Rheumatoid Arthritis Diagnostic Devices Market by Product and Geography - Forecast and Analysis 2022-2026

The rheumatoid arthritis diagnostic devices market share is expected to increase by USD 146.54 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.55%.

This rheumatoid arthritis diagnostic devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rheumatoid arthritis diagnostic devices market segmentation by product (analyzers and consumables) and geography (North America, Europe, Asia, and Rest of World (ROW)). The rheumatoid arthritis diagnostic devices market report also offers information on several market vendors, including Abbott Laboratories, Antibodies Inc., Augurex Life Sciences Corp., Aviva Systems Biology Corp., Bio Rad Laboratories Inc., Danaher Corp., DNAlytics SA, Eurobio Scientific, F. Hoffmann La Roche Ltd., Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Svar Life Science AB, Thermo Fisher Scientific Inc., and Werfenlife SA among others.

What will the Rheumatoid Arthritis Diagnostic Devices Market Size be During the Forecast Period?

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Rheumatoid Arthritis Diagnostic Devices Market: Key Drivers, Trends, and Challenges

The increasing number of rheumatoid arthritis cases is notably driving the rheumatoid arthritis diagnostic devices market growth, although factors such as the high costs associated with rheumatoid arthritis diagnosis may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rheumatoid arthritis diagnostic devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Rheumatoid Arthritis Diagnostic Devices Market Driver

One of the rheumatoid arthritis diagnostic devices market is the increasing number of rheumatoid arthritis cases. The number of autoimmune disorders, such as rheumatoid arthritis, has grown across the world. Consequently, the demand for rheumatoid arthritis diagnostic devices is increasing. Rheumatoid arthritis is common in all age groups; however, this autoimmune disease is more common in the older population as the prevalence of rheumatoid arthritis increases with age. The increasing prevalence of rheumatoid arthritis has led to various countries worldwide conducting awareness programs. Such awareness programs can create awareness about the diagnosis procedures and treatment plans. In addition, the availability of reimbursement for rheumatoid arthritis in a few European countries, such as the UK and France, will boost the adoption of rheumatoid arthritis diagnostic devices. Similarly, the presence of public and private health insurance providers in various countries contributes to market growth.

Key Rheumatoid Arthritis Diagnostic Devices Market Trend

The growing number of business strategies is a rheumatoid arthritis diagnostic devices market trend that is expected to have a positive impact in the coming years. Vendors in various regions are adopting several business strategies such as distribution partnerships to increase their sales, which can help them to expand their business and strengthen their market position. The increasing demand for rheumatoid arthritis diagnostic devices is encouraging the leading vendors to expand their geographic reach, which can boost market growth. Business strategies can help companies that manufacture medical equipment to explore additional opportunities without incurring a considerable financial burden. The increasing number of partnerships, licensing agreements, and collaborations between vendors and distribution channel partners will expand the global presence of vendors and contribute to market growth during the forecast period.

Key Rheumatoid Arthritis Diagnostic Devices Market Challenge

The high costs associated with rheumatoid arthritis diagnosis will be a major challenge for the rheumatoid arthritis diagnostic devices market during the forecast period. The increasing prevalence of rheumatoid arthritis will spur the demand for rheumatoid arthritis diagnostic devices. However, the high cost of these devices prevents their wider adoption. For instance, the average cost of rheumatoid arthritis diagnostic analyzers is $8,000-$15,000, depending on the technology and its applications. The cost increases depending on the efficacy of the analyzer. Similarly, consumables that are used to detect rheumatoid arthritis, such as assays and test kits, play an important role in the early diagnosis of the disease by providing target biomarkers for accurate results. The use of these consumables can increase the cost burden on end-users, such as small and medium-sized diagnostic service providers that have to purchase consumables based on the number of tests performed. The high cost associated with the diagnosis of rheumatoid arthritis can impact the adoption of diagnostic devices, which can, in turn, have a negative impact on the adoption of diagnostic services.

This rheumatoid arthritis diagnostic devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global rheumatoid arthritis diagnostic devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rheumatoid arthritis diagnostic devices market during the forecast period.

Who are the Major Rheumatoid Arthritis Diagnostic Devices Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Abbott Laboratories
• Antibodies Inc.
• Augurex Life Sciences Corp.
• Aviva Systems Biology Corp.
• Bio Rad Laboratories Inc.
• Danaher Corp.
• DNAlytics SA
• Eurobio Scientific
• F. Hoffmann La Roche Ltd.
• Myriad Genetics Inc.
• QIAGEN NV
• Quest Diagnostics Inc.
• Siemens AG
• Svar Life Science AB
• Thermo Fisher Scientific Inc.
• Werfenlife SA

This statistical study of the rheumatoid arthritis diagnostic devices market encompasses successful business strategies deployed by the key vendors. The rheumatoid arthritis diagnostic devices market is concentrated and the vendors are deploying growth strategies such as focusing not only on expanding their product ranges through distribution partnerships and collaborations to develop advanced technologies but also on the acquisition of smaller companies and business units to compete in the market.

Product Insights and News

• Abbott Laboratories - Abbott Laboratories is a public company headquartered in US. It is a global company generating $43,075 million in revenues and has around 113,000 employees. Its revenue from the global Rheumatoid arthritis diagnostic devices market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• Abbott Laboratories - The company offers rheumatoid arthritis diagnostic devices such as clinical chemistry and immunoassays to detect chronic markers like RF. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The rheumatoid arthritis diagnostic devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Rheumatoid Arthritis Diagnostic Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the rheumatoid arthritis diagnostic devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Rheumatoid Arthritis Diagnostic Devices Market?

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39% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for rheumatoid arthritis diagnostic devices in North America. Market growth in this region will be slower than the growth of the market in the European and Asian regions.

The increasing number of people with rheumatoid arthritis, the rising number of new product launches, the growing adoption of early diagnostic tests for rheumatoid arthritis, and the availability of public and private insurance for rheumatoid arthritis tests will facilitate the rheumatoid arthritis diagnostic devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 led to the slow growth of the rheumatoid arthritis diagnostic devices market in 2020. Due to the implementation of stringent lockdowns, the manufacturing of these products came to a halt, which negatively impacted the production volume of rheumatoid arthritis diagnostic devices in North America, and, in turn, hindered the growth of the regional market in 2020. However, this situation is expected to stabilize during the forecast period, with the gradual containment of the pandemic, due to the lifting of lockdowns and the resumption of manufacturing of rheumatoid arthritis diagnostic devices in North America.

What are the Revenue-generating Product Segments in the Rheumatoid Arthritis Diagnostic Devices Market?

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The rheumatoid arthritis diagnostic devices market share growth by the analyzers segment will be significant during the forecast period. Rheumatoid arthritis analyzers are costly as they can perform multiple functions. Such analyzers help to detect or to analyze specific proteins such as CCP antibodies and the rheumatoid factor. Vendors in the market are focusing on developing automated analyzers, which are highly advanced and can provide test results with better efficacy. These analyzers enable high-quality testing results, which, in turn, reduce the turnaround time and enhance productivity. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the rheumatoid arthritis diagnostic devices market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Rheumatoid Arthritis Diagnostic Devices Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive rheumatoid arthritis diagnostic devices market growth during the next five years
• Precise estimation of the rheumatoid arthritis diagnostic devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the rheumatoid arthritis diagnostic devices industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of rheumatoid arthritis diagnostic devices market vendors

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