The market for rheumatoid arthritis testing is expected to witness a compound annual growth rate (CAGR) of 2.4% despite cost-cutting on healthcare, lower reimbursement in major markets and sluggish growth in Europe, says a report by GlobalData.
Entitled ‘MediPoint: Rheumatoid Arthritis Testing – Global Analysis and Market Forecasts‘, the report covers 15 major markets and forecasts that the rheumatoid arthritis testing market will be valued at $399.5m by 2022, raising modestly from $338.5m in 2015.
Rising incidences of autoimmune diseases, emerging biomarkers and technology advancements resulting in early diagnosis of the disease are some factors that will contribute to the anticipated growth. Furthermore, commercialisation of anti-cyclic citrullinated peptide (anti-CCP) antibody tests and increasing demand for lab automation are expected to propel the growth.
Anti-CCP tests are currently widely accepted and is the most attractive segment, which is expected to grow at a steady pace during the forecast period.
However, the report highlights cost-cutting and falling reimbursement will be barriers to growth. European nations such as Germany too also witness a sluggish growth of low single-digit CAGR during the period.
Emerging markets, especially Brazil, will offer faster growth to manufacturers, adds the report. Growing middle class and increasing investment in physical infrastructure are some of the reasons behind the anticipated growth.