The prevalence of rheumatoid arthritis especially in North America and several European countries has increased at a rapid pace in the past few years. As per the report presented by Centre of Disease Control and Prevention (CDC), nearly 54 million individuals suffered from rheumatoid arthritis in the U.S in 2018. Further, owing to the growing number of patients suffering from rheumatoid arthritis in the U.S., the demand for efficient and reliable diagnosis and treatment for rheumatoid arthritis experienced a notable growth – a trend that is expected to continue and boost the demand for rheumatoid arthritis diagnosis tests.
Persistence Market Research, in a recently published market research study offers critical insights related to the overall prospects of the global rheumatoid arthritis diagnosis test market. According to the report, the rheumatoid arthritis diagnosis test market is projected to reach a value of ~US$ 600 million by 2019 and register a CAGR growth of ~5% during the forecast period (2019-2029). . Further, the various factors that are projected to influence the dynamics of the market such as the trends, drivers, opportunities, and restraints are evaluated in the presented market study.
Market Players Improve their Distribution Channels to Gain Advantage
At present, the prevalence of rheumatoid arthritis is significantly high especially in the developed regions such as North America and Europe. However, although the occurrence of rheumatoid arthritis in the developing regions is low, the surge in the geriatric population in nations such as Japan and China is likely to increase the prevalence of rheumatoid arthritis through the forecast period. Sensing the growing demand for rheumatoid arthritis diagnosis and treatment, market players are focusing on improving their distribution network by making their products more accessible within the various stages of the value chain. In addition, several companies are entering into distribution agreements with domestic distributors and manufacturing companies to fulfil the demand for rheumatoid arthritis diagnosis kits.
Growing Adoption of Minimally Invasive Rheumatoid Arthritis Diagnosis Tests to Fuel Growth
The occurrence of rheumatoid arthritis among children has witnessed a notable growth especially in North America and Europe. Hence, the adoption of minimally invasive rheumatoid arthritis diagnosis tests has increased at a steady pace in recent years. The growing demand for minimally invasive rheumatoid arthritis diagnosis tests is expected to accelerate the growth of the global market over the next decade.
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Onset of New and Reliable Test Kits Likely to Boost Market Growth
The lack of availability of full-proof diagnostic measures to tackle rheumatoid arthritis has left significant room for market players to innovate in terms of product development. Sensing the dire need for accurate and reliable testing kits to diagnose rheumatoid arthritis, multiple market players are investing in the development of cost-effective diagnosis test kits. The growing focus on the development of new products has played a key role in boosting research and development activities in recent years. Moreover, the advent of biomarker-based rheumatoid arthritis test techniques is likely to trigger the growth of the global market in the upcoming years.