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Rheumatoid arthritis is a chronic autoimmune disorder that causes painful swelling in the joints and surrounding tissues. Diagnostic tests play a pivotal role in confirming the diagnosis of rheumatoid arthritis and enabling accurate treatment planning. The global rheumatoid arthritis diagnostic tests market is witnessing lucrative growth opportunities owing to rising prevalence of rheumatoid arthritis and growing awareness regarding early diagnosis. Rheumatoid arthritis diagnostic tests aid in detection of autoantibodies and inflammatory markers to analyze the activity and severity of joint inflammation. Common types of rheumatoid arthritis diagnostic tests include erythrocyte sedimentation rate (ESR), C-reactive protein (CRP) tests, rheumatoid factor (RF) tests, anti-CCP antibody tests. The global rheumatoid arthritis diagnostic tests market is estimated to be valued at US$ 625.22 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of rheumatoid arthritis diagnostic tests market is the rising prevalence of rheumatoid arthritis worldwide. According to Arthritis Foundation, around 54 million adults in the U.S. suffer from arthritis, rheumatoid arthritis or chronic joint pain or stiffness. Changes in lifestyle and growing geriatric population have contributed significantly to the rising prevalence of rheumatoid arthritis globally. Additionally, increasing awareness regarding early diagnosis of rheumatoid arthritis is driving more number of people to opt for diagnostic tests, thus aiding the market growth. Diagnostic tests enable rheumatologists to accurately diagnose the condition at early stages and initiate prompt treatment, thereby improving clinical outcomes for patients. Advances in diagnostic technologies are further expanding the scope of rheumatoid arthritis diagnostic tests market.
Porter’s Analysis
Threat of new entrants: Low barriers to entry with established pharmaceutical companies dominating the market. Regulatory approvals are required for new entrants.
Bargaining power of buyers: Large healthcare providers and government organizations have significant bargaining power to negotiate on price and quality of services/products.
Bargaining power of suppliers: A few well-established players supply diagnostic tests, giving them strong bargaining power over pricing.
Threat of new substitutes: Minimal threat as diagnostic tests are specific to rheumatoid arthritis. New generation diagnostic tests pose a threat.
Competitive rivalry: Intense competition among dominant players to gain higher market share through product differentiation, price, mergers and acquisitions.
Key Takeaways
The global Rheumatoid Arthritis Diagnostic Tests market is expected to witness high growth. Regional analysis comprises North America dominates the market and is expected to continue its dominance over the forecast period owing to high acceptance of advanced diagnostic tests and presence of major market players.
Europe is the second largest market for rheumatoid arthritis diagnostic tests currently. However, Asia Pacific region is anticipated to witness fastest growth over the coming years due to growing healthcare infrastructure and increasing awareness regarding early diagnosis of rheumatoid arthritis.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
