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), Technology Development, Competitive Landscape & Forecast, 2018 - 2024
Esoteric Testing market will exceed USD 35 billion by 2024; as per a new research report.
Growing geriatric population, more likely to suffer from chronic diseases coupled with rising prevalence of rare and complex diseases will act as high impacting growth factor for esoteric testing market.
Sophistication of clinical laboratories leading to high adoption of modern technologies including mass spectrometry and real time-PCR will positively impact industry growth. Rising prevalence of infectious diseases coupled with growing adoption of unhealthy diet and sedentary lifestyle resulting in high incidences of chronic ailments in developing countries such as India will further boost industry growth.
Increasing demand for proteomics and genomics, rising awareness about early disease detection and growing demand for advanced molecular tests will stimulate demand for esoteric tests over the forecast period. However, stringent regulations pertaining to esoteric tests leading to increased burden on laboratories as well as delaying introduction of new tests in the market will hinder market growth over the coming years.
Oncology segment is anticipated to witness around 10.5% CAGR growth during the forecast period. Rising incidences of cancer coupled with growing awareness about the disease and early detection will drive segment growth. Frequent introduction of new tests such as BRCAvantage, by Quest Diagnostics developed for Hereditary Breast and Ovarian Cancer (HBOC) syndrome patients, who are at high risk of suffering from cancer will positively impact industry growth.
U.S. esoteric testing market held nearly 35% of total regional share in 2017 due to increasing incidences of rare diseases and technological advancements in field of medical research in the country. Initiatives such as 21st Century Cures Act and Obama’s Precision Medicine Initiative will favor industry growth.
Large patient population base suffering from chronic conditions, increasing number of baby boomers and numerous initiatives undertaken by government to develop effective solutions to treat rare diseases will drive Japan esoteric testing market over the forecast timeframe. In 2015, Japan Agency for Medical Research and Development in collaboration with Japanese universal healthcare system and Nan-Byo researchers launched Initiative on Rare and Undiagnosed Diseases (IRUD) will favor esoteric testing market growth in the country.
Some of the notable industry players are Quest Diagnostics, Nordic Laboratories, Miraca Holdings, Laboratory Corporation of America, Genomic Health, BioMONTR, American Esoteric Laboratories (AEL), ACM Global Laboratories, Arup Laboratories, Fulgent Genetics, Invitae, Mayo Medical Laboratories, Myriad Genetics, and Opko Health.
Prominent industry players such as Laboratory Corporation of America (LabCorp), Opko and Quest Diagnostics are focusing towards strengthening their business portfolio by adopting various inorganic strategies such as acquisition, strategic partnership and collaboration. LabCorp diversified its business portfolio due to acquisition of Covance in February 2015, While Quest accelerated its growth through acquiring and collaborating with hospital laboratories.
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