What This Report Will Provide?
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.
Expected Revenue Growth:
[223 Pages Report] 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%.
Major Growth Boosters:
The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
The objective of the report is to define, describe, and forecast the esoteric testing market size based on type, technology, laboratory type, and regions.
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Recent Developments (2016-2019):
- In 2017, LabCorp launched ADAMTS13 test to distinguish diseases characterized by life-threatening, acute thrombotic microangiopathy (TMA), including most significantly thrombotic thrombocytopenia purpura (TTP).
- In 2017, Myriad Genetics, Inc. launched the EndoPredict test in the US for patients with ER+ HER2- early-stage breast cancer. This test launch will strengthen the company’s oncology product portfolio and represents advancement in the treatment of patients with breast cancer.
- In 2017, Bristol-Myers Squibb Company and Foundation Medicine collaborated to leverage Foundation Medicine’s comprehensive genomic profiling and molecular information solutions to identify predictive biomarkers such as Tumor Mutational Burden (TMB) and Microsatellite Instability (MSI) in patients.
- In 2017, GeneDx, a business unit of OPKO’s BioReference Laboratories division, extended its partnership with the University of California Health (UC Health) for genetic, genomic, and molecular testing services.
Key Questions Addressed in The Report:
- Where will all these developments take the industry in the long term?
- What are the upcoming trends in the Esoteric Testing market?
- Which segment provides the most opportunity for growth?
- Who are the leading players operating in this market?
- What are the opportunities for new market entrants?
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By type, infectious diseases testing segment is expected to dominate the market during the forecast period
Among the type segment, the infectious diseases testing segment is expected to account for the largest share of the market during the forecast period. The large share of this segment is primarily attributed to the rising incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the increasing adoption of advanced technologies, and the growing healthcare expenditure across the globe.
Regional Growth Analysis:
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.