Esoteric Testing Market will surge at 10%+ CAGR up to 2025
Jun 3, 2019
U.S. esoteric testing market held more than 35% of total regional share in 2018 and is expected to achieve significant CAGR from 2019 to 2025 due to increasing incidence of rare diseases and technological advancements in field of medical research in the country.
Selbyville, United States - June 3, 2019 /MarketersMedia/ —
Global Esoteric Testing Market is set to achieve 10% CAGR to cross USD 39 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing geriatric population, more likely to suffer from chronic diseases coupled with rising prevalence of rare and complex diseases will act as high impacting growth factor for esoteric testing market.
Sophistication of clinical laboratories leading to high adoption of modern technologies including mass spectrometry and real time-PCR will positively impact industry growth. Rising prevalence of infectious diseases coupled with growing adoption of unhealthy diet and sedentary lifestyle resulting in high incidence of chronic ailments in developing countries such as India and China will further boost industry growth.
Increasing demand for proteomics and genomics, rising awareness about early disease detection and growing demand for advanced molecular tests will stimulate demand for esoteric tests over the forecast period. However, stringent regulations pertaining to esoteric tests leading to increased burden on laboratories as well as delaying introduction of new tests in the market will hinder market growth over the coming years.
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Oncology esoteric testing market is anticipated to witness around 11.2% CAGR during the forecast period. Rising incidence of cancer coupled with growing awareness about the disease and early detection will drive segment growth. Frequent introduction of new tests such as BRCAvantage, by Quest Diagnostics developed for Hereditary Breast and Ovarian Cancer (HBOC) syndrome patients, who are at high risk of suffering from cancer will positively impact industry growth.
Growing application of mass spectrometry in toxicology screening, endocrinology, Vitamin D testing and therapeutic drug monitoring will drive mass spectrometry esoteric technology market during the forecast period to account for nearly 18% market share by 2025. High preference to mass spectrometry in comparison to other available technologies in the market will positively impact business growth.
Large patient population base suffering from chronic conditions, increasing number of baby boomers and numerous initiatives undertaken by government to develop effective solutions to treat rare diseases will drive Japan esoteric testing market over the forecast timeframe to reach over USD 3.5 billion by 2025. In 2015, Japan Agency for Medical Research and Development in collaboration with Japanese universal healthcare system and Nan-Byo researchers launched an initiative on Rare and Undiagnosed Diseases (IRUD), that will favor esoteric testing market growth in the country.
Some of the notable industry players operating in esoteric testing market are Quest Diagnostics, Nordic Laboratories, Miraca Holdings, Laboratory Corporation of America, Genomic Health, BioMONTR, American Esoteric Laboratories (AEL), ACM Global Laboratories, Arup Laboratories, Fulgent Genetics, Invitae, Mayo Medical Laboratories, Myriad Genetics, and Opko Health.
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Prominent industry players such as Laboratory Corporation of America (LabCorp), Opko and Quest Diagnostics are focusing towards strengthening their business portfolio by adopting various strategies such as acquisition, partnership and collaboration. For instance, LabCorp diversified its business portfolio due to acquisition of Covance in February 2015, While Quest accelerated its growth through acquiring and collaborating with hospital laboratories.
Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/esoteric-testing-market
Source URL: https://marketersmedia.com/esoteric-testing-market-will-surge-at-10-cagr-up-to-2025/519338
Source: MarketersMedia
Release ID: 519338
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