The global esoteric testing market size is expected to reach around US$ 40 billion by 2026 growing at noteworthy CAGR of 10 % throughout the forecast period 2019 to 2026.
Analysis of' rare' molecules or substances is an esotherical test. It is not conducted in a clinical routine laboratory. These tests are carried out when additional information is necessary for external routine laboratory tests, correct diagnosis of disease, a prognosis or selection, and therapeutic treatment supervision. Esoteric testing involves the use of sophisticated chemical and instrumental tests and tests by the competent personnel. Due to their high cost, the tests are conducted by clinically specialized and independant laboratories. These tests can't be carried out in-house by medical laboratories or hospitals. The test is regulated by a strict regulatory framework. These tests are not conducted on a regular basis.
The report provides analysis of global Esoteric Testing market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The increased incidence and responsiveness concerning premature disease diagnosis and treatment of rare and complex diseases will drive the market over the forecast period. Almost 27 to 36 million people are affected by rare diseases in the region of Europe, the European Commission says.
In developing countries, the rapid improvement of the healthcare sector and the growing amount of sophisticated laboratories offering advanced services will promote the growth of industry. The increasing number of baby boomers susceptible to various chronic conditions will be a strong factor in the development of the industry.
The increased prevalence of chronic infectious diseases like cancer, diabetes and so on should increase the demand in the years to come for esoteric testing. Moreover, technological advances including antidote automation, standardization of advanced devices and analysis systems will accelerate the growth of esoteric testing over time. A growing demand for proteomics and genomics and increased investment in developing innovative testing solutions for body detection will boost business growth. Predicting and evaluating therapy responses, pharmaceutical growth, and increased prevalence of chronic diseases have increased demand for personalized genomics solutions in health care. Strict regulations and the shortage of experts in emerging economies will, however, reduce growth of industry in the forecast timeframe.
Test Type Outlook
Endocrinology, infectious and immunological diseases, oncology, neurology, toxicology, genomics and many others form part of the esoteric test market. As a result of the high prevalence of infectious diseases and the increased demand for advanced molecular tests, the Infective Disease and Immunology segment accounted for around 28.5 per cent in 2018. In the foreseeable future, the availability of immunology laboratory services for each medical specialty will have a positive impact on the sector growth.
Over the predicted timeframe, increasing awareness about diagnosis of early disease and treatment in combination with the rising incident of cancer will drive the market for esoteric oncology. A BRCAvantage, which was developed by Quest Diagnostics in esoteric testing, will have an impact on the business of patients with hereditary breast and ovarian cancer syndrome (HBOC) who have a higher risk of cancer.
Chemiluminescence esoteric technology market dominated the global industry in 2018. Owing to its high efficiency, combined with the need for a small sample, the company is projected to be more than 10.7 percent CAGR. This technology with a low analyte concentration will further stimulate business growth with superior sensitivity and accuracy. Due to its growing application to detect various analytes, ELISA's esoteric technology market accounted for a market share of 20.5 percent in 2018. In addition, ELISA is a common technique for basic research, drug discovery and high-performance laboratory screening. The sector will generate sales growth through new biomarker changes leading to new targets being available.
Development of health infrastructure combined with increasing rare disease incidences will increase China to USD 3.2 billion by 2026. Almost ten million people in the country suffer from rare diseases, according to the World Health Organisation. In addition, the growth of the industry will support development like the artificial intelligence platform for the diagnosis of congenital cataracts.
In 2018, the US market had a regional share of about 35.2 percent. In addition to progress in medical research, the increasing prevalence of rare and complex diseases will stimulate the US market over the next few years. Government programs such as the Obama Precision Medicine Initiative, etc. are intended to have a positive impact on the growth of the industry.
The UK's esoteric test market is driven by cutting-edge genetic research in the field of cancer and rare diseases together with favorable initiatives such as the UK Rare Diseases strategy established in 2011. Leading National Health Service researchers are conducting groundbreaking rare disease research in order to provide optimal attention to patients with rare diseases, which will drive the esoteric market of the country.
Global Esoteric Testing Market, By Test Type
Global Esoteric Testing Market, By Technology
Global Esoteric Testing Market, By Geography
The market research study on “Esoteric Testing Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Esoteric Testing market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report provides an in-depth market assessment. This is done through thorough qualitative insights, historical information and verifiable market size projections. The projections in the report were derived from proven methodologies and assumptions for research. This research paper serves as an analytical and information repository for all aspects of the market, including but not limited to: regional markets, technology, types and applications.
Key Players & Strategies
Laboratory Corporation of America, BioMONTR and American Esoteric Laboratories (AEL), OPKO Health, Nordic Laboratories, Miraca Holdings, ACM, Fulgent Genetics, Genomic health, Invitae, Mayo Medical Labors, Arup Laboratories, and Myriad Genetics are few leading industry players. In order to strengthen their product offering, industry players are adopting different inorganic strategies such as acquisition, strategic partnership and collaboration, increasing their market position and business portfolio.
Esoteric testing is dominated by key players, such as Laboratory Corporation of America and Quest Diagnostics. Acquisition is one of these industry players ' main strategies. For example, in August 2017, in order to expand the oncology segment LabCorp purchased Chiltern International. More infectious diseases, increased chronic illness and increased awareness of early diagnosis have increased demand for esoteric testing. Similar strategy to broaden the product portfolio is also adopted by other players. Opko acquired the Bio-Reference Laboratory in August 2015 to advance clinical trial solutions of the company.
Under the United States, esoteric tests are regulated. FDA laboratory regulation and Clinical Laboratory Improvement Amendments (CLIA). Regulation on laboratory tests developed. Strict regulatory framework has led to an increase in the economic burden on the laboratories and delayed introduction of new tests on the market.
The global esoteric testing market size is expected to reach around US$ 40 billion by 2026.
The global esoteric testing market is growing at noteworthy CAGR of 10 % throughout the forecast period 2019 to 2026.
The increased incidence and responsiveness concerning premature disease diagnosis and treatment of rare and complex diseases will drive the market over the forecast period.
Chemiluminescence esoteric technology market dominated the global esoteric testing industry in 2018.
Laboratory Corporation of America, BioMONTR and American Esoteric Laboratories (AEL), OPKO Health, Nordic Laboratories, Miraca Holdings, ACM, Fulgent Genetics, Genomic health, Invitae, Mayo Medical Labors, Arup Laboratories, and Myriad Genetics are few leading industry players.
In 2018, the US market had a regional share of about 35.2 percent.
Asia Pacific region is projected to grow at a fastest rate in esoteric testing market?