Autoimmune Disease Treatment Market by Future Growth Explored in Latest Research
Posted by Ruchita Roy on February 26th, 2021
Market reports related to the healthcare industry has been presented by Market Research Future, which states that the global autoimmune disease treatment market is anticipated to surge at a CAGR of 11.2% during the forecast period of 2017-2023.
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The developments and innovations have increased the quality of medication in the latest era, thereby increasing the demand for treatments for various diseases, where autoimmune disease also stands firmly. This disease is a condition where the immune system of a body destroys its body tissue. As per the reports, there are approximately 80 different types of autoimmune disorders, but among those, multiple sclerosis, IBD, diabetes, rheumatoid arthritis, psoriasis, and more are the standard versions. This disease can eventually result in abnormal growth of an organ, destruction of body tissue, and changes in the function of the organ. According to the National Institutes of Health (NIH), it was reported that around 23.5 million Americans are suffering from autoimmune disease. NIH also stated in the reports that the annual direct health care costs for autoimmune disease are near about USD 100 billion. Apart from this, even cancers and heart & strokes cost around USD 57 billion, and USD 200 billion respectively.
Market Drivers & Trends
Emphasis on the increasing prevalence of autoimmune diseases has increased the level of demand for autoimmune disease treatment. Though growing public awareness has increased the development potential of the market during the forecast period. Government and other private associations have also started educating people about diseases through conducting seminars and conferences.
On the other hand, technological advancements, unmet medical needs, increasing government assistance, rising prevalence of co-existing disorders, improving regulatory framework are the prime factors contributing remarkably to the global autoimmune disease treatment market during the approaching year. More factors such as enhancing funding and reimbursement policies as well as swelling adoption rate are uninterruptedly contributing towards the growth of the global autoimmune disease treatment market.
On the flip side, the prevalence of some issues associated with autoimmune disease treatment markets such as high cost of treatment, presence of misbranded drugs, side-effects of treatment, and weak healthcare system in low or middle-income countries can pose as a hamper the growth of the global autoimmune disease treatment market.
The global autoimmune disease treatment market in the MRFR reports have been categorized under segments such as disease type, diagnosis, therapeutic products, and distribution channels.
By disease type: localized and systemic are the segments, where the localized segment additionally includes multiple sclerosis, inflammatory bowel disease, diabetes, and others. The systemic segment is classified into rheumatoid arthritis, psoriasis, lupus, and others.
By therapeutic products: drugs, and therapeutic and monitoring equipment are the segments, where the drugs segment is extra sub-segmented into biologics, immunosuppressant,anti-inflammatory drugs, corticosteroids, and non-steroidal anti-inflammatory drugs.
By distribution channels: hospitals & clinics, diagnostic centers, drug stores, pharmacies, and others are the segments.
Regionally, the Americas are the leaders in the autoimmune disease treatment market due to the growing cases of autoimmune diseases, and rapid healthcare expenditure. As per the data recorded by Centers for Disease Control and Prevention in 2015, the entire healthcare expenditure in the U.S. was USD 3.2 trillion, whereas, hospital care accounted for a share of 32.3%.
Europe earns the second position in the autoimmune disease treatment market with the province of the government bodies for research & development and modifications in reimbursement policies in healthcare. This factor is driving the European market remarkably in the current time.
The prominent players in the global autoimmune disease treatment market are Abbott Laboratories, Amgen Inc., Genentech Inc., Bayer Schering Pharma AG, Biogen Idec Inc., Bio-Rad, Chugai Pharmaceutical Co. Ltd., Danaher, Elan Corporation Plc, Eli Lilly and Company, F. Hoffmann-La Roche AG, GlaxoSmithKline Plc, HYCOR Biomedical, Johnson & Johnson Inc., Merck & Co. Inc., Siemens, Squibb Company, Thermo Fisher Scientific, and others.
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About the AuthorRuchita Roy
Joined: October 26th, 2020
Articles Posted: 494
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