According to a new market research study titled ‘Esoteric Testing Market to 2025 – Global Analysis and Forecasts by technology, test type, and end user. The global esoteric testing market is estimated to account for US$ 45,081.6 Mn by 2025 as compared to US$ 19,868.2 Mn in 2017, growing at a CAGR of 11.7% during the forecast period from 2018 to 2025. The report highlights the trends prevalent in the global esoteric testing market and the factors driving the market along with those fact as restraint to its growth.
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The growth of the esoteric testing market is expected rise due to the trend of growing awareness of personalized medicine. Precision medicine is the use of an individual’s genomic information to offer targeted treatment to the individual. The synthesis of gene is capable of rapidly sequencing large sections of a person’s genome and aids in formulation of precision medicine. This in return generates cost-effective alternatives for the existing therapies and it allows novel treatments in multiple specialties, such as metabolic disorders and cancer.
The personalized medicine understands the molecules, individual genes, networks and translates these into an overall output for the systems of the human body. Also it has the potential to tailor therapy with the best response and highest safety margin to ensure better patient care. The personalized medicine are made available by enabling each patient to receive earlier diagnoses, risk assessments, and optimal treatments, PM promises for improving health care while also lowering costs. Moreover, in May 2018, approximately 14 genetic tests were launched in the market, the number of consumers who purchased genetic testing online were found to be equal to 12 million. Moreover, the US Food and Drug Administration (FDA) approved approximately 16 new personalized drugs.
The test type segment of the esoteric testing market is segmented as into infectious diseases testing, oncology testing, genetic testing, neurology testing, endocrinology testing, toxicology testing and others. In 2017, infectious diseases testing segment held the largest share of 25.8% of the market. In addition, the segment is expected to dominate during the coming years owing to the rising incidences of the infectious diseases. Likewise, the endocrinology testing segment is expected to be the fastest growing application segment for the esoteric testing market. The overall test type segment market was valued at US$ 19,868.2 Mn in 2017 and is anticipated to grow significantly in the forecast period.
Key industry players operating in the field of esoteric testing across the globe include Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Sonic Healthcare, Caris Life Science, ACM Global Laboratories, Foundation Medicine, Inc., Miraca Holdings Inc., Agendia, Primary Health Care Limited and Rennova.
The report segments the global esoteric testing market as follows:
· Global Esoteric Testing Market – By Technology
- Chemiluminescence Immunoassay
- Real time PCR
- Flow Cytometry
- Mass Spectrometry
- Enzyme-Linked Immunosorbent Assay
- Others
· Global Esoteric Testing Market – By Test Type
- Infectious Diseases Testing
- Oncology Testing
- Genetic Testing
- Neurology Testing
- Endocrinology Testing
- Others
· Global Esoteric Testing Market – By End User
- Hospitals Laboratories
- Independent & Reference Laboratories
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