March 09, 2020
According to the report titled ‘Asia Pacific Esoteric Testing Market Size By Test type, Technology, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Repot LLC, Asia-Pacific esoteric testing market is expected to cross USD 10.5 billion by the year 2025.
As per the report, rising prevalence of orphan diseases is a major factor driving the esoteric testing market in Asia-Pacific. The market is further expected to expand due to growing demand for high quality diagnostic devices and favorable government initiatives in order to enhance the production of orphan drugs. Rising collaborations between market majors and various healthcare facilities with the focus to develop innovative diagnosis and treatment procedures for rare disease is also stimulating the industry outlook. Additionally, high occurrence rate of rare disease across Asia Pacific has impelled the demand for esoteric testing devices, which in turn is facilitating the business scenario.
By test type, oncology esoteric testing market segment was worth USD 896.1 million in the year 2018 and is presumed to expand continuously during the estimated timeframe. Rising prevalence of cancer and increasing awareness pertaining to early diagnosis are fueling the segmental growth.
In terms of technology, ELISA esoteric testing technology segment is expected to surge with a CAGR of 12.2% during 2019-2025. Rising adoption of ELISA technology along with its application in identifying several analytes are propelling the growth of the segment. Increasing utilization of immunoassay tests for therapeutic drug level monitoring, point-of-care in-vitro diagnostics, infectious diseases, and cancer testing are contributing towards the market growth.
As per regional analysis, the report states that India esoteric testing industry is expected to grow with a CAGR of 13.3% through 2025. The growth is attributed to high occurrence of rare diseases in the country. Moreover, lack of skilled medical professionals has enhanced the number of patients with undiagnosed rare diseases, which in turn is augmenting the demand for esoteric testing devices in India.
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The prominent companies operating in Asia-Pacific esoteric testing industry are Quest Diagnostics, Inc., Nordic Laboratories, OPKO Health, Inc., Myriad Genetics, Inc., Mao Medical Laboratories, Miraca Holdings, Inc., Laboratory Corp. of America, Genomic Health, Invitae Corporation, Fulgent Genetics, Inc., American Esoteric Laboratories (Sonic Healthcare Ltd.), Arup Laboratories, and ACM Global Laboratories.
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