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Abstract, Snapshot, Market Analysis & Market Definition: Esoteric Testing Market
Industry / Sector TrendsEsoteric Testing Market size was valued over USD 20 billion in 2018 and is expected to witness around 10.1% CAGR from 2019 to 2025. U.S. esoteric testing market size, by technology, 2018 & 2025 (USD Million) Increasing incidence of rare and complex diseases coupled with growing awareness regarding early disease diagnosis and treatment will drive the market over the forecast period. According to the European Commission, nearly 27 to 36 million people suffer from rare disease in European region. Rapidly improving healthcare sector in developing countries along with rising number of sophisticated laboratories offering advanced services will favour industry growth. Growing number of baby boomers prone to suffer from several chronic conditions will act as high impacting factor for industry growth. Rising prevalence of infectious and chronic diseases such as cancer, diabetes, etc. should escalate demand for esoteric tests over the coming years. Furthermore, technological advancements including antidote automation technology, standardization of advanced instrumentation and analytical systems will accelerate esoteric testing market growth over the forecast timeframe. Growing demand for proteomics and genomics coupled with increasing investment towards development of innovative test solutions for detecting rare substances in the body will propel business growth. The prediction and assessment of treatment response, growth of pharmaceutical industries and rising prevalence of chronic diseases has escalated demand for personalized genomics healthcare solutions. However, stringent regulations and dearth of skilled professionals in developing countries will restrain industry growth over the forecast timeframe.
Market Segmentation, Outlook & Regional Insights: Esoteric Testing Market
Esoteric Testing Market, By Test typeChina esoteric testing market share, by test type, 2018 The esoteric testing market by test type includes endocrinology, infectious disease and immunology, oncology, neurology, toxicology, genomics, and others. Infectious disease and immunology segment accounted for around 28% market share in 2018 owing to high prevalence of infectious diseases coupled with greater demand for advanced molecular tests. Availability of immunology laboratory services for every medical specialty will positively impact segment growth in the foreseeable future. Globally, growing awareness regarding early disease diagnosis and treatment coupled with rising incidence of cancer will drive oncology esoteric testing market over the forecast timeframe. Introduction of esoteric test, BRCAvantage developed by Quest Diagnostics for patients suffering from Hereditary Breast and Ovarian Cancer (HBOC) syndrome, who are at higher risk of suffering from cancer will positively impact business growth.
Esoteric Testing Market, By TechnologyChemiluminescence esoteric technology market dominated global industry in 2018 and is anticipated to witness over 10.5% CAGR owing to high adoption of chemiluminescence in esoteric testing due to its high efficiency along with necessity of small sample. Superior sensitivity and accuracy delivered by this technology using low analyte concentration will further stimulate business growth. ELISA esoteric technology market accounted for over 20% market share in 2018 due to its growing application in detection of various analytes. Moreover, ELISA is a common technique for basic research, drug discovery program, and high throughput screening performed in laboratories. New developments in biomarker field leading to availability of new targets will generate revenue growth for the segment.
Esoteric Testing Market, By RegionAsia Pacific esoteric testing market share, by country, 2025 (USD Million) Healthcare infrastructure development coupled with rising incidence of rare diseases will augment China market growth to reach USD 3.1 billion by 2025. According to the World Health Organization, nearly 10 million people in the country suffer from rare diseases. Furthermore, developments such as artificial intelligence platform capable of diagnosing congenital cataracts will favour industry growth. U.S. market accounted for around 35% regional share in 2018. Growing prevalence of rare and complex diseases along with advancements in medical research will drive U.S. market over the coming years. Government initiated programs such as Obama Precision Medicine Initiative, etc. should positively impact industry growth. Cutting-edge genetic research conducted in the field of cancer and rare diseases along with favourable initiatives such as UK Strategy for Rare Diseases established in 2013 will drive UK esoteric testing market. Leading researchers of National Health Service undertake ground breaking research into rare diseases to offer best possible care to patients suffering from rare diseases will drive countrys esoteric testing market.
Key Players, Recent Developments & Sector Viewpoints: Esoteric Testing MarketFew notable industry players include Laboratory Corporation of America, ACM Global Laboratories, Quest Diagnostics, Arup Laboratories, Fulgent Genetics, Invitae, Mayo Medical Laboratories, Myriad Genetics, OPKO Health, Nordic Laboratories, Miraca Holdings, Genomic Health, BioMONTR and American Esoteric Laboratories (AEL). Industry players are adopting various inorganic strategies such as acquisition, strategic partnership and collaboration to enhance their product offerings, thereby elevating its market position and business portfolio.
Esoteric Testing Industry ViewpointMajor players such as Laboratory Corporation of America and Quest Diagnostics dominate esoteric testing market. Acquisition is one of the major strategies adopted by these industry players. For instance, LabCorp acquired Chiltern International in August 2017 with an aim to expand oncology segment. Increasing prevalence of infectious diseases and chronic diseases along with rising awareness pertaining to early disease diagnosis has augmented demand for esoteric tests. Other players are also adopting similar strategy to broaden its product portfolio. In August 2015, Opko acquired Bio-reference Laboratory to advance companys clinical laboratory testing solutions. Esoteric tests are regulated under the U.S. FDA regulation of laboratory developed tests and Clinical Laboratory Improvement Amendments (CLIA). Stringent regulatory framework lead to rise in economic burden over the laboratories along with delayed introduction of new tests in the market, hence hampering the industry growth over the coming years
Key Insights Covered: Exhaustive Esoteric Testing Market1. Market size (sales, revenue and growth rate) of Esoteric Testing industry. 2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Esoteric Testing industry. 3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Esoteric Testing industry. 4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Esoteric Testing industry.
Research Methodology: Esoteric Testing Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
1 Report Overview 1.1 Research Scope 1.2 Major Manufacturers Covered in This Report 1.3 Market Segment by Type 1.3.1 Global Esoteric Testing Market Size Growth Rate by Type (2019-2025) 1.4 Market Segment by Application 1.4.1 Global Esoteric Testing Market Share by Application (2019-2025) 1.5 Study Objectives 1.6 Years Considered 2 Global Growth Trends 2.1 Production and Capacity Analysis 2.1.1 Global Esoteric Testing Production Value 2014-2025 2.1.2 Global Esoteric Testing Production 2014-2025 2.1.3 Global Esoteric Testing Capacity 2014-2025 2.1.4 Global Esoteric Testing Marketing Pricing and Trends 2.2 Key Producers Growth Rate (CAGR) 2019-2025 2.2.1 Global Esoteric Testing Market Size CAGR of Key Regions 2.2.2 Global Esoteric Testing Market Share of Key Regions 2.3 Industry Trends 2.3.1 Market Top Trends 2.3.2 Market Drivers 3 Market Share by Manufacturers 3.1 Capacity and Production by Manufacturers 3.1.1 Global Esoteric Testing Capacity by Manufacturers 3.1.2 Global Esoteric Testing Production by Manufacturers 3.2 Revenue by Manufacturers 3.2.1 Esoteric Testing Revenue by Manufacturers (2014-2019) 3.2.2 Esoteric Testing Revenue Share by Manufacturers (2014-2019) 3.2.3 Global Esoteric Testing Concentration Ratio 3.3 Esoteric Testing Price by Manufacturers 3.4 Key Manufacturers Esoteric Testing Plants/Factories Distribution and Area Served 3.5 Date of Key Manufacturers Enter into Esoteric Testing Market 3.6 Key Manufacturers Esoteric Testing Product Offered 3.7 Mergers & Acquisitions, Expansion Plans 4 Market Size by Type 4.1 Production and Production Value for Each Type | read more...