Esoteric Testing Market Growth
Esoteric Testing Market Size 2024 Quest Diagnostics, Opko Health Company, Arup Laboratories, Mayo Medical Laboratories, Myriad Genetics
Esoteric Testing Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Development status, Price Trend, Competitive Market Share & Forecast, 2017 – 2024.
Growing demand for genomics and proteomics has led to a marked increase for genetic testing. Genetic testing is gaining popularity over the years due to rising prevalence of complex diseases such as muscular dystrophy, epilepsy, and Alzheimer’s disease among others. Moreover, growing adoption of companion diagnostics due to rise in demand for targeted therapies for cancer treatment should also contribute to the esoteric testing market growth.
Esoteric Testing Market size is set to exceed USD 35 billion by 2024; as per a new research report.
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Implementation of advanced technologies such as bioinformatics and growing lab automation trend are other pivotal factors likely to propel the esoteric testing market growth. Tremendous increase in the use of nucleic acid and protein sequencing as well as rising collaborations between companies and research institutes has led to increased adoption of bioinformatics technology. Use of such advancements has made esoteric testing more efficient and accurate for disease diagnosis.
The shift in trend towards preventive disease management and identification of risk factors in the disease areas of endocrinology, oncology as well as reproduction health in women should further fuel the esoteric testing business growth. There has been an increased awareness among the physicians regarding the benefits of prescribing tests for early disease detection and prevention.
Strict regulatory framework, and unfavorable reimbursement scenario along with dearth of qualified technical personnel to operate specialized esoteric tests may restrain esoteric testing industry expansion during the forecast timeframe.
Prominent industry players include Laboratory Corporation of America, Quest Diagnostics, Opko Health Company, Arup Laboratories, Mayo Medical Laboratories, Myriad Genetics, Genomic Health, Invitae, BioMONTR, ACM Global Laboratories, and Nordic Laboratories. The major strategies adopted by the market players include mergers and acquisitions to expand geographical footprint and product offerings to stay ahead in the competitive market.
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Oncology segment is slated to witness lucrative rate owing to increasing prevalence of cancer and introduction of number of esoteric tests such as PTEN/ERG FISH, and UroVysion FISH tests for detection of bladder cancer and assessment of treatment for prostate cancer. Moreover, increasing awareness regarding women reproductive health should also spur the demand for esoteric testing in oncology.
Genomics segment represents another promising area for growth in the coming years citing the dynamics the industry is witnessing. For instance, in May 2017, the U.S. FDA approved Merck?s Keytruda drug to treat cancer based on genetic defects rather than the organ or site of tumor. This has been possible due to availability of genetic testing to identify cancer causing abnormalities leading to an effective treatment plan. Thus, esoteric tests in genomics are slated to gain market traction during the forecast period.
Europe esoteric testing market is predominantly driven by countries of Germany and UK. Increasing prevalence of cancer and growing demand for early detection are the major factors contributing to growth of esoteric testing market. Moreover, increased knowledge among the physicians regarding esoteric testing should further augment growth.
Japan was the largest esoteric testing market in Asia Pacific region, followed by China and India in 2016. The countries of China and India are slated to witness rapid growth in the coming years due to presence of large unmet needs in terms of large patient pool of infectious and immunological diseases, rising per capita income and development of healthcare infrastructure.
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Related Reports: –
2017 Global and Regional Esoteric Testing Market Research Report Forecasts 2022
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