Esoteric Testing Market size to exceed $39 Bn by 2025
Published Date: May 8, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Esoteric Testing Market size is set to exceed USD 39 billion by 2025; according to a new research report by Global Market Insights.
Increasing prevalence of chronic diseases and infectious diseases in developing countries such as China, India, etc. along with rising geriatric population highly susceptible to suffer from chronic disorders will drive esoteric testing market over the forecast timeframe.
Rising number of people suffering from rare diseases has escalated burden on healthcare systems to develop innovative test solutions, thereby fueling industry growth. Furthermore, sophistication of laboratory equipment leading to growing adoption of ground breaking technologies such as flow cytometry, mass spectrometry and real time-PCR will favor industry growth.
Growing awareness about early disease detection along with rising demand for genomics and proteomic will positively impact esoteric testing market growth over the forecast period. However, lack of trained professionals and stringent regulations related with esoteric tests will restrain industry growth in future.
Infectious disease esoteric testing market dominated the industry in 2018 with around 28% market share followed by endocrinology, that is anticipated to witness considerable growth over the coming years. Rising incidence of infectious diseases coupled with growing demand for advanced molecular tests for identifying rare molecules present in the body will drive segment growth. Rising awareness about pre-disease diagnosis and treatment will further stimulate demand for esoteric tests over the coming years.
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Real time-PCR esoteric technology market is estimated to witness around 10.3% CAGR over the forecast period. Growing adoption and application of real time-PCR as compared to other conventional techniques due to its superior specificity, sensitivity and speed with reduced contamination risk will drive segment growth. Technological advancements in the field of PCR coupled with growing investments towards PCR-based research will further propel business growth.
Browse key industry insights spread across 163 pages with 132 market data tables & 8 figures & charts from the report, “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, UK, Germany, France, Italy, Spain, Japan, China, India, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Germany esoteric testing market should grow at more than 9.8% CAGR owing to increasing incidence of rare and complex diseases along with adoption of high cutting-edge technology. Germany has well-developed National Rare Disease Plan with centralized core programs for neonatal screening, national funding, access to treatments, robust research plans, coordinated networks and cross-border collaborations for rare diseases, that will eventually propel industry growth.
Developing healthcare infrastructure, growing awareness about early disease detection and numerous initiatives undertaken by the government will drive India esoteric testing market to reach USD 1.4 billion by 2025. Initiatives such as action plan to eradicate Visceral leishmaniasis (VL) by 2017 undertaken by government will fuel industry growth. Furthermore, increasing elderly population in the country will stimulate demand for esoteric tests over the coming years.
Some of the key industry players operating in global esoteric testing market are Laboratory Corporation of America, Quest Diagnostics, Opko Health, and Arup Laboratories. Other players include Mayo Medical Laboratories, ACM Global Laboratories, American Esoteric Laboratories (AEL), Fulgent Genetics, Invitae, Myriad Genetics, Nordic Laboratories, Miraca Holdings, Genomic Health, BioMONTR. The industry players are focusing towards elevating their market position by adopting various inorganic growth strategies such as acquisition and strategic partnership. For instance, Opko Health acquired Bio-Reference Laboratory, third largest clinical laboratory, in August 2015 to expand company’s product portfolio, thereby consolidating its market position.
Esoteric testing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Esoteric Testing Market, by Test type (USD Million)
- Infectious disease & immunology
Esoteric Testing Market, by Technology (USD Million)
- Mass spectrometry
- Flow cytometry
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia