February 11, 2020
As per the 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 (U.S., Canada, UK, Germany, France, Italy, Spain, Japan, China, India, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global esoteric testing market is projected to exceed USD 39 billion by the year 2025.
Rising prevalence of rare and complex diseases in tandem with growing geriatric population which is susceptible to chronic disorders is driving the growth of esoteric testing market. Additionally, high intake of junk food and adoption of inactive lifestyle are increasing the risk of chronic disorders across the emerging regions. This factor coupled with rising incorporation of advanced technologies such as mass spectrometry and real time PCR will positively impact the market growth.
Progressions in the field of proteomics and genomics, rising awareness towards early diagnosis, and increasing demand for advanced molecular tests are slated to augment the esoteric testing market outlook over the analysis period. However, stringent regulatory norms, alongside sluggish approval of novel tests will negatively affect the market growth in the coming years.
Based on the test type, oncology esoteric testing market segment is expected to register 11.2% CAGR during 2019-2025, owing to increasing incidences of cancer, alongside growing disease awareness and early detection advantages. Introduction of new tests for HBOC syndrome patients, who are at high risk of suffering from cancer will further augment the segmental growth.
Elaborating on the technology spectrum, mass spectrometry segment is presumed to account for 18% market share by 2025. Rising preference towards mass spectrometry, in consort with its surging use in toxicology screening, vitamin D testing, endocrinology, and therapeutic drug monitoring will boost the segmental share.
Considering the geographical outlook, U.S. esoteric testing market accounted for 35% regional share in 2018 and is expected to register significant growth in forthcoming years. The expansion can be attributed to the escalating cases of rare diseases coupled with increasing R&D in the medical sector.
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Likewise, Japan esoteric testing market is anticipated to accrue USD 3.5 billion by the year 2025. Existing pool of patients suffering from chronic disorders, rising baby boomer population, and government initiatives to develop effective treatment solutions for rare diseases are propelling the regional market growth.
Prominent players of esoteric testing market include Nordic Laboratories, Quest Diagnostics, Miraca Holdings, Genomic Health, Laboratory Corporation of America, BioMONTR, ACM Global Laboratories, Arup Laboratories, Invitae, Fulgent Genetics, Mayo Medical Laboratories, Opko Health, American Esoteric Laboratories (AEL), and Myriad Genetics.
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