March 09, 2020
According to the research report titled ‘Europe Esoteric Testing Market Size by Test type, Technology, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the Europe esoteric testing market is expected to be worth USD 11.5 billion by the year 2025.
As per the report, increasing investments towards analyzing rare diseases along with shifting focus towards the development of effective treatment options may majorly drive the growth of Europe esoteric testing industry size. There has been an increase in prevalence of rare disorders among European countries. These diseases can be chronic as well as life-threatening in some cases.
Increasing awareness pertaining to benefits of early diagnosis of such diseases could fuel the demand for esoteric testing in Europe. Meanwhile, favorable initiatives by public entities that promote the diagnosis of rare diseases may stimulating industry expansion. However, the need to abide by high-quality standards as well as strict government regulations regarding the use of esoteric testing devices could impact Europe esoteric testing market forecast.
By test type, the report estimates that infectious disease and immunology esoteric testing market may expand substantially during the forecast period. In 2018, the market was reported to be worth USD 1.7 billion. Increased pervasiveness of rare infectious diseases along with growing demand for technologically advanced diagnosis kits are fueling the requirement infectious disease & immunology esoteric testing.
In terms of technology, chemiluminescence esoteric testing market is expected to surge with a CAGR of 10.2% during the estimated period. The technology basically uses low analyte volume and can offer quick results in less time. Rising technology adoption and offered features may bolster the demand for chemiluminescence esoteric testing for molecular testing, favoring its market outlook.
Considering geographical landscape, Germany esoteric testing industry is estimated to witness consistent growth over the study period. In 2018, the regional market was worth USD 1.2 billion. Rising prevalence of rare diseases coupled with increasing awareness and availability of centralized core programs such as coordinated networks, cross-border agreements, access to treatment, screening, national funding and research plans for rare disease management are facilitating new business opportunities for esoteric testing firms in Germany.
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On a global scale, Quest Diagnostics Inc., OPKO Health Inc., Nordic Laboratories, Myriad Genetics Inc., Miraca Holdings Inc., Mayo Medical Laboratories, Laboratory Corporation of America, Invitae Corporation, Fulgent Genetics Inc., Arup Laboratories, American Esoteric Laboratories (Sonic Healthcare Ltd.) and ACM Global Laboratories are the prominent companies operating in Europe esoteric testing industry.
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