Esoteric Testing Market by Technology (Mass Spectrometry, ELISA, Real Time-PCR, Chemiluminescence, Flow Cytometry and Others) by Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics and Others)- Global Forecast till 2025
Esoteric testing is the process of examining of rare molecules or substances. Such tests cannot be executed in a routine clinical laboratory or in-house operations. These tests are required when there is a need to get additional information for proper analysis of disease and selection of proper therapeutic treatment. Such tests are performed in the presence of expert personnel and involve examining and analyzing the results because of the esoteric instruments and chemicals that are used in the whole process. These tests cannot be performed without prior prescription of specialized clinical reference due to its high cost and are executed under the stringent regulatory framework. U.S. Food and Drug Administration (FDA) is the superior authority that regulates the esoteric test under their stringent regulatory framework.
According to Concert Genetics, Inc., in the U.S., around 70,000 genetic testing products can be found and approximately 10 new testing products are introduced everyday in the market, thus creating huge opportunities in the market. Next-generation sequencing is a technology extensively used in clinical genetic testing and accounted for around 48% of the tests that are presently available in the market. Concert genetics is a healthcare IT company providing information on the digital infrastructure of genetic testing and leveraging technology to track the genetic testing market.
According to World Health Organisation, there are around 10 million people who are suffering from rare diseases. Furthermore, the growth of pharmaceutical industries and rising number of laboratory services are the important factors that have led to significant growth of the market. However, lack of expert professionals in developing countries and stringent framework may hamper the market growth. On the other hand, rising awareness regarding early treatment and diagnosis of disease may positively impact the growth of the market.
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Geographically, the esoteric testing market can be segmented into North America, Europe, Asia Pacific, and LAMEA. North America is expected to be dominant in the esoteric testing market, followed by Europe. This growth can be attributed to the factors such as the well-established network of independent clinical laboratories, the accessibility and availability of advanced technologies, expansion for genetic disorders, and the presence of leading companies in the U.S. The Asia Pacific market is expected to be fastest growing market, owing to the developing healthcare infrastructure in the emerging economies of APAC region.
Major key players in the market include Laboratory Corporation of America, Quest Diagnostics, Fulgent Genetics, Mayo Medical Laboratories, OPKO Health, Miraca Holdings, Genomic Health, Biomontr Labs, American Esoteric Laboratories (AEL), Arup Laboratories, and Myriad Genetics among others.
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Since the last few years, the healthcare industry has been quickly evolved and came up with innovative technology to pace the challenging market environment. Several companies are adopting the merger and acquisition strategy, collaboration and strategic partnership to improve their product offerings and survive in the competitive market.
Diagnostic company, Laboratory Corp of America, a leading company in diagnostic testing market acquired the Chiltern International Ltd. for expanding its offerings in oncology segment with $1.2 billion. Similar strategies are adopted by other players in the market to expand its product portfolio. A market leader in drug and diagnostic developer, Opko Health, acquired Bio-Reference Laboratories to enhance its product pipeline. In the U.S., BioReference is the third largest clinical diagnostic laboratory that offers a wide range of test and services, which include anatomical pathology, genetics, molecular diagnostics, and women’s health.
In February 2018, the global foremost provider of genomic-based diagnostic tests company named “Genomic Health” launched the Oncotype DX® AR-V7 Nucleus Detect™ test. This test is developed by Epic Sciences to help to live a longer life to those men who are suffering from metastatic castration-resistant prostate cancer. This test enables the physician to efficiently decide treatment plan for cancer and helps to choose the most appropriate therapies.
• By Technology
o Mass Spectrometry
o Real Time-PCR
o Flow Cytometry
• By Test Type
o Infectious Disease & Immunology
o Oncology, Toxicology
• Regions Covered:
o North America (U.S and Canada)
o Europe (Germany, France, Italy and Rest of Europe)
o Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
o LAMEA (Brazil, Turkey, Saudi Arabia, South Africa and Rest of LAMEA)
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