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 (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE) Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: July 2017 | 105 Pages | Report ID: GMI1922 Report Format: PDF
Esoteric Testing Market size was over USD 18 billion in 2016, with growth forecast over 9% CAGR from 2017 to 2024.
Germany Esoteric Testing Market Size, By Test Type, 2013-2024 (USD Million)
Global esoteric testing market size is expected to witness promising growth owing to increasing geriatric population and rising trend of early disease diagnosis in the clinical laboratories. Increasing number of commercial labs coupled with surge in outsourcing activities will fuel industry growth.
Rising sophistication in laboratory instrumentation has resulted into increased adoption of advanced clinical laboratory technologies such as mass spectrometry, flow cytometry, and real Time-PCR for esoteric testing. Innovation in esoteric testing technologies in terms of new tests as well as equipment will make testing process efficient and faster.
Increasing application of information technology (IT) has enabled instant and efficient data transfer creating several opportunities for research on large datasets. These developments will provide accurate results and improved patient care creating huge demand for esoteric testing.
Complex diseases are difficult to diagnose and treat as specific factors causing the disease are not identified. Esoteric testing plays an important role in aiding the diagnosis of such diseases. Rising occurrence of complex and rare medical disorders is expected to contribute to the esoteric testing market growth.
Growing demand for personalized medicine and huge investments in genomics and proteomics industry should boost the esoteric testing market growth. Advent of advanced DNA analysis technologies and spurring r& D investments should accelerate business growth.
Stringent regulatory framework and dearth of qualified and trained professionals will hamper industry growth. The demand for clinical laboratory services may outpace the number of technologists impeding the esoteric testing market growth.
Esoteric Testing Market, By Test Type
Infectious disease & immunology held the largest share of the global esoteric testing market revenue in 2016. Increasing prevalence of infectious diseases and growing number of esoteric tests for diagnosis of immunological diseases will increase the overall industry test volumes
Oncology market size is projected to surpass USD 6.5 billion by 2024. Esoteric testing for oncology is slated to increase at fast pace owing to rise in number of rare cancer disorders and the increasing demand for personalized medicine treatment.
Esoteric Testing Market, By Technology
Chemiluminescence is the most widely used technology in esoteric testing accounting for over 25% of industry share in 2016, followed by ELISA and mass spectrometry. The majority share should be credited to its extensive use in esoteric testing due to its capability to detect analytes in low volume test samples offering high sensitivity and accurate diagnosis.
Real Time PCR is projected to gain market traction over the forecast year due to rising demand for genetic testing and personalized medicine. This market is slated to exceed USD 4.5 billion by 2024.
Esoteric Testing Market, By Region
U.S. esoteric testing market accounted for the largest regional revenue share in 2016. Increasing awareness regarding early disease detection along with quick adoption of sophisticated instruments will drive business growth.
China is projected to gain significant traction registering a growth rate of over 11% over the forecast years. The robust growth can be attributed to presence of huge patient pool with unmet medical needs and rising government focus to provide improved patient care.
Competitive Market Share
Some of the notable participants in the industry include Quest Diagnostics, American Esoteric Laboratories, Arup Laboratories, BioMONTR, Laboratory Corporation of America, and Mayo Medical Laboratories.
The major strategies adopted by market players include mergers and acquisitions, geographical expansion and extending their product offerings to stay ahead in the competitive market. Esoteric laboratories are witnessing a trend of placing themselves in strategic positions by differentiating their product offerings from competitors.
Esoteric Testing Industry Background
The esoteric testing industry is guarded by stringent regulatory framework. Esoteric tests are regulated by the laws and regulations of Clinical Laboratory Improvement Amendments (CLIA) and FDA regulation of Laboratory Developed Tests and clinical laboratories. The federal FDA regulates test kits, reagents as well as instruments among other areas used by esoteric laboratories for diagnostic testing. Highly complex esoteric testing laboratories need to be CLIA-certified and need to frequently develop internal testing procedures to provide accurate diagnostic results. The adoption of such regulatory approach by the laboratories may lead to increased burden over the labs creating additional costs and delay in introducing new tests.
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