The esoteric testing market expansion will be augmented by the growing prevalence of rare and complex diseases and a surge in the geriatric population across the globe.
The esoteric testing market expansion will be augmented by the growing prevalence of rare and complex diseases and a surge in the geriatric population across the globe. Esoteric testing is concerned with the analysis of a rare substance that is not conducted in a routine clinical laboratory.
A growth in the number of chronic diseases such as cancer will augment the need for esoteric testing for fast and accurate results. Reportedly, as per WHO, cancer, which is the second leading cause of deaths globally, claimed nearly 9.6 million lives in 2018.
According to a Global Market Insights, Inc., report, esoteric testing market size is expected to surpass US$39 billion by 2025. Described below are some factors driving the market outlook.
Demand for advanced molecular testing
The rising need for early disease detection, growing awareness about the advanced molecular testing mechanism, and an increase in R&D activities in the field of proteomics and genomics will boost the demand for esoteric testing considerably. The high adoption of advanced technologies such as mass spectrometry and real time-PCR in sophisticated clinical laboratories will help in delivering more accurate and effective test results.
Contrastingly, the presence of strict regulations related to esoteric tests resulting in extra burden on laboratories and a delay in the introduction of new testing methodologies could limit industry expansion in the coming years.
Oncology esoteric testing for HBOC syndrome
The ubiquity of infectious diseases coupled with rising consumption of unhealthy dietary and sedentary lifestyles has triggered a rising incidence of severe ailments including cancer in developing countries including China and India. The increasing incidence of cancer has made people more aware of the disease and the importance of early detection.
The constant introduction of new tests, such as BRCAvantage by Quest Diagnostics which is developed for patients suffering from Hereditary Breast and Ovarian Cancer (HBOC) syndrome, will create a substantial demand for esoteric testing for precise oncology results. Reportedly, the oncology esoteric testing market is projected to grow at nearly 11.2% CAGR up to 2025.
Wide application of mass spectrometry
The mass spectrometry esoteric technology market is forecasted to account for nearly 18% of the global share by 2025, with widespread application of the technology in drug monitoring, endocrinology, toxicology screening, and vitamin D testing. Growing adoption of mass spectrometry over other available testing technologies will create a progressive market outlook for lab testing businesses.
U.S. esoteric testing market accounted for nearly 35% of the total market share in 2018, on account of the rising incidences of rare diseases and technological innovations in the field of medical science and research. The presence of several initiatives, such as Obama’s Precision Medicine Initiative and the 21st Century Cures Act, will certainly favor the regional esoteric testing market growth.
To access sample pages of this report titled, “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” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/1922
High occurrence of severe diseases in Japan
Japan esoteric testing market size will rise considerably to reach US$3.5 billion by 2025. The rising number of patients suffering from severe medical conditions, growing number of baby boomers, and the existence of several initiatives undertaken by the government to develop innovative medical solutions to nurse uncommon diseases will lead to a consistently rising demand for esoteric testing in the country.
Japan Agency for Medical Research and Development in 2015 had joined hands with the Japanese universal healthcare system and Nan-Byo researchers to introduce a program on Rare and Undiagnosed Diseases (IRUD). Such an initiative will provide a sustainable market environment for the esoteric testing market in the region.
Leading companies in global esoteric testing industry include Nordic Laboratories, Laboratory Corporation of America, Miraca Holdings, Quest Diagnostics, Opko Health, Genomic Health, ACM Global Laboratories, American Esoteric Laboratories (AEL), Myriad Genetics, Arup Laboratories, Invitae, Fulgent Genetics, BioMONTR, and Mayo Medical Laboratories.
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