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Esoteric Testing Market Size By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), By Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, Real Time-PCR), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

  • Report ID: GMI1922
  • Base Year: 2018
  • Report Format: PDF

Industry Trends

Esoteric Testing Market size was valued over USD 20 billion in 2018 and is expected to witness around 10.1% CAGR from 2019 to 2025.

Increasing incidence of rare and complex diseases coupled with growing awareness regarding early disease diagnosis and treatment will drive the market over the forecast period. According to the European Commission, nearly 27 to 36 million people suffer from rare disease in European region.

Esoteric Testing Market

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Rapidly improving healthcare sector in developing countries along with rising number of sophisticated laboratories offering advanced services will favour industry growth. Growing number of baby boomers prone to suffer from several chronic conditions will act as high impacting factor for industry growth.

Rising prevalence of infectious and chronic diseases such as cancer, diabetes, etc. should escalate demand for esoteric tests over the coming years. Furthermore, technological advancements including antidote automation technology, standardization of advanced instrumentation and analytical systems will accelerate esoteric testing market growth over the forecast timeframe.

Growing demand for proteomics and genomics coupled with increasing investment towards development of innovative test solutions for detecting rare substances in the body will propel business growth. The prediction and assessment of treatment response, growth of pharmaceutical industries and rising prevalence of chronic diseases has escalated demand for personalized genomics healthcare solutions. However, stringent regulations and dearth of skilled professionals in developing countries will restrain industry growth over the forecast timeframe.

Esoteric Testing Market, By Test type

China esoteric testing market by test type

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The esoteric testing market by test type includes endocrinology, infectious disease and immunology, oncology, neurology, toxicology, genomics, and others. Infectious disease and immunology segment accounted for around 28% market share in 2018 owing to high prevalence of infectious diseases coupled with greater demand for advanced molecular tests. Availability of immunology laboratory services for every medical specialty will positively impact segment growth in the foreseeable future.

Globally, growing awareness regarding early disease diagnosis and treatment coupled with rising incidence of cancer will drive oncology esoteric testing market over the forecast timeframe. Introduction of esoteric test, BRCAvantage developed by Quest Diagnostics for patients suffering from Hereditary Breast and Ovarian Cancer (HBOC) syndrome, who are at higher risk of suffering from cancer will positively impact business growth.

Esoteric Testing Market, By Technology

Chemiluminescence esoteric technology market dominated global industry in 2018 and is anticipated to witness over 10.5% CAGR owing to high adoption of chemiluminescence in esoteric testing due to its high efficiency along with necessity of small sample. Superior sensitivity and accuracy delivered by this technology using low analyte concentration will further stimulate business growth.

ELISA esoteric technology market accounted for over 20% market share in 2018 due to its growing application in detection of various analytes. Moreover, ELISA is a common technique for basic research, drug discovery program, and high throughput screening performed in laboratories. New developments in biomarker field leading to availability of new targets will generate revenue growth for the segment.

Esoteric Testing Market, By Region

Asia Pacific esoteric testing market by country

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Healthcare infrastructure development coupled with rising incidence of rare diseases will augment China market growth to reach USD 3.1 billion by 2025. According to the World Health Organization, nearly 10 million people in the country suffer from rare diseases. Furthermore, developments such as artificial intelligence platform capable of diagnosing congenital cataracts will favour industry growth.

U.S. market accounted for around 35% regional share in 2018. Growing prevalence of rare and complex diseases along with advancements in medical research will drive U.S. market over the coming years. Government initiated programs such as Obama Precision Medicine Initiative, etc. should positively impact industry growth.

Cutting-edge genetic research conducted in the field of cancer and rare diseases along with favourable initiatives such as UK Strategy for Rare Diseases established in 2013 will drive UK esoteric testing market. Leading researchers of National Health Service undertake ground breaking research into rare diseases to offer best possible care to patients suffering from rare diseases will drive country’s esoteric testing market.

Competitive Market Share

Few notable industry players include Laboratory Corporation of America, ACM Global Laboratories, Quest Diagnostics, Arup Laboratories, Fulgent Genetics, Invitae, Mayo Medical Laboratories, Myriad Genetics, OPKO Health, Nordic Laboratories, Miraca Holdings, Genomic Health, BioMONTR and American Esoteric Laboratories (AEL). Industry players are adopting various inorganic strategies such as acquisition, strategic partnership and collaboration to enhance their product offerings, thereby elevating its market position and business portfolio.

Esoteric Testing Industry Background

Major players such as Laboratory Corporation of America and Quest Diagnostics dominate esoteric testing market. Acquisition is one of the major strategies adopted by these industry players. For instance, LabCorp acquired Chiltern International in August 2017 with an aim to expand oncology segment. Increasing prevalence of infectious diseases and chronic diseases along with rising awareness pertaining to early disease diagnosis has augmented demand for esoteric tests. Other players are also adopting similar strategy to broaden its product portfolio. In August 2015, Opko acquired Bio-reference Laboratory to advance company’s clinical laboratory testing solutions.

Esoteric tests are regulated under the U.S. FDA regulation of laboratory developed tests and Clinical Laboratory Improvement Amendments (CLIA). Stringent regulatory framework lead to rise in economic burden over the laboratories along with delayed introduction of new tests in the market, hence hampering the industry growth over the coming years.

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

The market size of esoteric testing surpassed USD 20 billion in 2018.

The industry share of esoteric testing is expected to achieve over 10% CAGR from 2019 to 2025.

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Premium Report Details

  • Published Date: May 2019
  • Companies covered: 14
  • Tables & Figures: 140
  • Countries covered: 16
  • Pages: 163

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