According to the new market research report “Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Neurology, Genetic Testing), Lab Type (Independent Labs, Hospital Laboratories), Technology (Mass Spectrometry, CLIA, ELISA, PCR) – Global Forecast to 2023″, published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
- Rising Geriatric Population and Subsequent Growth in the Prevalence of Chronic Diseases
- Increasing Burden of Infectious Diseases
- Rising Demand for Early Disease Detection Using Specialized Diagnostic Tests
- Growing Awareness of Personalized Medicine
- Increasing Funding and Research Grants for the Development of Innovative Esoteric Tests
Driver: Growing awareness of personalized medicine
Growing patient awareness about the benefits of personalized medicine is one of the key factors resulting in the increased use of molecular diagnostics and genomics & proteomics technologies. Esoteric tests, which involve the analysis of ‘rare’ molecules or substances, are an essential part of individualized treatment regimens for many chronic diseases and conditions. These tests enable healthcare providers to make an informed clinical decision and reduce the likelihood of unnecessary adverse events.
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Leading Key Players in the Worldwide Industry:
LabCorp (US), Quest Diagnostics (US), OPKO Health (US), Miraca Holdings (US), ARUP Laboratories (US), Myriad Genetics (US), Genomic Health (US), American Medical Laboratories (US), Foundation Medicines (US), Mayo Medical Laboratories (US), Primary Healthcare (Australia), Healthscope (Australia), Sonic Healthcare (UK), Fulgent Genetics (US), Spectra Laboratories (US), Nordic Lifesciences (US), InVitae (US), Unilabs (Switzerland), and SYNLAB (Germany).
Geographical Regions Mapped in Report:
North America is expected to account for the largest share of the market followed by Europe. However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, development in healthcare infrastructure, and significant rise in the disposable income in the region.
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Opportunity: Growth opportunities in emerging countries
Developing economies such as India, China, South Korea, Brazil, Turkey, Russia, and South Africa are expected to offer potential growth opportunities for the major players operating in the esoteric testing services market. This can be attributed to the high disease prevalence, large patient population, improving healthcare infrastructure, and growing medical tourism in these countries.
Challenge: Changing regulatory landscape
The esoteric testing industry is impacted by the frequently changing laws and regulations by regional governments. Regulations govern various clinical laboratory operations with the incorporation of various technical, operational, personnel, and quality requirements to ensure that the services provided by laboratories are accurate, reliable, and timely. There are repeated changes in these regulations, which creates complexities in the process of delivering esoteric testing services.