The North America esoteric testing market is expected to record appreciable growth over the ensuing years, on the back of increasing awareness regarding early diagnosis of rare diseases.
The North America esoteric testing market is expected to record appreciable growth over the ensuing years, on the back of increasing awareness regarding early diagnosis of rare diseases. In recent years, there has been a major increase in people suffering from rare diseases such as cancer due to numerous reasons. In fact, as per the American Cancer Society estimate, around 20% of cancer patients are diagnosed with the rarer form of cancers.
Early diagnosis of such diseases plays a pivotal role in improving the patient’s quality of life, predominantly accelerating market growth over the forecast period. Besides, burgeoning technological advancements in esoteric testing may further increase the demand for esoteric testing in the region. However, a strict regulatory framework is expected to restrain industry growth to a certain extent over the forecast period.
As per reliable sources, the North America esoteric testing market is anticipated to surpass $14 billion by 2025.
Top 3 trends accelerating the North America market
Increasing prevalence of infectious and immunological disorders
In recent years, esoteric testing procedures have gained significant prominence in the infectious disease and immunology segment. In fact, the infectious disease and immunology esoteric testing segment recorded USD 2.2 billion in revenue in 2018.
This growth can be attributed to the increasing prevalence of infectious diseases in the United States. As per the National Center for Health Statistics (NCHS) estimate, the nation recorded 9,272 new cases of tuberculosis and 53,850 salmonella cases in 2016. This has led to an increase in the demand for esoteric testing for better diagnosis and treatment, thereby accelerating the market growth over the forecast period.
In addition, the growing prevalence of rare genetic conditions, increasing demand for precise diagnosis, and advancements in genomics and proteomics are key factors likely to further accelerate North America esoteric testing business growth.
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Accentuating demand from the U.S
On the regional front, the U.S is expected to offer lucrative opportunities to companies partaking in the market share. As per reports, the regional market recorded USD 7.2 billion in revenue in 2018. Increasing adoption of innovative technologies coupled with improved healthcare infrastructure is likely to support U.S. esoteric testing industry growth. Besides, the strong presence of industry participants that offers cutting-edge esoteric testing procedures in the nation will further accelerate the regional industry growth.
The strong presence of industry participants
Based on the competitive landscape, it is pivotal to mention that companies involved in the North America market are undertaking numerous growth strategies like R&D initiatives, collaborations, and partnerships to generate profits. Citing an instance to highlight the same, in January 2019, Laboratory Corporation of America extended its agreement with the Texas Association of Community Health Centers for offering improved laboratory services to over one million patients.
This strategy has helped companies strengthening their customer base and record lucrative revenues. Notably, companies such as Myriad Genetics, Opko Health, Laboratory Corporation of America, and Quest Diagnostics are currently at the forefront of the North America esoteric testing market.
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