March 09, 2020
According to the research report titled ‘North America 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, North America esoteric testing market is expected to surpass USD 14 billion by the year 2025.
As per the report, rising prevalence of rare diseases along with increasing awareness pertaining to early diagnosis of these diseases is a major factor driving the growth of North America esoteric testing industry. Early diagnosis helps the patient by enabling the start of the treatment for the diagnosed disease at an early stage which further helps in better recovery.
Esoteric testing devices provide complete diagnosis of the disease and the respective medication plan, thereby aiding the market expansion. Increasing frequency of other infectious diseases along with high occurrence rate of genetic disorders are fostering the demand for esoteric testing devices across North America. However, strict government regulations and presence of high standards of quality for esoteric testing devices may hinder the market growth.
By test type, the report states that endocrinology esoteric testing market segment was worth USD 1.6 billion in 2018 and is projected to expand continuously during the estimated timeframe. Rising adoption of unhealthy and sedentary lifestyle and increasing consumption of unhealthy food has increased the pervasiveness of hormonal disorders. This factor, along with rising elderly population, which is susceptible to endocrine dysfunction, are fueling the demand for endocrinology esoteric testing devices across North America.
In terms of technology, chemiluminescence segment is projected to surge at a CAGR of 10% during the period between 2019-2025. This technology not only offers better reliability and receptivity but also is more sensitive as compared to its counterparts. Adding to this, chemiluminescence esoteric testing devices can analyze high number of test samples within a short time. Thus, the aforementioned factors are stimulating the industry outlook.
Considering the geographical landscape, the report cites that Canada esoteric testing industry held a valuation of USD 741.8 million in 2018 and is expected to register consistent growth throughout the study period. Shifting focus towards developing esoteric testing devices in academic and commercial laboratories is facilitating the business scenario in Canada.
Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/2506028/
Moreover, increasing healthcare infrastructure development and surging investments in R&D activities are augmenting the demand for esoteric testing devices across the country as well. Additionally, rising prevalence of infectious diseases are favoring the market outlook.
Prominent companies operating in the North America esoteric testing industry are Quest Diagnostics Inc., OPKO Health Inc., Myriad Genetics Inc., Mayo Medical Laboratories, Miraca Holdings Inc., Laboratory Corp. of America, Genomic Health, Invitae Corp., Fulgent Genetics Inc., Arup Laboratories, bioMONTR, ACM Global Laboratories, and American Esoteric Laboratories (Sonic Healthcare Ltd.)
Frequently Asked Questions (FAQ) :