Human Prion Disease Diagnostics Market
Human Prion Disease Diagnostics Market By Technology (Electroencephalography, Magnetic Resonance Imaging, Tonsil Biopsy, Brain Biopsy, Blood Tests, Neurological Examinations), By Region - Global Market Insights 2021 to 2031
Human Prion Disease Diagnostics Market Outlook
With proliferation of advanced technologies in the diagnostics sector, early diagnosis of rare diseases such as human prion disease is no more a tough task.
While clinical studies show that the probability of such a disease is nearly 2 in 1 million individuals, it is of utmost importance to detect the disease at an early stage for proper treatment.
While human prion disease diagnostics equipment manufacturers have faced restraints due to the outbreak of the COVID-19 pandemic, they are recovering fast from the setback with fast adoption of the new normal.
With development of more sophisticated diagnostic tools, suppliers and manufacturers are anticipated to witness increase in sales over the coming years. In its latest report, Fact.MR provides a thorough analysis of the global human prion disease diagnostics market, its potential, growth, scope, restraints, and drivers across the globe.
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What Do Historical and Future Trends in Human Prion Disease Diagnostics Indicate?
Steady progress of the clinical, healthcare, and diagnostic sectors has significantly catered to the growth of prion disease diagnostics. Increasing concerns regarding the causes, symptoms, and types of human prion diseases have also worked in favor of manufacturers.
According to an article titled “Infectious Diseases of Poverty”, published by the National Center for Biotechnology Information (NCBI), there are various types of human prion diseases such as Kuru, Creutzfeldt-Jakob disease (CJD), Gerstmann-Straussler-Scheinker syndrome, and fatal familial insomnia.
As stated by them, there are still no specific therapeutic and prophylactic interventions available for prion diseases, and thus, they require more attention, including better diagnosis.
While such articles, reports, and initiatives have changed the market outlook in the past years, growing investments by equipment manufacturers have further fueled sales in recent times.
As investments in research & development (R&D) activities in the diagnostics sector are increasing, the future of suppliers and manufacturers is expected to be progressive.
According to a report published by NCBI, advances in biomedicine are combining to link genetics, gene expression, and disease diagnosis and treatment.
According to a report published by Health America, in the United States, in 2019, independent research institutes (IRIs), universities, and independent hospitals dedicated more than US$ 12.5 billion of institutional funds to R&D of medical, healthcare, and diagnosis, while total U.S. medical & health R&D spending was US$ 171.8 billion.
These, in turn, are expected to bolster growth of the human prion disease diagnostics market over the coming years.
How are Advancements in Diagnostics Sector Boosting Growth?
With the incorporation of cutting-edge technologies in the diagnostics sector, human prion disease diagnostic equipment manufacturers have experienced prominent progress since the past decade.
According to a report titled “The European Medical Technology Industry”, published by the MedTech Europe Organization in 2019, in Europe, there are more than 500,000 medical technologies available in hospitals, diagnostics, community-care settings, and others, which is growing steadily with advancements in this sector.
As per the report, in 2017, more than 13,000 patent applications were filed with the European Patent Office (EPO) in the field of medical technology, which is 7.9% of the total number of applications, still more than any other sector in Europe.
The report also stated that, 40% of these patent applications were filed from European countries (EU28, Norway, and Switzerland), and 60% from other countries, out of which, a majority of applications were filed from the United States (37%). These statistics reveal the wide scope of growth for stakeholders in the human prion disease diagnostics industry over the coming years.
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Are Investments Increasing in Diagnostics?
Rise in investments in the diagnostics sector are substantially propelling growth of the human prion disease diagnostics market across the world.
According to a report titled “Return on Investment- Society to Improve Diagnosis in Medicine”, published by the Improve Diagnosis Organization, there are promising solutions in the research pipeline for specific ‘Big Three’ problems that would eliminate low-value diagnostic care (low quality, high cost).
As per the report, development of technology-based solutions and research for widespread dissemination, coupled with increase in investments, is projected to expand the diagnostics sector further in future.
According to a report published by the Government of the United States in 2020, the U.S. government invested US$ 6.5 million in the diagnostics sector.
As stated in a report “Investing in Health”, published by the European Commission (EC), in Europe, the healthcare sector accounts for 8% of the total European workforce, and 10% of the EU’s GDP, while public expenditure accounts for almost 80% of healthcare budgets.
What are the Key Challenges Faced by Human Prion Disease Diagnostics Stakeholders?
Though human prion disease diagnostics is gaining fast traction, there are a few key challenges that often act as restraints for manufacturers. This is a very rare disease affecting only a very small proportion of the world’s population. Hence, it is not an area that gains a lot of attention.
Additionally, there has been sluggish growth of manufacturing hubs due to the outbreak of COVID-19 in the last year.
As focus got shifted towards the emergency situation, investments and initiatives all revolved around the outbreak of the pandemic, which affected human prion disease diagnostic equipment manufacturers negatively.
However, these negative effects are about to diminish with the fast and steady recovery of the sector, and manufacturers and suppliers are expected come across greater scopes over the coming years.
Why are Human Prion Disease Diagnostics Equipment Manufacturers Focusing on the U.S.?
The United States, the epicenter of the world’s largest human prion disease diagnostics market North America, is in the focus of manufacturers due to its high potential.
Rising investments and initiatives taken by the government and various non-profit organizations are significantly spurring growth in the United States. According to the Government of U.S., the U.S. diagnostics manufacturing industry employs more than 60,000 employees in different firms, while ensuring proper investments on research & development activities to improve the diagnostic operations.
