCP test segment has been estimated to be the fastest growing, and it is expected to be one of the most lucrative segments, growing at a steady single-digit CAGR between 2015 and 2022.”
Cost-cutting will be a barrier
Generally, healthcare cost-cutting and reduced reimbursement in major markets will be one of the primary barriers affecting the market and preventing it from growing at a more impressive rate. Growth in Europe will be particularly sluggish, with Germany, for example, attaining a low single-digit CAGR over the forecast period.
Hu explained: “Manufacturers should look to emerging markets such as China, India, and Brazil if they want relatively fast growth. Brazil’s market is set to grow at the fastest rate compared to the rest of the 15 major countries, as its economy flourishes on the back of a growing middle class and rising investment in the country’s physical infrastructure.”
GlobalData’s report also states that the rheumatoid arthritis market in 2015 was dominated by Roche, followed by Abbott, Siemens, and Beckman Coulter.