An approximately US$20 Bn esoteric testing market (2021) is poised to experience healthy progress in the near future.
Rapid Increase in Prevalence of Chronic Diseases Forms a Strong Base for Esoteric Testing Market Expansion
Esoteric typically refers to tests performed at reference laboratories that perform rigorous testing that exceeds what most hospitals, and basic labs can do. Many large commercial lab companies outsource complex tests to research labs. Medicines are crucial to the health of humans around the globe. It is essential that these drugs have quality assurance, quality of production, and technical rigour that ensure efficiency, especially the desired effect for the medications that are prescribed. They must correctly and effectively fulfil their roles in patients’ health. Pharmaceutical testing aids healthcare research by ensuring safety, establishing efficacy, establishing stability, and confirming the right dosage of new drugs. Increasing demand in pharmaceutical products testing is expected to drive the growth of esoteric testing market. Prevalence of chronic diseases including diabetes, heart disease, and cancers is rising. Infectious disease prevalence is also growing at an alarming rate, which primarily include diseases like dengue, hepatitis B and C, malaria, and tuberculosis. The knowledge around esoteric testing for the quick and accurate detection of certain disorders is growing, which in turn is favouring the growth of esoteric testing market.
Esoteric tests improving technology provides more immediate results with improved sensitivity, detection limits, and efficacy. Global esoteric testing market is expanding owing to the rising use of esoteric DNA sequencing, NGS technologies, and whole genome sequencing in early cancer diagnosis, precision medicine, and personalised medicine. More than 25 million Americans are currently suffering from rare diseases, while 350 million people worldwide, according to the Genetic and Rare Diseases Information Center (GARD). Esoteric testing market would thus experience exceptional demand throughout the projected period due to the necessity to meet the rising need for disease diagnosis. The growth outlook of esoteric testing market will be driven by expanding knowledge about early disease diagnosis and treatment and the incidence of complex and rare diseases. For instance, the National Organization for Rare Conditions works to identify, classify, and treat rare disorders through various supportive initiatives such as patient care, research, advocacy, and education. These efforts will increase awareness of the diagnosis choices for complex genetic and non-genetic uncommon illnesses.
Growing Emphasis on Early Cancer Detection to Drive Esoteric Testing Forward
Throughout the forecast period, the esoteric testing market for oncology is anticipated to grow strongly. The growing significance of early cancer detection and treatment will benefit this industry. Cancer is ranked as the second biggest cause of mortality globally by the World Health Organization. Globally, 1.8 million new cases of cancer were reported in 2018. Lung, breast, and prostate cancer are the three most prevalent types of cancer. The demand for testing is also anticipated to rise due to rising R&D expenditures. The global pharmaceutical sector generated over 852,647 million USD in sales in 2017, according to the European Federation of Pharmaceutical Industries and Associations. Therefore, the elements above are anticipated.
Strengthening R&D Sector Reaffirms North America’s Lead in Global Esoteric Testing Market
North America remains the global leader esoteric testing space and is expected to grow at the fastest rate throughout the forecast period. A growing number of R&D activities and investments will most likely uphold North America’s position as the most prominent region in esoteric testing market. According to data from the National Organization of Rare Disorders, around 30 million people have one or more diseases (2019). Additionally, more than half of Americans with uncommon diseases—nearly one in ten people—are children. Pharmaceutical Research & Manufacturers of America estimates that biopharmaceutical businesses spent roughly 79.6 billion USD on R&D in the United States in 2018. The need for esoteric testing is thus anticipated to fuel market expansion in this area due to the rising incidence of uncommon diseases and rising investment in research & development activities. Due to its high per capita healthcare spending, sizable elderly and chronic disease patient population, and concentration of top corporations, North America dominates the global healthcare industry. The region will experience an increase in test volumes throughout the projection period due to rising awareness of the advantages of early disease identification, and a high adoption rate of exotic diagnostic procedures.
Additionally, the availability of cutting-edge clinical testing services and sizable investments in R&D are the most important elements contributing to the region's rising use of esoteric testing. Additionally, top service providers and a favourable reimbursement environment will support the North American market estimates. Due to its high per capita healthcare spending, sizable elderly and chronic disease patient population, and concentration of top corporations, North America dominates the global healthcare market. The region will experience an increase in test volumes throughout the projection period due to rising awareness of the advantages of early disease identification and a high adoption rate of exotic diagnostic procedures. In addition, the availability of cutting-edge clinical testing services, and sizable investments in R&D are the most important elements contributing to the region's esoteric testing market growth. Additionally, top service providers and a favourable reimbursement environment will support the North American market estimates.
In the years to come, the demand for esoteric testing should increase due to the increasing frequency of chronic infectious diseases, including cancer, diabetes, and other health conditions. Moreover, technical products like antidote automation, standardisation of cutting-edge instruments, and analysis systems will accelerate the development of esoteric testing over time, thereby boosting esoteric testing market here. Business growth will be aided by rising interest in proteomics and genomics, as well as increasing funding for the creation of advanced body detection testing methods. Demand for personalised genomics solutions in healthcare has expanded due to forecasting and analysing medication responses, pharmaceutical expansion, and increasing prevalence of chronic diseases.
Global Esoteric Testing Market: Competitive Landscape
The RT-PCR test kit ViraGen for COVID-19 detection was introduced by the Indian multinational pharmaceutical business Cipla Limited in May 2021. Compared to the Indian Council of Medical Research (ICMR) tests, this real-time detection kit has a sensitivity of 98.6 percent and a specificity of 98.8 percent for detecting and identifying the ORF Lab gene and SARS CoV-2 N gene. On the other hand, In February 2021, Quest Diagnostics and GRAIL partnered to support Galleri, a ground-breaking blood test for the early diagnosis of several cancers.
Some of the major players in global esoteric testing market include Laboratory Corporation, Foundation Medicine, Healius Limited, Baylor Esoteric, ARUP Laboratories, Molecular Laboratory, Quest Diagnostics, Sonic Healthcare Limited, Mayo Foundation for Medical Education and Research, OPKO Health, and Stanford Clinical Pathology.
The Global Esoteric Testing Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Esoteric Testing Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.Read more