10 March 2021
Visiongain has published a new report on Addison Disease Testing Market Report to 2031: Forecasts by Testing Type (Laboratory Testing, Comprehensive metabolic panel, Thyroid-stimulating hormone (TSH) levels, ACTH stimulation test, Insulin-induced hypoglycemia test, Autoantibody testing, Prolactin testing, Imaging Studies, Chest radiograph, and Computed tomography (CT) scan) By End-User (Hospitals, Clinics, and Diagnostics Laboratories) PLUS COVID-19 Recovery Scenarios.
Global Addison Disease Testing market size is projected to reach US$ XX Million in 2021 and is expected to display strong revenue growth through to 2031.
COVID-19 Impact on Addison Disease Testing Market
The COVID-19 pandemic has deleteriously affected all the countries and industries. Similarly, the Addison Disease Testing market is anticipated to take a hit. The target industry is now facing challenges to manage the interrupted demand and supply of components. Also, unpredictable and disturbing supply chain activities and the unavailability of human resources are anticipated to impact the target industry growth. Hence, the overall COVID-19 impact is expected to continue to moderate for the global key players operating in the industry.
Increasing Rate of Adrenal Insufficiency
The rising prevalence rate of adrenal insufficiency is causing the growth of the cases of Addison diseases and resulting in an upsurge in the demand for testing service. The National Organization for Rare Disorders (NORD) study stated that Addison disease affects men and women equally. Nearly 1 in 100,000 people have this disease in the U.S. The total prevalence rate is assessed to be between 40 to 60 people per million population.
The reported incidence in nations where data are accessible is 60 cases per 1,000,000 people in Denmark and 39 cases per 1,000,000 people in Great Britain annually. According to the research by Olafsson and Sigurjonsdottir, the occurrence of primary adrenal insufficiency is estimated to be 22.1 per 100,000 people in Iceland. On the other hand, in a survey by Hong et al, the occurrence of primary adrenal insufficiency is estimated to be 4.17 per 1,000,000 people in Korea. Hence, the demand for an accurate Addison disease testing tool is expected to increase on the account of the rising prevalence rate of adrenal insufficiency.
Increasing Government Initiatives in Improving the Healthcare Sector
Healthcare spending has increased drastically in the U.S. in the past few decades. As per the Journal of the American Medical Association (JAMA), healthcare expenditure in the U.S. upsurge near a trillion dollars between 1996 and 2015. The association told that healthcare expenditure in the U.S. during 2017 was around $3.5 trillion, i. e, $11,000 per person. These expenditures are projected to be $6 trillion—approximately $17,000 per person by 2027.
Public-Private Partnership (PPP) in Diagnostics Centers
The target market growth is predominantly attributed to the growing acceptance of point-of-care and quick diagnostic tests, the rising number of private diagnostic centers, and the growing awareness regarding Addison disease and initiatives taken by health organizations and government. Besides, improving healthcare infrastructure in developing countries and the increasing number of regulatory endorsements for immunoassay techniques further offer lucrative growth opportunities for the global key players operating in the Addison disease testing market. However, the shortage of skilled laboratory technicians and the high price of diagnostic imaging systems & procedures may hinder the target industry growth at a certain point.
Key players operating in the global Addison Disease Testing market are Core Diagnostics Private Limited, Any Lab Test Now, Laboratory Corporation of America Holdings, Diagnostic Laboratory Services, Inc., Sonora Quest Laboratories, Dr. Lal PathLabs, Ayumetrix, and others.
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