The report highlights trends prevailing in the market, and the factors driving and hindering the market growth.
According to our new research study on “Esoteric Testing Market Forecast to 2025 – COVID-19 Impact and Global Analysis – by Technology, Test Type, and End User,” the market is expected to reach US$ 45,081.6 million by 2025 from US$ 19,868.2 million in 2017; it is estimated to grow at a CAGR of 11.7% from 2017 to 2025. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the esoteric in healthcare market is attributed to the rising prevalence of infectious diseases, growing awareness regarding early detection using specific diagnostic tests, and increasing geriatric population & associated growth in chronic diseases are expected to fuel the market growth during the forecast period. However, lack of skilled personnel and poor reimbursement scenario are likely to restrain the market growth in the future years to some extent.
The analysis of the unique or the niche assay that are not performed routinely in the clinical laboratories are known as esoteric testing. The esoteric testing tests require the specialized personnel as these tests are performed using the radioimmunoassay (RIA) technique which is expensive and time consuming. The growth of the esoteric testing in healthcare market is attributed to the rising prevalence of infectious diseases, growing awareness regarding early detection using specific diagnostic tests, and increasing geriatric population & associated growth in chronic diseases are expected to fuel the market growth during the forecast period. However, lack of skilled personnel and poor reimbursement scenario are likely to restrain the market growth in the future years to some extent.
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Esoteric Testing Market Competitive Landscape and Key Development
Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Sonic Healthcare, Caris Life Science, ACM Global Laboratories, Foundation Medicine, Inc., Miraca Holdings Inc., Agendia, Primary Health Care Limited and Rennova are among the leading companies operating in the esoteric testing in healthcare market.
The esoteric testing in healthcare market is expected to witness substantial growth post-pandemic. Majority of the market players have focused on esoteric testing to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated which are assisting the healthcare professionals to work efficiently even under shortage of resources. These factors will eventually drive the market growth.
Growing Applications of Esoteric testing in Healthcare to Drive Esoteric testing in Healthcare Market Growth
Infectious diseases are disorders caused by various organisms which include viruses, bacteria, fungi or parasites. Infectious diseases are occasionally passed from one person to another person. Some diseases are transmitted by bites from insects or animals. And others are acquired by ingesting contaminated food or water or being exposed to organisms in the environment. The epidemiological burden of sepsis across the globe has increased in the past few years. According to World Health Organization (WHO), it is estimated to affect more than 30 million people every year across the globe, which leads to 6 million deaths. The burden of sepsis is most likely highest in low- and middle-income countries.
According to WHO, an estimated 71 million people have chronic hepatitis C infection across the globe. A significant number of those who are chronically infected will develop cirrhosis or liver cancer. Approximately, 399, 000 people die every year from hepatitis C, mostly from cirrhosis and hepatocellular carcinoma.
As per the report of WHO, in 2016, there were an estimated 216 million cases of malaria in 91 countries, which was an increase of 5 million cases from 2015. The WHO African Region carries a disproportionately high share of the global malaria burden. In 2016, the region was home to 90% of malaria cases and 91% of malaria deaths.
According to the data published in Centers for Disease Control and Prevention (CDC), in 2016, number of new tuberculosis cases were approximately, 9,272. The number of new salmonella cases were around 53,850. Moreover, the number of new Lyme disease cases were found to be 36,429. And the number of new meningococcal disease cases were 375. The cases of Human Immunodeficiency Virus (HIV)/ Acquired Immunodeficiency Syndrome (AIDS) was found to be approximately 39,782. Approximately, 40.7% adults aged 18 and over who had been tested for HIV (excluding blood donation).
Esoteric Testing Market: Segmental Overview
In terms of technology, the esoteric testing in healthcare market is based on the technology was segmented into chemiluminescence immunoassay, realtime PCR, flow cytometry, mass spectrometry, enzyme-linked immunosorbent assay and others. In 2017, the chemiluminescence immunoassay segment held the largest share of the market, by technology. However, the real-time PCR is expected to grow at the fastest rate during the coming years owing to the capacity of the PCR to bind with sequence specific probes.
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