While patient informed consent is protected by the Department of Health and Human Services (DHHS) regulations, applying to all clinical research conducted or sponsored by the federal government and by specific FDA regulations, investigations of diagnostics conducted for FDA submissions rarely require direct patient involvement.
As the U.S. healthcare & diagnostics industry is highly progressive, demand for human prion disease diagnostics is expected to experience significant growth over the coming years.
How is Government Funding Driving Canada’s Human Prion Disease Diagnostics Market?
Canada is highly advanced in terms of its healthcare and diagnostics sector. Increasing focus of people on health due to campaigns and initiatives by various non-profit and government organizations are further escalating growth in Canada.
According to a report published by the AACC Organization in July 2019, the US$ 78.34 billion U.S. clinical laboratory industry is expected to grow to US$ 91.31 billion by 2022.
The report titled “Growth Opportunities in the North American Clinical Laboratory Services Market, forecast to 2022” also predicts that, the Canadian clinical laboratory market will grow to US$ 13.30 billion by 2022, bolstered by funding from the Canadian Ministry of Health.
This will go on to propel the growth of stakeholders related to human prion disease diagnostics in Canada through 2031.
Why is the U.K. a Heavyweight for Prion Disease Diagnostics Equipment Manufacturers?
The United Kingdom has emerged as a lucrative market in Europe, owing to technical advancements and incorporation of ultra-modern technologies in the diagnostics sector.
The Government of the United Kingdom announced the Medicines and Diagnostic Manufacturing Transformation Fund in 2020, where EUR 20 million was made available from 2021 as part of the government’s 2021/2022 spending review.
According to the Department for International Trade, the U.K has a globally unique health and life science ecosystem, with more medical products in development than any other country in Europe.
According to its report, research & development funding for the U.K. healthcare, diagnostics, and life science sectors is forecast to surpass EUR 80 billion in the next 10 years. This signifies new opportunities awaiting manufacturers in the U.K.
Will Prion Disease Diagnostics Exhibit Hegemony in Germany?
Germany is a key region in the Europe human prion disease diagnostics market, and is expected to remain dominant over the coming years too. Growing investments in the diagnostics sector coupled with the incorporation of new-edge technologies in diagnostic solutions is fuelling growth in the country.
According to the Germany Trade & Invest Organization, the country offers the largest industry for healthcare and life science products in Europe, while Germany is the world’s third-largest manufacturing nation with a share of 9.9% of worldwide medical technology production.
With rise in demand for timely diagnosis and healthcare services, combined with progressing digitization and growing awareness for health and fitness, digital solutions in healthcare and diagnostics are becoming more popular.
Additionally, adoption of highly advanced technologies such as cerebrospinal fluid examination, magnetic resonance imaging, computed tomography, and others are catalyzing the growth of the human prion disease diagnostics industry in Germany.
How is China Remaining in the Limelight for Human Prion Disease Diagnostics?
Growing adoption of advanced technical and digital solutions in the diagnostics sector, coupled with rise in investments through governmental funds in health and diagnostics is spurring growth in China.
According to a report titled “China’s Changing Medical Device Exports’, published by the United States International Trade Commission in January, 2018, China’s emergence as a global supplier of relatively high-tech medical devices, including diagnostic equipment, reflects the increasing ability of local firms to supply the country’s burgeoning market.
According to the International Trade Commission, China’s healthcare and diagnostics industry was valued at US$ 53.6 billion, and ranked as the world’s second-largest behind the United States’ industry in 2016, and is growing exponentially.
As a result, human prion disease diagnostic players have been eyeing China since the past decade.
Why are Human Prion Disease Diagnostic Suppliers Prioritizing Japan?
The healthcare and diagnostics industry in Japan is evolving fast, creating new opportunities for manufacturers. According to a report published by the Japan External Trade Organization (JETRO), the medical device industry in Japan has been growing steadily to reach 3 trillion yen in 2015, and is projected to expand further over the coming years.
As stated in the report, in terms of market size by type of product, ‘diagnostic imaging systems’ and ‘biological function supplemental devices/substitutes’ account for a large market share.
While this indicates lucrative opportunities for human prion disease diagnostics equipment suppliers, governmental supportive funds and initiatives remain a major factor that will boost growth in the Japanese market space.
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The global human prion disease diagnostics market is becoming fiercer in terms of competition with each passing year. In order to sail through the cut-throat competition, key players are focusing on the development of more advanced range of products.
- Researches of Novartis AG have started combining imagination with the rigor of collaborative science in order to develop sophisticated human prior disease diagnostic solutions.
- Bio-Rad Laboratories launched its Western Blot Sample Testing for the diagnosis of various human prion diseases, a couple of years back.
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Human Prion Disease Diagnostics Market Segmentation by Category
- Magnetic Resonance Imaging
- Cerebrospinal Fluid Examination
- Computed Tomography
- Tonsil Biopsy
- Brain Biopsy
- Blood Tests
- Neurological Examinations
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
- FAQs -
Some of the top companies competing in the global human prion disease diagnostics industry are PrioSense Ltd., Novartis AG, Covance, Inc., Gene Thera, Inc., and others.
The United States, Canada, China, Germany, the United Kingdom, France, Italy, and a few others are lucrative markets for human prion disease diagnostics.
Technology-wise, computed tomography, cerebrospinal fluid examination, magnetic resonance imaging, and others are highly sought-after segments in this market space.
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